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08/02/2018page

February 2018 - Hong Kong to Introduce Transfer Pricing Legislation

Hong Kong has always been relying on a few provisions in its tax laws and a Departmental Interpretation Practice Note (“DIPN”) to combat tax avoidance through transfer pricing. Subsequent to joining the Organisation for Economic Co-operation and Development (“OECD”)’s inclusive framework for Base Erosion and Profit Shifting (“BEPS”) in June 2016 to counter BEPS, and publishing the outcome of the consultation exercise in July 2017, a draft bill mainly to implement key actions arising from the BEPS agenda was gazetted (Inland Revenue (Amendment) (No. 6) Bill 2017) (“Amendment Bill”) on 29 December 2017. It is expected to be passed before the summer of 2018.

01/02/2018page

January 2018 - Introduction of Two-Tier Profits Tax Rates System in Hong Kong

After the Chief Executive presented in her maiden Policy Address in October 2017 that a two-tier profits tax rates system will be introduced in Hong Kong, the Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Bill”) was gazetted on 29 December 2017 in order to seek to implement the above system. Once enacted, the two-tier profits tax rates system will be effective from the year of assessment 2018/2019.

30/01/2018page

January 2018 - Withholding Tax (“WHT”) Deferral for Foreign Re-investment in China

Under the Enterprise Income Tax Law before the change, dividends derived by a non-tax resident enterprise (“Non-resident entity”) are subject to a withholding tax at 10% unless a more favourable tax treaty benefit applies. In August 2017, the State Council released measures to improve the business environment for foreign investors in China, including the proposal to allow foreign investors to enjoy a withholding tax deferral treatment.

29/01/2018page

Guide to doing business in Asia Pacific 2017-2018

Mazars' Doing Business in Asia Pacific is a practical guide for businesses who have invested or are looking to invest in the region.

17/01/2018page

Beyond the GAAP - December 2017 Issue

2017 ended fairly quietly, since the European Commission had already endorsed several texts in November and the IASB’s December meeting decided to postpone publication of most of its texts and draft texts, with the exception of the annual improvements to IFRSs, which we discuss in this month’s ‘A closer look’ study. This being the case, the implementation of IFRS 9 and IFRS 15 in January 2018 will be more than enough to keep entities and their auditors busy, on top of the preparation of the 2017 financial statements.

11/01/2018page

Doing Business in Hong Kong 2018

The 2018 Doing Business in Hong Kong guide has been prepared to assist those who are interested in doing business in Hong Kong. It features topics such as setting up business entities in Hong Kong, import issues, tax and financial systems, financial reporting and audit standards, and labour and employment.

04/01/2018page

“The next generation” - Prospective CPA Magazine (Sping 2018 Issue 114)

Paul She, Audit and Assurance Practising Director at Mazars Hong Kong was featured in the Spring 2018 Issue 114 of the Prospective CPA Magazine where he talked about the accounting profession and its future for the next generation.

27/12/2017page

Quantitative solutions

Due to the increased pressures from the regulatory environment and the market growing volatility, since the financial crisis, it has become essential for banks to enhance the consistency of valuation models and reinforce their validation processes in order to set up a robust framework for managing all the risks they are exposed to.

27/12/2017page

Banking Consulting

Banking institutions operate in a constant state of change. Activities for complying with regulation, anticipating the conduct agenda, improving outcomes for customers, addressing constrained IT transformation have to be carried out in a continuous and even proactive manner.

27/12/2017page

Beyond the GAAP - November 2017 Issue

Over the past decade, the IASB has been working on the process of converging IFRS with US GAAP, and this month saw EU endorsement of the remaining resulting standards. With implementation now set to go ahead, this marks the end of a chapter. The one remaining major standard awaiting endorsement – namely IFRS 17 - Insurance Contracts – was not a joint project with the FASB, and moreover is not scheduled for endorsement until the end of next year.

21/12/2017page

December 2017 - New Rules On The Timing Of Withholding Tax On Payments To Non-Residents

In October 2017, the State Administration of Taxation (“SAT”) released the “Bulletin on Matters Regarding Withholding Enterprise Income Tax at Source for Non-Resident Enterprises” (“SAT Bulletin [2017] No. 37, Bulletin 37”). Bulletin 37 has taken effect on 1 December 2017.

