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Hong Kong To Participate In BEPS Project As Associate

by Mary Swire,, Hong Kong

20 June 2016

Hong Kong has accepted the Organisation for Economic Co-operation and Development's (OECD's) invitation to participate in the base erosion and profit shifting (BEPS) project as an Associate alongside other nations, the Government said on June 20.

As an Associate, Hong Kong will participate on the remaining standard-setting under the BEPS project and review and monitor measures implemented from the BEPS package. It will support the review of the four BEPS minimum standards, on harmful tax practices, tackling tax treaty abuse, country-by-country reporting, and improvements to cross-border tax dispute resolution mechanisms.

According to the Government, the decision to join the BEPS project would enable Hong Kong to maintain its reputation and fulfill its obligations as an international financial and business center.

K C Chan, the Secretary for Financial Services and the Treasury, said: "Noting that the timing of implementation may vary to reflect the level of development of countries and jurisdictions, Hong Kong's commitment to implement the BEPS package is subject to timely passage of the necessary legislative amendments. In coming up with the timelines for implementation, we will take into account relevant factors such as the characteristics of the domestic tax regime, the envisaged magnitude of legislative changes involved, and the practical need to prioritize amongst the BEPS measures."

"The Government is conducting analysis on the BEPS package, with a view to mapping out our work priorities. We will consult the industry on the strategy for implementing the relevant proposals at an appropriate juncture and prepare for taking forward the necessary legislative amendments," Chan added.

The Government noted that the Commissioner of Inland Revenue will represent Hong Kong at the meeting of the OECD's Committee on Fiscal Affairs on the new framework, which will take place in Kyoto, Japan, on June 30 to July 1, 2016.

TAGS: compliance | tax | investment | business | double tax agreement (DTA) | tax compliance | tax avoidance | law | accounting | Organisation for Economic Co-operation and Development (OECD) | enforcement | ministry of finance | tax authority | agreements | multinationals | legislation | tax planning | transfer pricing | Hong Kong | G20 | tax reform | standards | regulation | legislation amendments | trade | Japan | BEPS

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