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Hong Kong Tax Newsflash
【Global Tax Reset II Series】 OECD released administrative guidance on global minimum tax
Published date: 3 February 2023
On 2 February 2023, the OECD announced the release of the long-awaited “administrative guidance” on Pillar Two (the OECD's global minimum tax). This updates the commentary released in March 2022 and addresses a number of the open technical uncertainties in the Pillar Two rules.
Administrative guidance
The new guidance is 111 pages long and covers questions of scope, income and taxes, insurance-specific points, transition, and qualified domestic minimum top-up taxes (QDMTTs).
The guidance will be incorporated into the Pillar Two commentary (and a revised synthesized version of the commentary is expected to be released later in 2023). As previously announced, the OECD will continue to update the administrative guidance/commentary on an ongoing basis to ensure consistency in the application of the Pillar Two rules.
Hong Kong's timeline on implementation of global minimum tax
In August 2022, the Hong Kong government announced that the implementation of Pillar Two in Hong Kong will be deferred to 2024 at the earliest with reference to the progress of other jurisdictions. Following the announcement of implementation of global minimum tax by some jurisdictions, e.g. Korea, Malaysia, UK, France, Germany, etc. and more administrative guidance released by the OECD, we look forward to the Hong Kong government announcing its timeline on the implementation of the global minimum tax, in particular QDMTT. We will keep you updated of the latest development.
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Through the "Global Tax Reset II series" articles, Deloitte will help you keep an eye on the recent major changes in the global tax system and discuss with you the far-reaching impact that it may have on multinational corporations. Please refer to the following links to access to the previous articles under the series.
Tax Analysis
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P356/2022 - 2022年6月16日
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P354/2022 - 2022年5月24日
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P352/2022 - 2022年4月13日
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P350/2022 – 2022年3月9日
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P347/2021 – 2021年12月22日
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P343/2021 – 12 July 2021
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P338/2021 - 2021年5月20日
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P332/2021 – 2021 年 1 月 22 日
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P330/2021 – 11 January 2021
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P327/2020 – 2020年11月19日
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P325/2020 – 2020年11月4日
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P323/2020 – 2020年10月22日
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P322/2020 – 2020年10月7日
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P317/2020 – 27 July 2020
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P311/2020 – 2020年2月14日
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P309/2019 – 2019年12月20日
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P304/2019 – 2019年11月15日
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P302/2019 – 5 November 2019
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Tax Newsflash
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15 March 2022
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21 December 2021
Pillar Two – OECD Inclusive Framework global minimum tax model rules
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2020年10月13日
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Hong Kong Tax Analysis
H107/2022 – 31 May 2022
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H99/2020 – 27 November 2020
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