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25/03/2021page

Regulatory compliance and risk management services for asset managers in Hong Kong

As one of the most vibrant financial services centres in the world, Hong Kong has experienced significant growth in its asset management industry in recent years. The demand for quality and cost-effective supporting services in risk management and regulatory compliance is expected to grow steadily into 2021 and beyond.

24/03/2021page

March 2021 - The OECD’s updated position on permanent establishment and residency due to COVID-19 pandemic

The COVID-19 pandemic has lasted for over one year now. The Organisation for Economic Co-operation and Development (“OECD”) has been following the pandemic closely, issuing guidance on the temporary change of work location because of travel restriction giving rise to the creation of permanent establishment (“PE”) or change in residence status of corporations, and guidance on transfer pricing.

24/03/2021page

The RegTech Association of Hong Kong webinar: How can RegTech facilitate compliance application & innovation? (1 Apr 2021)

Banking industry in Hong Kong is already feeling the heat as the Hong Kong Monetary Authority has formally issued a white paper in November 2020 to lay down a two-year roadmap to promote RegTech adoption in the Hong Kong banking sector.

17/03/2021page

Investing in CEE: Inbound M&A report 2020/2021

Despite the challenges caused by the Covid-19 pandemic, M&A dealmaking in Central & Eastern Europe remained robust in 2020. Thanks to its strong fundamentals, the CEE region continued to attract international investments, doing quite well in comparison with other emerging markets. This publication offers an overview of the inbound M&A activity in the CEE region throughout 2020 and looks ahead to the opportunities and challenges in the coming months.

11/03/2021page

International Women’s Day: #ChoosetoChallenge (8 March 2021)

International Women’s Day, falling on 8 March in 2021, gives us a chance to reinforce our commitment to diversity and inclusion, and share our vision for our people and communities worldwide.

02/03/2021page

Covid-19 and the world of Private Equity 2nd edition

Optimism in an uncertain environment. In response to the Covid-19 pandemic, we have surveyed private equity firms and investors to understand the challenges, level of optimism and response strategies.

01/03/2021page

Covid-19 and the world of Private Equity 1st edition

We have surveyed private equity firms and investors to understand the challenges, level of optimism and response strategies as a result of the Covid-19 crisis.

25/02/2021page

International report

Topics which impact us on an international scale, written by Forvis Mazars' global experts.

25/02/2021page

Mazars announces Ariane Rossi as Group Chief Financial Officer and new member of its Group Management Team (25 February 2021)

25 February 2021: Mazars, the international audit, tax and advisory firm, is pleased to announce the appointment of Ariane Rossi as Group Chief Financial Officer (CFO) and a new member of the Group Management Team.

25/02/2021page

Anthony Tam contributed an article to Asia-Pacific Journal of Taxation Vol. 24 No.2 (February 2021)

Anthony Tam, our Executive Director of Tax Advisory Services at Mazars in Hong Kong contributed an article under the topic of “Will multinational companies be able to guarantee a profit to their limited risk subsidiaries in 2020?” to Asia-Pacific Journal of Taxation Vol. 24 No.2.

24/02/2021page

Hong Kong Budget 2021/2022

On 24 February 2021, against the backdrop of political uncertainties, competition from neighbouring countries and the economic recession aggravated by Covid-19, the Financial Secretary, Mr Chan Mo-Po (“Mr Chan”), delivered the 2021-22 budget speech at Legislative Council. The Government has rolled out a total of around HK$300 billion in Covid-19 relief measures to help businesses and individuals hit hard by the Covid-19 and Mr. Chan forecasted a record high deficit of $257.6 billion for 2020-21. The fiscal reserves are expected to drift lower to $902.7 billion by the end of March 2021. Mr. Chan also anticipated the city would suffer an annual consolidated deficit in each of the fiscal years from 2021-22 to 2024-25. Facing the challenges of fiscal deficits, the scale of proposed sweeteners has been adjusted this year. There will be a reduction of final profits tax, salaries tax and tax under personal assessment for 2020-21 by 100%, subject to a ceiling of $10,000, down from $20,000 last year. On the other hand, the Government proposed to issue electronic consumption vouchers in instalments with a total value of $5,000 to each eligible Hong Kong permanent resident and new arrival aged 18 or above with an aim of stimulating the economy and facilitating the speedy recovery of the consumption market. Download our newsletter to read more.

23/02/2021page

Jimmy Yip featured in Hong Kong Business Magazine (February 2021)

Sharing his valuable insights regarding the outlook of accounting sector in 2021, Jimmy Yip, our Managing Director was featured in Hong Kong Business magazine on 22 February 2021.

18/02/2021page

Responsible banking practices: benchmark study 2020

Up against great economic and societal upheaval as a result of Covid-19, banks around the world continue to take sustainability seriously and firmly acknowledge the related risks and opportunities, for the market and wider stakeholders alike. For the second year running, Mazars publishes its responsible banking practices report to assess how banks embed sustainability into their commercial practices.

