MPF schemes and ORSO registered schemes become reporting financial institutions (Reporting FIs), and are required to comply with the due diligence and reporting obligations by collecting the tax residence information of scheme members and reporting to the Inland Revenue Department (IRD) the account information of those members who are tax residents outside Hong Kong and reportable persons. The IRD will transmit the information to the relevant tax authorities in AEOI partner jurisdictions.
Please click here to learn more about AEOI.