On 30 September, KPMG reported that Hong Kong will be added to the Eu “grey list” of non-cooperative jurisdictions for tax purposes on 5 October. KPMG explained that this means that the EU considers that aspects of Hong Kong’s territorial tax system may facilitate tax avoidance or other tax practices regarded as harmful; but thatit also means that Hong Kong has agreed to make changes to the relevant legislation. The EU has granted the affected jurisdictions until 31 December 2022 to make necessary changes.
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