Hong Kong joins the BEPS Agreement

On the 20th of June, Dr. KC Chan the Secretary for Financial Services and the Treasury has announced that Hong Kong will join the OECD (Organisation for Economic Co-operation and Development) Base Erosion and Profit Shifting project as an associate in the framework for implementation of the package of measures against multinational corporation tax avoidance.

It was further announced that Hong Kong will participate in the development of tax standards on an equal footing with the OECD, the Group of 20 and with many other jurisdictions.

Further analysis will be conducted on the final BEPS package and they will consult the industry on a strategy for its implementation.

The first meeting on the new framework will take place from 30/06-01/07 in Kyoto, Japan.

Source: IFC Review