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Hong Kong: Amendments to draft legislation implementing Pillar Two global minimum tax rules

Amendments to draft legislation based on feedback from stakeholders聽

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April 23, 2025

The Hong Kong government proposed various amendments to the draft legislation (Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024) implementing the Pillar Two global minimum tax rules originally published on December 27, 2024 (read TaxNewsFlash), in response to feedback from stakeholders.聽

Key amendments to the bill include:

  • 鈥淢ain purpose test鈥� removed as the general anti-avoidance rule (GAAR) for Pillar Two purposes
  • Definition of local accounting standard expanded to mean IFRS or聽accounting standards prescribed by the HKICPA
  • Amendments relating to top-up tax administration/compliance and to rules relating to reimbursements for top-up taxes
  • Amendments to rules relating to deduction/credit for foreign top-up taxes and interaction of such taxes with foreign-sourced income exemption (FSIE) regime
  • Amendments related to the OECD鈥檚 Administrative Guidance issued in June 2024 and January 2025

The draft legislation will likely be enacted or regarded as substantially enacted for purposes of financial reporting in the second quarter of 2025, with the IIR and HKMTT applying retroactively to fiscal years beginning on or after January 1, 2025.聽


For more information, contact the Global Leader of 乐鱼（Leyu）体育官网 Global Transfer Pricing Services:

Burcin Nee |聽bnee@kpmg.com

The 乐鱼（Leyu）体育官网 name and logo are trademarks used under license by the independent member firms of the 乐鱼（Leyu）体育官网 global organization. 乐鱼（Leyu）体育官网 International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind 乐鱼（Leyu）体育官网 International or any other member firm vis-脿-vis third parties, nor does 乐鱼（Leyu）体育官网 International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact 乐鱼（Leyu）体育官网's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.

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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. 乐鱼（Leyu）体育官网 LLP does not provide legal services.

The information contained herein is not intended to be 鈥渨ritten advice concerning one or more Federal tax matters鈥� subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

漏聽2025 乐鱼（Leyu）体育官网 LLP, a Delaware limited liability partnership and a member firm of the 乐鱼（Leyu）体育官网 global organization of independent member firms affiliated with 乐鱼（Leyu）体育官网 International Limited, a private English company limited by guarantee. All rights reserved.

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