Hong Kong will join countries involved in the next stage of the OECD/G20 base erosion profit shifting (BEPS) plan as an associate, adopting the BEPS minimum standards and participating in the implementation of measures to combat multinational corporation tax avoidance.
Making the announcement on June 20, Secretary for Financial Services and the Treasury, Dr. KC Chan, noted that as an associate, Hong Kong will participate in the development of tax standards on an equal footing with the G20 and other countries. He said that the goverment is studying the final BEPS package and will consult with industry on a strategy for its implementation.
The first meeting of the new framework for implementing the BEPS project will take place in Kyoto, Japan, on June 30–July 1.
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