Hong Kong: Draft legislation implementing Pillar Two global minimum tax rules

Draft legislation will be presented to the Legislative Council on January 8, 2025.

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December 27, 2024

The Hong Kong government on December 27, 2024, published draft legislation (Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024) implementing the Pillar Two global minimum tax rules for fiscal years beginning on or after January 1, 2025.

The global anti-base erosion (GloBE) rules under the draft legislation largely mirror the OECD GloBE rules, with certain modifications.

The draft legislation will be presented to the Legislative Council on January 8, 2025.

For more information, contact the Global Leader of KPMG Global Transfer Pricing Services:

Burcin Nee | bnee@kpmg.com

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