The Hong Kong Inland Revenue Department has announced the start of the legislative process to give effect to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) in Hong Kong. China deposited on behalf of Hong Kong the instrument of ratification for the MLI on 25 May 2022 and the MLI entered into force for Hong Kong on 1 September 2022. However, Hong Kong has taken the reservation that the MLI will not be effective until additional internal procedures have been completed for each covered agreement and notification on the completion of...