The government of Hong Kong on January 15 announced that it has entered into an arrangement with France for the automatic exchange of country-by-country (CbC) reports on the tax affairs of multinationals.
Hong Kong intends to enact legislation allowing use of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Multilateral Convention) to exchange CbC reports with other jurisdictions; however, such legislation is not yet in force. As such, Hong Kong must enter into bilateral arrangements with other countries to make these exchanges.
In addition to the agreement with France, Hong Kong has entered into bilateral arrangements to exchange CbC reports with Ireland, South Africa, and the United Kingdom.
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