On 26 October 2016, the Hong Kong Inland Revenue Department announced the launch of a public consultation on the implementation of measures developed as part of the OECD BEPS Project. In particular, Hong Kong's priority is to put in place the necessary legislative framework for:
In addition, Hong Kong is planning to sign the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI - Action 15).
Hong Kong has no immediate plans to implement measures from the other BEPS Actions, but will keep in view the pace of international developments and draw up a response plan as appropriate.
Click the following links for the consultation announcement and the consultation paper. The consultation runs through 31 December 2016, and the relevant amendment bill(s) are to be introduced into the Legislative Council in mid-2017.
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