Faced with increasing pressure to conform with international tax transparency standards, Hong Kong is mulling tax treaties that would allow greater exchange of information with 15 or more countries, reports the South China Morning Post.
Following threats of sanctions by the group of 20 large economies, the Hong Kong government has intensified its negotiations to expand the number of tax treaties. Over the past couple of weeks, the country has almost doubled the number of jurisdictions with which it has signed CDTAs.
The Post explains that CDTAs outlines guidelines for the taxation of individuals and corporations working in each country. Hong Kong has become a target of investigation for US officials in their hunt for tax evaders.