17/02/2021page

February 2021 - OECD Guidance on transfer pricing implications of COVID-19

On 18 December 2020, the OECD published Guidance on the transfer pricing implications of the COVID-19 pandemic (“OECD Guidance”) providing guidance to taxpayers when applying the arm’s length principle and applying the OECD 2017 Transfer Pricing Guidelines (“TPG”) for periods impacted by the COVID-19 pandemic. The OECD Guidance is divided into four sections to highlight challenges that multinational enterprises (“MNE”) may encounter in complying with transfer pricing regulations as a result of COVID-19. COVID-19 may also trigger the need for intragroup debt. This OECD Guidance however does not deal with the transfer pricing of financial transactions, which was covered by another guidance issued by the OECD in February, 2020. Please refer to our Tax Commentaries issued in September and October 2020. The OECD Guidance includes the following four sections: 1. Comparability analysis; 2. Losses and the allocation of COVID-19 specific costs; 3. Government assistance programs; and 4. Advance pricing agreements. Download our Hong Kong tax newsletter to learn more.

17/02/2021page

February 2021 - OECD Guidance on transfer pricing implications of COVID-19

On 18 December 2020, the OECD published Guidance on the transfer pricing implications of the COVID-19 pandemic (“OECD Guidance”) providing guidance to taxpayers when applying the arm’s length principle and applying the OECD 2017 Transfer Pricing Guidelines (“TPG”) for periods impacted by the COVID-19 pandemic. The OECD Guidance is divided into four sections to highlight challenges that multinational enterprises (“MNE”) may encounter in complying with transfer pricing regulations as a result of COVID-19. COVID-19 may also trigger the need for intragroup debt. This OECD Guidance however does not deal with the transfer pricing of financial transactions, which was covered by another guidance issued by the OECD in February, 2020. Please refer to our Tax Commentaries issued in September and October 2020. The OECD Guidance includes the following four sections: 1. Comparability analysis; 2. Losses and the allocation of COVID-19 specific costs; 3. Government assistance programs; and 4. Advance pricing agreements. Download our Hong Kong tax newsletter to learn more.

17/02/2021page

February 2021 - OECD Guidance on transfer pricing implications of COVID-19

On 18 December 2020, the OECD published Guidance on the transfer pricing implications of the COVID-19 pandemic (“OECD Guidance”) providing guidance to taxpayers when applying the arm’s length principle and applying the OECD 2017 Transfer Pricing Guidelines (“TPG”) for periods impacted by the COVID-19 pandemic.

16/02/2021page

Beyond the GAAP - January 2021

2021 opens with a relatively stable IFRS framework in which to prepare the consolidated financial statements for this financial year, given the limited number and scope of the standards coming into force on 1 January.

16/02/2021page

Beyond the GAAP - December 2020

As we move into the new year, the Beyond the GAAP editorial team would like to wish you all the best for 2021: here’s hoping that the health crisis will soon be over.

16/02/2021page

Beyond the GAAP - November 2020

While 2020 has required a lot of work on the accounting impacts of the public health crisis, it should also be noted that most companies are now done with the upheaval resulting from the implementation of new standards (although IFRS 16 remains an enforcement priority at 31 December).

16/02/2021page

The future of audit: market view – myths, realities and ways forward

The audit profession faces a decisive moment: market expectations are shifting, technology is empowering auditors and strengthening quality, the case for audit’s evolution is growing and a series of headline corporate failures have raised questions about the quality of service companies can expect.

09/02/2021page

Mazars announces good 2019/20 results, confirming its strong position on the audit, tax and advisory market (9 February 2021)

Mazars’ good 2019/20 results confirm its strong position on the audit, tax and advisory market, allowing the group to reaffirm its commitment to shaping a healthier audit industry.

08/02/2021page

A year like no other: Mazars publishes 2019/20 annual report

For people, businesses and society, 2020 was a year like no other. With the global Covid-19 crisis many have faced extreme challenges; people and families across the world have lost loved ones too early and suffered previously unthinkable restrictions to their lives and livelihoods as governments, companies and other institutions battled to contain the virus. The unique challenge for business has been how to respect the necessity to preserve life while fulfilling its duty to meet society’s needs in a financially sustainable way.

01/02/2021page

Mazars 2020 C-suite barometer

In the midst of a global pandemic, a majority of business leaders still expected growth in 2021. What else do they see on the horizon?

27/01/2021page

Happy Lunar New Year from Mazars CPA Limited

Wishing you and your family all good health. May you find happiness, cheerfulness, and success throughout the Year of the Ox.

21/01/2021page

Accounting Development Foundation webinar: Keys for preparation of regulator inspection for financial institutions (28 Jan 2021)

Invited by the Accounting Development Foundation, Ernest Yiu, our Partner from Financial services at Mazars Consulting (HK) Limited was delighted to present the topic of Keys for preparation of regulator inspection for financial institutions during the webinar on 28 Jan 2021.