On 23 February 2022, Hong Kong Financial Secretary Paul Chan delivered the 2022-23 Budget. Tax-related measures of the budget include:
In delivering the budget, Financial Secretary Paul Chan also noted the government is planning to submit a legislative proposal in the second half of 2022 to implement the global minimum tax rate and other relevant requirements in accordance with the international consensus on the OECD's two-pillar solution. Further, the government will consider introducing a domestic minimum top-up tax with regard to large MNEs (EUR 750 million revenue) starting from the year of assessment 2024-25 to ensure that their effective tax rates reach the global minimum effective tax rate of 15% to safeguard Hong Kong's taxing rights.
For more information, click the following links for the Hong Kong 2022-23 Budget webpage and information published by the Inland Revenue Department on the 2022-23 Budget – Tax Measures.