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Hong Kong Publishes FAQ on CbC Reporting

The Hong Kong Inland Revenue Department has published an FAQ on Country-by-Country (CbC) Reporting. The FAQ covers the following:

  • Reporting Entity, including questions on determination of residence of the ultimate parent and dual residence issues and the appointment of a surrogate parent entity;
  • Local Filing, including questions on the Mutual Assistance Convention (MAC) as an international (exchange) agreement, which takes effect for Hong Kong for accounting periods beginning on or after 1 January 2019, summarized as follows:
    • where the ultimate parent is resident in a jurisdiction that is MAC jurisdiction but does not have a tax treaty or TIEA with Hong Kong, no local filing requirement applies for accounting periods beginning before 1 January 2019 because the MAC is not yet effective;
    • where the ultimate parent is resident in a jurisdiction that is MAC jurisdiction and has a tax treaty or TIEA with Hong Kong, a local filing requirement will apply if the tax treaty or TIEA is in effect and allows for the automatic exchange of information, unless a bilateral agreement for the exchange of CbC reports has been entered into and is effective by the filing deadline;
  • Filing Threshold, including questions on cases where the threshold is met in the preceding account period but not the current period, the inclusion of extraordinary income and gains from investment activities and the share of results of associated companies, joint ventures or partnerships, and determining if the threshold is met for periods shorter than 12 months;
  • Notification, including questions on whether notification is required yearly (yes), and questions in relation to notifications made in Hong Kong before the ultimate parent or surrogate parent has notified its jurisdictions and changes in circumstances regarding local filing after notification is made;
  • CbC Reporting Portal, including questions on authorized representatives vs service providers and persons authorized to operate an account under the Portal; and
  • Penalty, which includes questions on whether each Hong Kong entity can be held liable for failing to submit a CbC report in the case of local filing requirement or for failing to submit notification if a designated entity fails to submit (yes) and whether penalties can be avoided/relieved by voluntarily amending incorrect notifications.

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