On 23 February 2022, the Financial Secretary (FS) of Hong Kong announced the 2022/23 Hong Kong Budget (Budget). This Alert summarizes the key features of the Budget.BEPS 2.0 proposals – implementation in Hong KongThe FS indicated that a legislative proposal will be submitted in the second half of 2022 to implement the global minimum tax rate and other relevant requirements under the OECD’s1 BEPS2 2.0 project from 2023 in accordance with the international consensus. It will only apply to multinational enterprise (MNE) groups with annual consolidated group revenue exceeding €750 million.To protect Hong Kong’s taxing rights and minimize the compliance burdens of...