Hong Kong set to reject EU tax disclosure demands

Hong Kong warned the European Union 12 October 2006 that it was extremely unlikely to agree to demands to provide information on the finances of foreigners suspected of trying to avoid tax. The EU has identified the territory and Singapore as likely destinations for European tax avoiders. Singapore has also refused to discuss the issue,

European Commission: DG Taxation and Customs Union: Taxation: Personal Tax: Savings tax http://ec.europa.eu/taxation_customs/taxation/personal_tax/savings_tax/index_en.htm

Hong Kong Trade Development Council: Business Alert-EU, No.19, September 2006: EU in talks to extend savings tax "net" to Asia http://www.tdctrade.com/alert/eu0619f.htm

---