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Bill implementing the global minimum tax initiative passed its third reading in the Legislative Council today
Today, on 28 May 2025, the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024 (the bill), after incorporating various Committee Stage Amendments (CSAs), passed its second and third readings in the Legislative Council.
The bill, as passed, is expected to be gazetted this or next Friday and then formally become law (the new law).
Clients who have any questions about the new law, how to gear up for the filing of the top-up tax returns or wish to explore their eligibility for the transitional Country-by-Country Reporting Safe Harbor (transitional CbCR Safe Harbor) can contact their tax executive.
Download this Hong Kong Tax Alert（简体中文）