According to an update from the Hong Kong Inland Revenue Department, the competent authority agreements with Japan and the UK for the automatic exchange of financial account information entered into force on 31 December 2016. Under the agreements, each country will automatically exchange information on accounts held in the respective country by tax residents of the other country based on the OECD Common Reporting Standard (CRS). The automatic exchange is to begin in 2018 with regard to tax years beginning on or after 1 January 2017.