The Hong Kong Inland Revenue Department has announced the launch of a consultation on the implementation of the Pillar 2 global minimum tax. As announced earlier in the year as part of the 2023-24 Budget, Hong Kong plans to apply the Pillar 2 global minimum effective tax rate on large MNE groups and implement the domestic minimum top-up tax starting from 2025. Depending on the outcome of the consultation, the required legislative amendments are to be introduced into the Legislative Council i…