As you may recall, earlier this year, the Hong Kong SAR Government conducted a consultation exercise on the implementation of global minimum tax and Hong Kong minimum top-up tax, with a view to refining the legislative proposals for Hong Kong.

Thereafter, the Government issued an information paper to the Legislative Council on Financial Affairs, summarising the feedback received from the community and the follow-up action to be taken by the Government:

English version
https://www.legco.gov.hk/yr2024/english/panels/fa/papers/facb1-1409-1-e.pdf

Chinese version
https://www.legco.gov.hk/yr2024/chinese/panels/fa/papers/facb1-1409-1-c.pdf

The timeframe of the Government is to seek legislative amendments to the Inland Revenue Ordinance (Cap. 112) and to introduce an amendment bill into the LegCo by January 2025. Should you have any questions or comments, please feel free to contact the Bureau at beps@fstb.gov.hk.