Hong Kong publishes draft legislation on BEPS 2.0 Pillar Two
|Tax Alerts, Information Reporting, Legis ...|Hong Kong
Under a draft bill, recently published in Hong Kong, on the implementation of global minimum tax and minimum top-up tax, the Income Inclusion Rule and domestic minimum top-up tax will be effective from 1 January 2025, while the Undertaxed Profits Rule will be postponed.
A new definition of Hong Kong-resident entity will be introduced with retroactive effect from 1 January 2024; however, it is not expected to affect the tax liability or other obligations under theexisting Hong Kong tax system.
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