On 21 April 2026, Hong Kong signed the Multilateral Competent Authority Agreement on the Exchange of Global Anti-Base Erosion Information (“GIR MCAA”) which is a qualifying competent authority agreement as defined in the GloBE rules. With Hong Kong’s signing of the GIR MCAA, in-scope MNE groups may effect group GloBE filing in or outside Hong Kong in accordance with section 6 of Schedule 63 to the IRO. This helps minimise compliance burden of in-scope MNE groups as such group filing, together with the dissemination approach as effected through the GIR MCAA, reduces the number of jurisdictions with which these MNE groups must file the GIR.
It has to be added that the GloBE rules applies to MNE Groups that have consolidated revenues of EUR 750 million in at least two out of the last four years.
Under Section 2 of the GIR MCAA, each competent authority will exchange on an automatic basis with all other competent authorities of jurisdictions with which it has an active exchange relationship the information included within the GloBE Information Return of the MNE Group received from a Ultimate Parent Entity or Designated Filing Entity located in its jurisdiction that is relevant for such jurisdictions pursuant to the dissemination approach.
Information included within a GloBE Information Return is to be exchanged no later than three months after the filing deadline in the sending jurisdiction for the Reporting Fiscal Year to which the information relates.
As of 29 May 2026, 36 jurisdictions are signatories of the GIR MCAA: Australia, Austria, Barbados, Belgium, Canada, Croatia, Cyprus, Czechia, Denmark, Finland, France, Germany, Gibraltar, Greece, Hong Kong, Hungary, Ireland, Isle of Man, Italy, Japan, Korea, Liechtenstein, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Romania, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, United Kingdom.