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Introduction to CRS (Common Reporting Standards)

 

1. What are the Common Reporting Standards (CRS)?

In support of the principle of reciprocity, governments around the world are introducing new data collection and reporting requirements for financial institutions, known as CRS. If you are not obliged to pay tax in Hong Kong, SOLOMON may be required to report this situation and your account details to the Hong Kong Inland Revenue Department. These data will be transmitted to tax authorities in other countries or regions.

 

2. Which institutions are affected?

Financial institutions, including SOLOMON.

 

3. Why is CRS relevant to me?

If your resident jurisdiction is participating in the CRS, your financial information will be reported.

 

4. Which clients in Solomon are affected?

All customers. Asset value is not a factor in determining whether a customer needs to report. Regardless of the high or low value of assets, SOLOMON is also responsible for collecting the specified data and transmitting it to the Inland Revenue Department of Hong Kong.

 

5. Can I choose not to declare my data?

No. The CRS has been incorporated into the Inland Revenue Ordinance. SOLOMON is legally responsible for establishing and using appropriate procedures to collect the specified data and transmit it to the Inland Revenue Department. If you have declared all your tax liabilities, you do not need to worry.

 

6. What are the clients' responsibilities?

All clients are required to provide their self-identification before December 31, 2017. SOLOMON will confirm the specific CRS data to the clients when the clients log in.

 

7. Where can I find CRS information?

The Inland Revenue (Amendment) (No. 3) Ordinance 2016(the "Amendment Ordinance") provides a legal framework for the new international standard for automatic exchange of financial account information in tax matters (AEOI)  in Hong Kong. Automatic data exchange will for the first time in 2018, please refer to the Hong Kong tax official website, http://www.ird.gov.hk/chi/tax/dta_aeoi.htm

 

协议及声明

Introduction to CRS (Common Reporting Standards)

 

Except for public holidays and the market closure due to bad weather, the Hong Kong stock market generally trades from Monday to Friday. The trading hours are as follows:
 

1. Pre-open Period

Time period

Trading Rules

Enter order 9:00-9:15

Submit, modify, and cancel auction market orders and auction limit orders

Non-cancellable 9:15-9:20

Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified

Random match period 9:20-9:22 (match will start randomly at 9:20-9:22 at the final reference equilibrium price)

Conduct matchmaking during auction period

Pause period, from random match period ends to 9:30

At-auction order: Incomplete order will be cancelled by the system; At-auction limit order: If the input price range of an incomplete order does not deviate from the nominal price by nine times or more, it will be converted to a limit order and automatically transferred to the continuous trading session

 

2. Continuous Trading Hours

Time period

Beijing Time

Morning market

9:30-12:00

Closed at noon

12:00-13:00

Afternoon market

13:00-16:00

Note: Order modification is not allowed during the closed at noon, and cancellation is allowed during 12:30 - 13:00.

 

3. Closing Auction Trading Session

Time period

Trading Rules

Closing auction period 16:00-16:01      

Calculate and publish reference price; orders cannot be submitted

Enter order 16:01-16:06

You can submit, modify, and cancel at-auction market orders and auction limit orders. The price limit of auction limit orders shall not exceed ±5% of the reference price

Non-cancellable 16:06-16:08

At-auction market orders and at-auction limit orders can be submitted, and cannot be cancelled or changed; the input price of at-auction limit orders must be between the lowest selling price and the highest bidding price

Random closing 16:08-16:10

At random closing time, at-auction market orders and at-auction limit orders can still be submitted, and cannot be cancelled or changed; the input price of auction limit orders must be between the lowest selling price and the highest bidding price