The Hong Kong government has published the first batch of proposed committee stage amendments to the Inland Revenue (Amendment) (No. 6) Bill 2017, which includes the measures in relation to Hong Kong's commitment to implement the four minimum standards of the BEPS package (previous coverage). The main amendments include:
A second batch of proposed amendments is expected to be provided by the end of May concerning exemptions for certain domestic transactions from the transfer pricing rules and from the Master and Local file requirements. With respect to the Master and Local file, this is to include an increase in the size-based exemption thresholds for total annual revenue and total assets from the original HKD 200 million for both to thresholds of HKD 400 million and HKD 300 million for revenue and assets, respectively.
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