Government of Hong Kong Begins Legislative Process to Give Effect to MLI
According to a press release of 28 September 2022, published by the Government of the Hong Kong Special Administrative Region, Hong Kong will gazette the Inland Revenue (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting) Order on 30 September 2022. The order will be tabled at the Legislative Council on 19 October 2022 for negative vetting. The provisions of the OECD Multilateral Convention (MLI) (2017) will take effect in Hong Kong after completion of the domestic legislative procedures. Please note that China became a signatory to the MLI in 2017; and deposited the instrument of approval with the OECD in May 2022. Upon consideration of the views of the Government of the Hong Kong Special Administrative Region, the Central People's Government of China extended the application of the Multilateral Instrument to Hong Kong. The provisions of the MLI will take effect in Hong Kong after completion of the domestic legislative procedures. Further developments will be reported as they occur.