Last month, the OECD launched its public disclosure facility in order for interested parties to submit potential schemes they believe are being used to circumvent the Common Reporting Standard. The facility’s goal is to understand these schemes or loopholes to further strengthen CRS’s effectiveness in promoting greater transparency. Within a month, the OECD had received several submissions relating to a so-called “Occupational Retirement Scheme” employed in Hong Kong. In response, the Inland Revenue Department of Hong Kong issued guidance in order to address the use proper use of the ORS.
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