The Government’s plan to implement the Organisation for Economic Co-operation & Development’s package to counter base erosion and profit shifting by enterprises has received a positive response.
The Financial Services & the Treasury Bureau made the statement today, saying 26 submissions were received in the consultation on the proposed measures.
It said respondents generally support the strategy, which focuses on the four minimum standards set by the organisation whilst maintaining Hong Kong's simple and low tax regime.
The standards counter harmful tax practices, prevent treaty abuse, impose a country-by-country reporting requirement and improve the cross-boundary dispute resolution mechanism.
Noting the comments received, the bureau said it will fine-tune certain parameters of the proposals to address stakeholders' concerns, adding preparations for the legislative exercise are pressing ahead for an amendment bill to be tabled at the Legislative Council by year's-end.
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