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25/05/2022page

May 2022 - Latest development of APA in China Part II - 2020 APA Annual Report and MAP Review Report

The State Administration of Taxation (“STA”) has made continuous effort in promoting Advanced Pricing Arrangement (“APA”). On 29 October 2021, it published the China APA Annual Report (2020) (“2020 Annual Report”). The report shows that the STA has made continuous efforts to enhance its capability to promote APA cases, and signed record-high unilateral APAs and bilateral APAs. In addition, the Organization for Economic Co-operation and Development (“OECD”) released the Stage 2 peer review report of China relating to the outcome of the peer monitoring of the implementation of the Base Erosion and Profits Shifting (“BEPS”) minimum standard under Action 14 on improving resolution mechanisms (known as “MAP Review Report”).

24/05/2022page

May 2022 - Latest development of APA in China Part II - 2020 APA Annual Report and MAP Review Report

The State Administration of Taxation (“STA”) has made continuous effort in promoting Advanced Pricing Arrangement (“APA”). On 29 October 2021, it published the China APA Annual Report (2020) (“2020 Annual Report”). The report shows that the STA has made continuous efforts to enhance its capability to promote APA cases, and signed record-high unilateral APAs and bilateral APAs. In addition, the Organization for Economic Co-operation and Development (“OECD”) released the Stage 2 peer review report of China relating to the outcome of the peer monitoring of the implementation of the Base Erosion and Profits Shifting (“BEPS”) minimum standard under Action 14 on improving resolution mechanisms (known as “MAP Review Report”).

19/05/2022page

A holistic approach to business and personal success through succession planning

Advanced Dynamics is a Yorkshire-headquartered engineering business supplying bottling, labelling and specialist machinery to the manufacturing industry. CEO Malcolm Little founded the business in 1998, and grew it to a team of 8 people turning over £2.7m by 2018. An introduction from Malcolm’s network to Mazars led to the start of a strong strategic partnership which unlocked its untapped potential. Advanced Dynamics has since grown to 20 people with turnover of £5.5m in less than four years. And it’s not stopping there.

17/05/2022page

Beyond the GAAP - April 2022

As reported in our previous issue, Turkey was recently added to the list of hyperinflationary economies. As a result, groups will need to apply IAS 29 to their Turkish operations for all financial periods that include 1 April 2022, notably the interim financial statements to 30 June. Beyond the GAAP provides a recap of this little-used standard, which can often prove complicated to apply.

12/05/2022page

Concurrent SFC-HKMA thematic review on distribution of non-exchange traded investment products

In March 2022, the Securities and Futures Commission and the Hong Kong Monetary Authority announced that they will commence a concurrent thematic review on the distribution of non-exchange traded investment products, such as equity-linked structured products and corporate bonds. The review will focus on selected firms’ compliance with suitability obligations, which aims to assess these firms’ practices with respect to product due diligence, suitability assessments and information disclosure to clients, based on their policies, procedures, systems and controls, as well as senior management oversight of such product distribution.

11/05/2022page

Growing with purpose: Mazars publishes 2020/2021 annual report

As the world begins to emerge from the pandemic, the call for a more sustainable future has never been stronger. Businesses are facing increased pressure to grow more responsibly and sustainably, and Mazars remains more committed than ever to answering this call. 2021 was an excellent year for Mazars in terms of our business and financial performance, reflecting the strength, balance and sustainability of our integrated business model and long-term strategy to invest in a suite of core, high-quality audit, tax and advisory services that help our clients and our firm grow confidently and responsibly.

11/05/2022page

Doing M&A in the Americas: Tax traps and structuring opportunities

26-05-2022 America is a vast continent often referred to as a ‘continent of contrasts due to its natural, economic, cultural, and demographic diversity. In addition, it also presents inequalities in economic and developmental structure. These factors create a source of tax uncertainties where doing business in this region can be challenging in terms of tax environments that are not as similar.

10/05/2022page

APAC payroll newsletter 2022

Achieving a high level of payroll performance in the APAC region is difficult. It is crucial for businesses to understand the unique challenges and complexities of the landscape. The size and diversity of the APAC region makes payroll a tough proposition in terms of economy, rules, and regulations. Obviously, this complicated and varied geography affects the way that payroll in the APAC region should be implemented and developed.

05/05/2022page

A market in motion: how China will shape the next generation of luxury vehicles

As trends in sustainability, technology and customer demands evolve, the question remains: what will the next generation of luxury vehicles be like? Mirko Bordiga, Managing Director of Maserati Greater China and Julie Laulusa, Member of the Group Executive Board & Managing Partner, Mazars in China, discuss the latest innovations in personal mobility and the luxury automotive sector and share insights on how stand-out trends in China, are shaping the next generation of vehicles.

27/04/2022page

April 2022 - Latest development of APA in China Part I - Simplified procedures of unilateral APA

The State Administration of Taxation (“STA”) has made continuous effort in promoting Advanced Pricing Arrangement (“APA”). On 26 July 2021, the STA issued STA Public Notice [2021] No.24 (“Bulletin 24”), which sets forth simplified procedures for unilateral APA for enterprises that meet certain conditions. On 29 October 2021, it also published the China APA Annual Report (2020) (“2020 Annual Report”). The report shows that the STA signed record-high unilateral APAs and bilateral APAs in 2020.

27/04/2022page

Regulatory framework and licensing requirements for trustees and custodians – Type 13 regulated activity

In February 2022, the Securities and Futures Commission released its Consultation Conclusions on the proposed regulatory framework and began a further consultation on the details to introduce a new Type 13 regulated activity, which aims to regulate top-level trustees and custodians of SFC-authorised collective investment schemes, and supervise how they should safeguard scheme assets and oversee scheme operations for public funds in Hong Kong. On 24 March 2023, the SFC issued the consultation conclusions on proposed legislative and code amendments on the RA 13 regime, and the legislative amendments were gazetted on the same day.

