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23/09/2022page

Ivan Chan featured in Hong Kong Business Magazine (September 2022)

Our Audit & Financial Advisory Services Partner, Ivan Chan, has been appointed as one of the judge of this year's Hong Kong Business Management Excellence Awards to evaluate this year's entries.

22/09/2022page

Mazars in Hong Kong sponsors the HKIoD Directors' Conference 2022 (21 Sep 2022)

Once again, it is our privilege to be one of the platinum sponsors in Director’s Conference 2022 organized by Hong Kong Institute of Directors which was held on 21 September 2022. Our Senior Director, Stephen Weatherseed, Senior Managers, Karen Lau and Francis Li together with Amy Cotton, CEO of Copper Beech Consulting Ltd, Andrew Kinloch, CEO of Logie Group Ltd and Neil McNamara Corporate Secretary from Livi Bank attended the conference at the Hong Kong Convention and Exhibition Centre.

09/09/2022page

Beyond the GAAP - July-August 2022

The comment period for EFRAG’s public consultation on its first set of 13 draft European Sustainability Reporting Standards (ESRSs) closed on 8 August. EFRAG’s Sustainability Reporting Board, supported by its Technical Expert Group, now has to analyse the more than 750 responses received in order to submit the final version of its draft standards to the European Commission by next November. The EC will then adopt the final standards in June 2023 by means of a Delegated Act. The timetable for implementation by entities will be finalised by the adoption of the CSRD, which is expected by the end of the year.

09/09/2022page

2022 Good MPF Employer Award

Mazars in Hong Kong is delighted to be awarded with the Good MPF Employer Award as well as the e-Contribution Award by the Mandatory Provident Fund Schemes Authority (MPFA) for 4 consecutive years since 2019. We don’t only place high value on our employees’ retirement needs but will also continue to take care of the wellbeing of our people, invest in their future and long-term growth together with Mazars!

08/09/2022page

Mazars in Hong Kong co-hosted a French Wine and Cheese Tasting Event with Alliance Française de Hong Kong (7 September 2022)

On 7 September, our colleagues joined a French wine and cheese tasting session co-hosted with Alliance Française de Hong Kong. With the facilitator Jean-Baptiste’s explanation, they enjoyed different collocation of wine and cheese, as well as understood some wine tasting techniques and background. All of our colleagues had such a wonderful time in the tasting session!

06/09/2022page

Licensing Regime for Dealers in Precious Metals and Stones

A new licensing regime for dealers in precious metals and stones (“DPMS”) was introduced recently. It requires any person who seeks to carry on a business of dealing in precious metals and precious stones in Hong Kong to register with the Commissioner of Customs and Excise starting from 1 January 2023.

01/09/2022page

Adele Yim interviewed by A Plus Magazine (August 2022)

Our Head of Risk Advisory Services , Adele Yim recently shared her insights on the value of audit experience and how there is more to risk management than simply protecting businesses from risk for A Plus magazine.

24/08/2022page

Webinar: Doing business in China “Myth and Reality” (8 September 2022)

Doing business in China seems sometimes complex and refrains companies and entrepreneurs to enter the market.

12/08/2022page

Webinar: Let’s talk about cross border transactions (25 August 2022)

In this webinar, Mazars in china experts Tim Yu, Cindy Cheung will discuss the recent concerns of investing in China, challenges that the companies are facing and our observations on how to deal with the risks and issues from a transaction perspective.

08/08/2022page

Karen Lau and Anthony Tam contributed an article to Asia-Pacific Journal of Taxation Vol. 26 No.1 (August 2022)

Our Senior Manager, Karen Lau and Anthony Tam, our Senior Advisor of Tax Advisory Services at Mazars in Hong Kong contributed an article under the topic of “Recent developments in Transfer Pricing” to Asia-Pacific Journal of Taxation Vol. 26 No.1.

05/08/2022page

Webinar: Transfer pricing trends in Asia webinar (15 September 2022)

As the tax landscape continues to evolve, transfer pricing remains a top priority for multinational enterprise. In this webinar, our tax experts provided businesses with a country-by-country overview of new transfer pricing trends in Asia and discussed the impact of the Base Erosion and Profit Shifting (BEPS) project on transfer pricing.

04/08/2022page

Mazars C-suite barometer 2021 in APAC

At the end of 2021, our annual C-suite barometer surveyed over 1,000 executives around the globe, including around 200 from the Asia Pacific (APAC) region. The research reveals the latest issues and developments that our clients in the APAC region are facing, allowing us to respond to their opportunities and challenges and support their businesses.

29/07/2022page

Update on the latest regulatory requirements for selling of Protection Linked Plan

With the introduction of a new type of investment-linked assurance scheme (“ILAS”) known as Protection Linked Plan (“PLP”), the Hong Kong Monetary Authority (“HKMA”) have recently published a circular to provide guidance to authorized institutions (“AI”) highlighting on its regulatory requirements and expectations on the selling practice of PLP to enhance customer protection in Hong Kong.

