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.
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