Upcoming Need to Collect Tax Status Information
Today, governments around the world are looking at ways in which they can exchange information in order to fight tax evasion and protect the integrity of tax systems. This has resulted in the development by the Organisation for Economic Co-Operation and Development (the "OECD") of a system for the automatic exchange of information between member states relating to tax payers within the OECD. This system is commonly referred to as the "Common Reporting Standard". Many governments within the OECD will adopt the Common Reporting Standard under new local law.
These local laws will mean that from the beginning of January 2017, governments will start requiring all banks and other financial institutions to ask customers for information with a view to determining where they are resident for tax purposes. HSBC is committed to protecting the integrity of tax systems and preventing financial crime of all types and will fully comply with these new laws.
Therefore, from the beginning of 2017 onwards, we will be contacting some of our customers to collect information related to their tax status.
Should you have any queries related to your personal tax matters, we suggest that you consult a professional tax advisor, as HSBC is not authorized to provide you with any tax advice.