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03/10/2017page

Global Ecommerce Report 2017

The Next20 is our global strategic review putting together our global roadmap to 2020, but also mirroring the past successful 20 years of our partnership into a prospective project for the next 20 years. Mazars is pleased to promote the 2017 edition of the Global Ecommerce report devised by the Ecommerce Foundation, together with the Global Ecommerce Association, gathering +40 local ecommerce associations.

28/09/2017page

Mazars Employee Sports Day 2017

The 2017 Mazars Employee Sports Day was conducted on 22 September 2017 at Kings Park. This year, we also worked with the Hong Kong Scottish Rugby Club, of whom Mazars Hong Kong is the proud official sponsor, for a series of team building activities under the coaching of the professional sports players from the Club.

27/09/2017page

HKTDC Belt and Road Video Series: Hong Kong as Treasury Centre

One of the hottest topics over the past year has been China’s One Belt, One Road initiative, an economic and development project launched by the Chinese government that could transform the Asian and the world’s businesses.

27/09/2017page

Beyond the GAAP - July-August 2017 Issue

July was a busier period for Europe than for the IASB. The European Commission sent two draft texts (deferred application of IFRS 9 for insurers and financial conglomerates, and IFRS 16 on Leases) to the European Parliament and Council for endorsement before the end of the year, while ESMA published three documents on financial information and its enforcement activities.

14/09/2017page

September 2017 - A Recent Individual Income Tax Case Relating To Expatriates In China

It has been mentioned by Local Tax Authorities that significant efforts would be put in enforcing compliance in individual income tax, in particular towards the foreign expatriates working in China.

08/09/2017page

HKICPA Young Members Committee: Study tour to Greater Bay Area Cities – Shenzhen and Foshan

The Young Members Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA) organised a study tour to Shenzhen and Foshan in China for young members on 1 and 2 September 2017.

30/08/2017page

“Common Reporting Standards in China” – A Plus Magazine (August 2017)

Anthony Tam, Executive Director of Tax Services at Mazars Hong Kong, was featured in the August issue of the A Plus Magazine. In the article, Anthony analyses the OECD Common Reporting Standard being implemented by financial institutions in China.

21/08/2017page

Mazars’ Tomorrow’s Audit Hackathon results confirm the need for disruption in audit

The "Tomorrow’s Audit" Hackathon, a two-day event organised by Mazars end of June 2017, convened over 80 participants from different countries under the hashtag #hacktheaudit. Its goal was to create a vision of what the audit of the future may look like in order to truly address the needs of all stakeholders.

18/08/2017page

August 2017 (No.2) - New Policies For Encouraging Foreign Investment In China

China’s premier convened a state council executive meeting on July 28, 2017, to outline measures encouraging foreign investment in China. The key measures include:

08/08/2017page

Story Behind: Mazars in Hong Kong and Singapore Guide Nexion Technologies Limited through a Successful IPO

On Friday, 16 June 2017, Nexion’s public shares were listed on the Growth Enterprise Market (“GEM”) Board of the Stock Exchange of Hong Kong Limited (“HKEX”) under the stock code 8420. Nexion is a Singapore-based company that focuses on providing cyber-infrastructure and cyber-security solutions to clients throughout Southeast Asia.

07/08/2017page

August 2017 - Hong Kong Releases Consultation Report on BEPS Legislation

On 31 July 2017, the Government released the consultation report on measures to counter base erosion and profit shifting (“BEPS”) (“the Report”) following its consultation exercise towards the end of 2016. The Report indicates that the proposals in relation to transfer pricing (“TP”), country-by-country (“CbC”) reporting and dispute resolution would be introduced as laws by the end of 2017 with effect to the 2018 taxation year. Corporations would need to prepare for these changes very quickly.

01/08/2017page

"The Road Ahead" – The Peak magazine (August issue)

Stephen Weatherseed, Managing Director of Mazars Hong Kong, was featured in the August issue of The Peak magazine. He presented his views on the economic impacts of an increase in trading, as well as the opportunities and risks behind the Belt and Road initiative.

