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With the forthcoming implementation of new BEPS and TP legislation, companies with business operations in Hong Kong or doing business with Hong Kong entities should familiarise themselves with the new legislation (in particular the TP regulatory regime and the TP documentation requirements), assess its impacts on their business operations and financial reporting system, and take appropriate action to prepare for the new tax regulatory environment in Hong Kong.  Since the legislation was originally gazetted on 29 December 2017, a large number of significant technical amendments have been made to it in response to submissions made by various stakeholders and the deliberations of the Bills Committee.