On 20 June 2016, the Hong Kong government announced that it will join the inclusive framework as an Associate for the global implementation of the BEPS Project measures. As a BEPS Associate, Hong Kong is committed to the comprehensive BEPS Package, including the four minimum standards, which include those developed under Action 5 (Countering Harmful Tax Practices), Action 6 (Preventing Treaty Abuse) and Action 14 (Dispute Resolution), as well as Country-by-Country (CbC) reporting under Action 13 (Transfer Pricing Documentation).
According to the announcement, the government will decide on the timing of the implementation after an ongoing analysis on the BEPS Package is completed and consultations with relevant industries are held.
Click the following link for the press release.
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