Hong Kong joined the multilateral competent authority agreement on the exchange of country-by-country reports (CbC MCAA). The CbC MCAA was signed by Hong Kong on 27 July 2018.
The purpose of the CbC MCAA is to set forth rules and procedures as may be necessary for competent authorities of jurisdictions implementing BEPS Action 13 to automatically exchange CbC reports prepared by the reporting entity of an MNE group and filed on an annual basis with the tax authorities of the jurisdiction of tax residence of that entity with the tax authorities of all jurisdictions in which the MNE group operates.