08/12/2017page

M&A tax

Ensuring important transactions are tax-efficient.

07/12/2017page

Article #3: Embracing A Pattern of Change - Business Model Innovation across Banking, Insurance and Asset Management

In this third article of our thought leadership programme around the transformation of Financial Services, we are focusing on how new business models are emerging.

07/12/2017page

HKFRS/IFRS9 Implementation: Challenges for financial institutions

In July 2014, the International Accounting Standards Board (IASB) issued the final version of its new standard for Financial Instruments, IFRS 9. Subsequently in September 2014, the Hong Kong Institute of Certified Public Accountants also issued the same standard, HKFRS9 (2014) Financial instruments, so as to maintain convergence with IFRS.

07/12/2017page

“Legal Ownership of Intangible Assets versus Economic Substance” - Asia-Pacific Journal of Taxation Volume 21 No.2 (2017)

Anthony Tam, Executive Director of Tax Services at Mazars Hong Kong, wrote an article “Legal Ownership of Intangible Assets versus Economic Substance” for the Asia-Pacific Journal of Taxation Volume 21 No.2 (2017). In the article, Anthony discusses the Organisation for Economic Cooperation and Development (“OECD”)’s perspectives on the BEPS Action Plans 8-10.

27/11/2017page

Beyond the GAAP - October 2017 Issue

The IASB has put some last-minute finishing touches to IFRS 9, with an amendment on debt instruments with symmetric prepayment options and with the inclusion (in the Basis for Conclusions) of its analysis of the standard’s provisions on the modification of financial liabilities. All that remains is for the European Union to accelerate the endorsement of the amendment so that European entities do not have to switch accounting policies between 2018 and 2019!

27/11/2017page

November 2017 - IRD’s Practice Note on Taxation of Aircraft Leasing Activities

In order to promote Hong Kong aircraft leasing to capture the opportunity in China, the government introduced new legislation to attract aircraft leasing and management businesses to Hong Kong.

10/11/2017page

Global Ecommerce Study 2017

Digitalisation is changing the way retailers sell goods and services, as well as the way that customers purchase them, bringing a multitude of opportunities and new risks.

31/10/2017page

Mazars keeps developing digital transformation services with the acquisition of prescriptive analytics specialist Zettafox

Mazars, an international group specialised in audit, consulting and accounting, tax and legal services, is proud to announce the acquisition of prescriptive analytics and data science specialist Zettafox. Zettafox’s three co-founders and managers, Patrick Zerbib, Marc Atallah and Luis Belmar Letelier, are to become Partners within Mazars France.

26/10/2017page

Beyond the GAAP - September 2017 Issue

After a quiet summer on the accounting front, September started brightly with two exposure drafts and a Practice Statement from the IASB.

12/10/2017page

October 2017 - Two-tier Tax Systems for SMEs and New Incentives for Innovation and Technology Sector

The Chief Executive, Ms Carrie Lam, presented her maiden policy address today. Ms Lam reported that the inflation rate has dropped for 6 consecutive years and the latest unemployment rate is dropping to 3.1%, the lowest level in recent two decades. She estimated the overall GDP growth rate of Hong Kong will go higher than 3.5%, better than the annual average of 2.9% over the past decade.

09/10/2017page

Article #2: Regulatory reform in uncertain times - No rest for the weary

In this second article of our thought leadership programme around the transformation of Financial Services, we are discussing how financial services firms are dealing with a continued flood of regulation.

09/10/2017page

Article #1 : The marriage of high tech and high finance

In this first article of our thought leadership programme around the transformation of Financial Services, we are discussing how technological disruptors are impacting the global financial services industry.

09/10/2017page

15th Anniversary Celebration: Guangdong Provincial Local Taxation Bureau Tax Officers Secondment Program

Guangdong Local Tax Bureau (GDLTB) held an event for celebrating the 15th anniversary of seconding its tax officers to work at CPA firms in Hong Kong.

04/10/2017page

Mazars 2017 Luxury Study

In response to a world shaken by increasing global economic volatility, the luxury industry is starting to focus on sustainability and ethics. Respect for the environment, recycling materials and innovating new ones, integrity throughout the value chain, collaborative and digital economy, and social entrepreneurship are among the strategic priorities for luxury companies.