KPMG publications
Most recent developments
Pillar Two
- The Hong Kong SAR has launched a public consultation on BEPS 2.0 implementation
- The Multilateral Convention on the Subject to Tax Rule is open for signature
- The Subject to Tax Rule and its potential application in the Hong Kong SAR
- The second tranche of Administrative Guidance of Pillar Two
- Template and guidance on the GloBE Information Return
- Latest releases on Pillar One and Pillar Two of BEPS 2.0
- Update on Pillar One and Pillar Two of BEPS 2.0 – July 2023
- Administrative Guidance of Pillar Two under BEPS 2.0
- Implementation package of Pillar Two under BEPS 2.0
- Enactment of Alternative Minimum Tax in the United States
- Update on Pillar One and Pillar Two of BEPS 2.0
- Update on Pillar 2 following Commentary Release – April 2022
- Release of the GloBE Rules Commentary and Illustrative Examples under Pillar Two of BEPS 2.0
- Update on Pillar 2 agreement - December 2021 Policy Perspectives update – Hong Kong SAR
- Release of the GloBE model rules under Pillar Two of BEPS 2.0
- The impact of BEPS on tax incentives in Asia Pacific: A Hong Kong SAR tax perspective
- Update on 8 October 2021 BEPS Agreement
- Initial response level agreement on Pillar 1 and Pillar 2
Pillar One
- Public consultation on Amount B under Pillar One
- Latest releases on Pillar One and Pillar Two of BEPS 2.0
- Update on Pillar One and Pillar Two of BEPS 2.0 – July 2023
- Public consultation on Amount B under Pillar One
- Public Consultation on Pillar One Amount A – July 2022
- Update on Pillar One and Pillar Two of BEPS 2.0
- Public Consultation on Pillar One Amount A – May 2022
- Public Consultation on Pillar One Amount A – April 2022
- Public Consultation on Pillar One Amount A – March 2022
- Public Consultation on Pillar One Amount A – February 2022
- Update on 8 October 2021 BEPS Agreement
- Initial response level agreement on Pillar 1 and Pillar 2
Milestone dates
With Hong Kong implementing Pillar 2 rules in 2025, why your group needs to act now?
Some overseas jurisdictions (e.g., Korea, United Kingdom, Ireland, etc) have already implemented Pillar 2 rules in 2024 and your local group entities may be impacted
With less than 6 months before the implementation, your group needs to understand the impact and establish an action plan as soon as possible
There are designated rules for special holding structures (e.g., minority shareholding, joint ventures, etc.) and your group’s Pillar 2 work may need to involve other stakeholders
The past planning (e.g., reduced tax rate, enhanced tax deduction) may no longer be tax efficient and would require a holistic review.
What should you do
- Estimate the impact
- Be ready for compliance
- Manage stakeholders
- Comply with financial reporting requirements
- Look for planning opportunity
- Stay attentive to the developments
How can KPMG help
- Offer market-leading technology
- Perform impact assessment
- Collaborate with our accounting experts
- Assist in implementing business plans
- Identify potential mitigating actions
- Provide timely technical updates
Thought leadership
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Contact us
John Timpany
Head of Tax, Hong Kong SAR
KPMG China
Ivor Morris
BEPS 2.0 Project Leader
KPMG China
Stanley Ho
Tax Partner, Hong Kong SAR
KPMG China
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