[box]ORS402(b) compliant registered ORSO scheme is an exempt, non-reporting Financial Institutions for CRS reporting purposes under Part 2 of Schedule 17C to the Inland Revenue Ordinance (IRO). When the Hong Kong ORSO schemes is not exempt from CRS/FATCA reporting it is not recognized internationally for deferral of income.[/box]
Knowing the differences in Hong Kong ORSO Schemes is what makes the difference because:
- OECD: Common Reporting Standard (CRS) disclosure facility to close in on retirement schemes in Hong Kong allegedly set up to circumvent CRS reporting.
- The OECD in May 2017 launched an online disclosure facility for information on schemes designed to or suspected to circumvent the application of the CRS and thus avoid reporting.
[box type=”info”]The Inland Revenue Department (IRD) further underlined that anti-abuse provisions under section 61C in the Inland Revenue Ordinance (IRO) can be applied to counteract arrangement whose main purpose, or one of the main purposes is to avoid due diligence and reporting obligations under Part 8A of the IRO incorporating CRS reporting obligations.[/box]
Take the quiz below to learn what you know
To know what you need to know requires the correct answer to the following regulatory reporting questions:
1) A company that is not yours?
2) Income that is not yours?
3) Assets in an occupational retirement plan that are not your assets?
4) Entity and/or income that is not in your command and control?
5) What is the reporting responsibility of an ORS402(b) Trustee?
6) What is the reporting responsibility of the end beneficiary of this ORS402(b) occupational retirement plan?
7) What is the party/counter party cash flow reporting responsibility of the financial institution?
All answers are NONE
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Photo credit: johnlsl via Visual hunt / CC BY-NC-ND
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