The Inland Revenue Department ("IRD") of Hong Kong has
introduced a Country-by-Country Reporting ("CbCR")
framework, effective for financial years starting on January 1,
2018 ("first filing period").
Multinational Enterprises ("MNEs") with an entity in Hong
Kong that meet the prescribed financial thresholds are required to
submit a notification to the IRD disclosing details on the filing
of the group CbCR. The notifications are required to be filed with
the IRD within three months of the financial year end. For the
first filing period, the due date for notifications was extended
from March 31, 2019 to May 15, 2019. This has been welcomed by
taxpayers that need the additional time to identify and organize
their global and Hong Kong CbCR obligations.
