On 23 December 2016, the Hong Kong Inland Revenue Department (IRD) published guidance on Country-by-Country (CbC) reporting. The guidance covers the general requirements for CbC reporting, which are currently under public consultation. Under the proposed requirements, ultimate parent entities resident in Hong Kong will be required to file a CbC report within 12 months followings its fiscal year-end if its MNE group meets a consolidated group revenue threshold of least EUR 750 million (or HKD 6.8 billion) in the preceding accounting period. In addition, secondary local filing requirements will apply in certain cases where the ultimate parent is not resident...