The year in review: international tax co-operation and accelerating digital transformation drive Hong Kong towards a new tax era.
While 2021 has been another turbulent year with the COVID-19 pandemic continuing to pose challenges, signs of economic recovery have emerged under the ‘new normal’. The OECD has achieved significant progress in addressing the tax challenges of the digitalisation of the economy, and Hong Kong is expected to actively implement the BEPS 2.0 proposals. Meanwhile, the Hong Kong SAR Government has invested significant resources to accelerate the digital transformation of the tax administration in Hong Kong, and has further refined the regulatory environment and tax system to enhance Hong Kong’s competitiveness.
The Hong Kong Tax Review 2021 summarises the significant tax updates in 2021 and previews the upcoming tax developments in 2022.