The Government today launched a consultation exercise to gauge public views on the implementation of measures to counter base erosion and profit shifting (BEPS) of enterprises.
Secretary for Financial Services & the Treasury Prof KC Chan said Hong Kong supports international efforts to promote tax transparency and combat tax evasion.
"Implementation of measures to counter BEPS signifies our commitment to international tax co-operation."
Hong Kong expressed in June its commitment to implement the Organisation for Economic Co-operation & Development BEPS package.
"We will need to revise our existing tax laws to meet the requirements of the BEPS package," Prof Chan said.
"In formulating our implementation strategy, we need to ensure our model meets the international standard without compromising our simple and low tax regime."
Priority is given to putting in place the legislative framework for transfer pricing rules which cover the organisation's latest guidance, spontaneous exchange of information on tax rulings, the country-by-country reporting requirement, the cross-border dispute resolution mechanism and the Multilateral Instrument.
To meet the organisation's requirement, the current target is to table the legislative amendments at the Legislative Council in mid-2017.
The consultation will run until December 31. The consultation paper is available online. Views can be sent by email.
