The consultation outcome was published on the implementation of global minimum tax and minimum top-up tax in Hong Kong.The Income Inclusion Rule and domestic minimum top-up tax will be effective from 1 January 2025, while the Undertaxed Profits Rule will be postponed.A new definition of Hong Kong-resident entity will be introduced, but it is not expected to affect the tax liability or other obligation under the existing Hong Kong tax system. Hong Kong issued the consultation outcome on 30 October 20241 regarding the implementation of Pillar Two GloBE Rules (i.e., Income Inclusion Rule (IIR) and the Undertaxed Profits Rule (UTPR)) and...