On 31 July 2017, the Hong Kong Financial Services and the Treasury Bureau published the Consultation Report on Measures to Counter Base Erosion and Profit Shifting. The report notes the results of the consultation held 26 October to 31 December 2016 on the legislative proposals to implement the BEPS package and the planned approach for implementation going forward. Key points are summarized as follows:
The specific proposals will be further refined, with the required legislation in relation to transfer pricing, CbC reporting, and dispute resolution to be submitted to the Legislative Council by the end of 2017. Required legislation for the Mutual Assistance Convention and BEPS MLI is to be submitted by the end of 2017 and around mid-2018, respectively.
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