27/04/2022page

April 2022 - COVID-19 – Hong Kong Employment Support Scheme 2022: Application method and penalty mechanism

The Government announced the details on application and penalty mechanism for the Employment Support Scheme (“ESS”) 2022. It will open for online application on 29 April 2022.

22/04/2022page

MZHK x TIHK webinar: Navigating the maze of cross border China transaction (12 May 2022)

On 12 May 2022, the insightful webinar “Navigating the maze of cross border China transaction” was successfully held by The Taxation Institute of Hong Kong (TIHK) together with our Tax Senior Managers, Oscar Chow and Karen Lau.

19/04/2022page

Trends in luxury automotive: how to compete in a changing market while staying true to your DNA

The mobility sector is undergoing a period of transformation, and luxury automotive brands must stay ahead of the curve and ride the changes, all while remaining true to their DNA and brand identity. In the interview below, Emmanuel Thierry, Partner, Mazars and Peyman Kargar, Senior Vice President and chairman, INFINITI Motor Company, Japan, discuss evolving consumer expectations, emerging trends and challenges ahead for luxury automotive manufacturers.

14/04/2022page

Manufacturing the future of mobility: a look behind the scenes

Behind the scenes of well-known automotive brands are manufacturers building components to make the future of mobility real. These teams are responsible for automotive businesses designing tomorrow’s vehicles and shaping the sector’s next chapter. Below, Jeremy Rice, Managing Partner, Mazars discusses innovative partnerships and new safety measures with Alexander van Laack, President Americas, Faurecia Clarion Electronics – a global leader in automotive technology.

14/04/2022page

What makes a successful 21st century leadership team?

Today, leaders are being tested by a new set of challenges, as companies seek to grow on the back of fast-evolving purchasing patterns, new working practices and the drive to become more sustainable. In 2020 we published our first global C-suite barometer, interviewing over 500 leaders from around the world and spanning a wide range of sectors and roles, to gather their insights on the global market.

13/04/2022page

Sustainable ownership: how mobility services redefine what we own and how we move

New mobility services are changing the way drivers and passengers travel, prompting them to rethink ownership, business models and supply chains. Some brands are even going one step further by combining customer demands for sustainability with innovation. Veruschka Becquart, Development, Marketing and Communications Director, CaoCao Mobility Paris and Grégory Derouet, Partner, Mazars discuss the rise of Maas alongside the development of CaoCao and how it has tapped into customer tastes.

13/04/2022page

Urban mobility: how ride pooling could transform cities and the commute

Shared mobility and ride pooling took a backseat in 2020 and early 2021 because of pandemic-enforced social distancing. But as people come out of lockdowns having radically altered how they commute and travel, what is the potential growth and development of shared mobility solutions like ride pooling? Robert Heinrich, CEO, MOIA, the ride sharing service of Volkswagen, and Christian Back, Partner and Co-head of the automotive sector, Mazars, discuss how new mobility offers could overtake private car use, the impact of growing sustainability expectations and the importance of partnerships.

13/04/2022page

Reinventing the wheel: driving conversations

The mobility sector is undergoing major transformations as it responds to evolving consumer expectations and demands for cleaner, more connected, and sharable mobility solutions. To shed light on what’s happening ‘on the ground’ as key players work to shape the future of mobility, we have created part two of our ‘Reinventing the wheel’ series, featuring interviews with mobility experts and senior executives from leading automotive players.

13/04/2022page

7 areas leaders often fail to consider when taking their business to the next level

Over 70 years of advising businesses worldwide confirm a common truth. In the transition from today’s business to the next significant milestone, success is too often lost through fundamental strategic oversights. And while the business goals might include organic growth, gearing up for a sale, a merger or acquisition, or a change in model to embed sustainable solutions, there’s a recurring commonality in the mistakes companies make in the hunger and urgency towards positive change.

13/04/2022page

How to successfully prioritise the needs of your business

Achieving growth is often compromised not just by breakdowns in strategic thinking, but also when business objectives are not prioritised. But how can businesses effectively overcome this challenge and meet their ambitions?

13/04/2022page

Effective strategy and planning support for businesses

Effective strategy and planning form the building blocks of every business. However, it is often one of the top challenges that leaders face. Failure to optimise your business can lead to a decrease in both the bottom line and value potential.

12/04/2022page

Beyond the GAAP - March 2022

With the war in Ukraine raging for over a month now, it is time for companies to assess the impact of the crisis on their financial statements – though obviously, not all companies will have the same level of exposure. While market regulators and national authorities have already published statements drawing entities’ attention to their duty of transparency in disclosures, there are certain issues where clarification is needed. We provide some answers in this issue.

08/04/2022page

April 2022 - COVID-19 – Improvement on relaunch of Hong Kong Employment Support Scheme

Following our previous newsletter, Chief Executive of Hong Kong Mrs Carrie Lam announced six improvement measures on the relaunch of Employment Support Scheme (“ESS”) on 7 April 2022.

04/04/2022page

Webinar: France - A great place for overseas investment (12 April 2022)

As the first western country to establish diplomatic relations with China, France has always welcomed investments from Chinese companies. Mazars Global China Services and Business France China work together to bring you a webinar on investing in France. This webinar will explain France’s investment environment, investment attractiveness, incentives and investment considerations for Chinese companies that have already invested in France or are planning to invest in France.