Common Reporting Standard (CRS)

1. What is the Common Reporting Standard (CRS)?

The Common Reporting Standard (CRS), also known as the Standard for Automatic Exchange of Financial Account Information (AEOI), was developed by the Organisation for Economic Cooperation and Development (OECD) to combat tax evasion and maintain the integrity of tax systems. Financial institutions in participating countries or regions must gather, report, and exchange financial account information annually with other participants. Hong Kong is a participant in the CRS.

Reference

2. Are all brokerages required to participate in the CRS?

All financial institutions in Hong Kong, including banks, insurers, asset management firms, and brokerages, such as FUTU HK, are required to comply with the CRS/AEOI.

3. How does the CRS relate to me?

Under the CRS, Hong Kong tax authorities require financial institutions, like FUTU HK, to collect and report information about their clients' tax residency.

To open an account with FUTU HK or invest in new financial products through FUTU HK, you'll need to complete and sign the Self-Certification Form. To learn more about the form, click here.

If you already have an account with FUTU HK and there is a change to your tax residency information, you are required to update your information promptly via the link.

4. Why does FUTU HK need to report my tax information to the Inland Revenue Department?

FUTU HK is required by the CRS and relevant laws to report your tax information. Please note that if your tax residency is solely in Hong Kong, your tax information will not be shared with other countries or jurisdictions, as your tax reporting obligations are limited to Hong Kong.

5. What tax information do I need to provide？

According to the CRS requirements, we need you to provide the following information:
• Full Name
• Address
• Place of birth (for individual accounts) / Country of incorporation (for corporate accounts)
• Date of birth
• Country of tax residency
• Taxpayer Identification Number (TIN) or equivalent identification number, or reason for the absence of a TIN 
• Information on the controlling persons (if applicable for corporate accounts)

6. How can I determine my tax residency?

Your tax residency is determined by your specific circumstances and where you live. Guidelines on tax residency can be found on the OECD website. FUTU HK cannot provide tax advice, so if you have any questions, please consult your tax advisor or visit the OECD website.

7. What information will be reported if I already have an account with FUTU HK?

The information that will be reported includes the details you provide in the Self-Certification Form and you account information, such as:

(1) Year-end account balance or asset value.

(2) Amounts paid to your account during the year, including dividends, interests and proceeds from sales, but excluding trading profits.

8. How often is my tax information reported?

Tax information is reported according to the guidelines of the tax authority, and is typically reported on an annual basis.

9. Is my information safe?

Your information and privacy matters to us. We strictly adhere to Hong Kong's Personal Data (Privacy) Ordinance and the information security requirements of the Hong Kong Securities and Futures Commission, and only report your information to tax authorities as required by law.

10. Where can I find more information about the CRS?

To learn more about the CRS, you can visit the official website of the Hong Kong Inland Revenue Department, or visit the OECD official website.