28/07/2022page

Adele Yim featured in Hong Kong Business Magazine (July 2022)

As one of the judges for the Hong Kong Business Technology Excellence Awards 2022, our Partner and Head of Risk Advisory Services Adele Yim was featured in Hong Kong Business Magazine.

26/07/2022page

New licensing regime for Virtual Asset Service Providers in Hong Kong

In view of the increasing popularity of virtual asset (“VA”) and VA-related activities to the retail sector in Hong Kong, a new licensing regime for Virtual Asset Service Providers (“VASP”)was introduced in June 2022. Under the new licensing regime, any person who seeks to carry on a business of providing “Virtual Asset Service” is required to apply for a licence from the Securities and Futures Commission. This new licensing regime will further increase the regulatory net for virtual asset-related activities in Hong Kong.

20/07/2022page

APAC payroll newsletter 2022 vol.2

Many companies are attracting a borderless workforce and expanding operations into new countries. It is clear that APAC is particularly inviting to multinational corporations seeking expansion. With APAC expansion comes the need for an APAC payroll. Getting a widespread workforce paid correctly, on time, and in the right currency is a big challenge faced by many businesses of all sizes. To minimize these challenges, Our APAC payroll newsletter provides important information on how to ensure compliance on an international scale and helps businesses gain comprehensive insights into the business landscape across APAC

18/07/2022page

July 2022 - Proposed changes to the offshore regime for passive income in Hong Kong

To address harmful tax competition, the European Union (“EU”) has been requiring its Member States to refrain from introducing any new harmful tax measures and amend any laws or practices that are deemed to be harmful. With regard to non-EU jurisdictions, the EU has also been evaluating their tax regimes against international tax standards and put in place a list of non-cooperative jurisdictions for tax purposes (“EU List”). In October 2021, the EU placed Hong Kong on the watchlist of the EU List in view of the possible risks of double non-taxation arising from the tax exemption for offshore passive income in the absence of any requirement for recipient companies to have a substantial economic presence in Hong Kong. The EU’s main concern is the possible exploitation of the tax arrangement by shell companies for tax benefits.

18/07/2022page

Beyond the GAAP - June 2022

On 22 June, and after political negotiations, the European Council and Parliament reached a provisional agreement on a slightly revised version of the European Commission's initial proposal for a Corporate Sustainability Reporting Directive (CSRD), published in April 2021. In this issue, Beyond the GAAP presents the highlights of this provisional agreement so far, bearing in mind that the final text is due to be published in a few days’ or weeks’ time.

07/07/2022page

Cyber security: Is your safety net strong enough?

Cyber threats are all around us. This is not paranoia, it’s an unfortunate reality: every day brings new hacks, new data leaks, new embarrassment – and new costs, both financial and commercial. Nobody is spared. The attacks target companies large and small, as well as public-sector institutions and individuals. How can organisations protect themselves?

28/06/2022page

June 2022 - Employment (Amendment) Ordinance 2022: Sickness allowance and employment protection under anti-epidemic measures

The Employment (Amendment) Ordinance 2022 came into operation on 17 June 2022. The Amendment Ordinance has strengthened the protection of the rights and benefits of employees when they are absent from work due to their compliance with specific anti-epidemic requirements. We have summarized the major amendments for your information.

17/06/2022page

CCIFI Sport Challenge (16 June 2022)

From 22 April to 8 June 2022, 5 teams from Mazars in Hong Kong participated in the charitable CCIFI Sport Challenge held by French Chamber in Hong Kong. Throughout the six-week challenge, our colleagues walked, ran, hiked and cycled 21,922 km and saved 2,160kg of CO2 in total. Among all worldwide participants, 2 of our teams ranked as Champion,1st runner up in HK and Top 5 globally.

15/06/2022page

Beyond the GAAP - May 2022

As we approach the half-yearly closing of accounts, Beyond the GAAP presents a snapshot of the new standards and interpretations applicable from 1 January 2022 (both mandatory and optional). In addition to this overview, we bring you a summary of the ESMA recommendations published on 13 May. The European Securities and Markets Authority has identified the key issues to address in the interim financial statements in the context of Russia’s invasion of Ukraine. ESMA has also published specific recommendations on the forthcoming implementation of IFRS 17 – Insurance Contracts.

14/06/2022page

June 2022 - Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022

The Government has passed the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 (The Amendment Bill) on 9 June 2022. Employers will no longer be able to offset any severance payment (SP) or long service payment (LSP) payable to employee against the accrued benefits of employer mandatory contributions under the Mandatory Provident Fund (MPF) scheme. The abolition of the offsetting arrangement also applies to occupational retirement schemes (ORSO) under the Occupational Retirement Schemes Ordinance.

08/06/2022page

CARL Partners Conference 2022

The CARL Conference 2022, Annual General Meeting of all Partners of Mazars worldwide, was being held in Madrid, Spain on 1-3 June 2022 after 2 years of the Covid pandemic filled with virtual meetings.

02/06/2022page

Financial reporting of European banks: benchmark study 2022

What are the lessons learnt from the Covid-19 impact on ECL of banks in Europe?