On 31 July 2017, the Hong Kong Financial Services and the Treasury Bureau published the Consultation Report on Measures to Counter Base Erosion and Profit Shifting. The report notes the results of the consultation held 26 October to 31 December 2016 on the legislative proposals to implement the BEPS package and the planned approach for implementation going forward. Key points are summarized as follows: A legal basis will be provided in the Inland Revenue Ordinance (IRO) for the application of the OECD’s Transfer Pricing Guidelines, which will apply for both cross-border and domestic transactions; There is no intention to introduce...