31/07/2017page

Sharings on IPO Projects in Hong Kong

On 26th July 2017, representatives from Mazars Hong Kong held a sharing session in Singapore to share their IPO experiences with around 20 colleagues from the Singapore and Malaysia offices. The workshop aims at providing information and understanding on how to prepare the listing of a company on the Hong Kong Stock Exchange. Paul She, Practising Director of Audit and Assurance at Mazars Hong Kong, is the speaker of the session, where he shared his knowledge and considerable experiences in handling IPO projects in Hong Kong.

27/07/2017page

Beyond the GAAP - June 2017 Issue

June 2017 saw the publication of IFRIC 23 – Uncertainty over Income Tax Treatments. According to this Interpretation, entities must now assume that any uncertainty over income tax treatments will be examined by the taxation authorities, and must consider the probable outcome of such examination when determining the amount of income tax to be recognised in the financial statements.

26/07/2017page

August 2017 - China Signs the Multilateral Instrument, Important Step for the Implementation of BEPS Action Plans

On 7 June 2017, the State Administration of Taxation ("SAT”) signed the Multilateral Instrument together with representatives from 67 jurisdictions.

18/07/2017page

2017 Global Water Risk Survey

Is your business taking water for granted? Today's water might be tomorrow's oil. In 2016 alone, businesses may be facing water-related impacts worth $14 billion. This is more than five times the $2.6 billion reported the previous year.

18/07/2017page

Mr. ML Man re-elected as Treasurer of the Council of the Hong Kong Institute of Directors Limited

On 11 July 2017 (Tuesday), the Hong Kong Institute of Directors Limited held the 2017 Annual General Meeting at The Harcourt Suite of The Hong Kong Club in Central. The election of the 2017-2018 Council of the Institute was also held during the annual meeting. We are delighted that Mr ML Man, Senior Advisor at Mazars Hong Kong, had his re-election to the Council of the Institute as the Treasurer.

17/07/2017page

Claire Cizaire appointed Chief Technology & Innovation Officer of Mazars

Claire Cizaire joins Mazars as the organisation’s Chief Technology & Innovation Officer.

12/07/2017page

Mazars 2017 U.S. Water Industry Outlook

Mazars USA has released its biennial US Water Industry Outlook for the year 2017. Water is vital to the U.S. economy and forms the backbone of many industries, and many sectors will face major water challenges in the coming years. This study contains information on the key focus areas of global water companies: Innovation, Cybersecurity, Finance and the Future of the Industry.

05/07/2017page

Stephen Weatherseed being re-elected as the Chairman of the HKGCC Europe Committee

On 4th July 2017, the HKGCC Europe Committee held a meeting at which the committee election was conducted. We are pleased that Stephen Weatherseed, Managing Director of Mazars Hong Kong was re-elected as the Chairman of the committee, and Mr Eberhard Brodhage, Ms Jennifer Chan and Mr Davide De Rosa were re-elected as Vice Chairmen.

04/07/2017page

July 2017 - Hong Kong Becoming a Signatory to the Multilateral Instrument

As a member of the inclusive framework, Hong Kong is committed to implementing the minimum standards of recommended measures in the Base Erosion and Profit Shifting (“BEPS”) Action Plans. In order to implement the BEPS measures, three steps have to be taken: (a) amendment of each participation country’s domestic laws, (b) amendment of the OECD Transfer Pricing Guidelines; and (c) amendment of existing tax treaties

03/07/2017page

July 2017 - Common Reporting Standards – AEOI Standard/CRS in China

The OECD common reporting standard (CRS) has been applied in China as of 1 July, 2017. The final rules (“Due Diligence Procedures on Financial Account Information in Tax Matters for Non-residents”) were issued by the State Administration of Taxation (SAT), the Ministry of Finance (MOF) and financial regulatory bodies on 19 May, 2017 as Announcement (2017) No 14 (hereinafter referred to as the “Announcement 14”). The Announcement addresses financial institution (FI) reporting, what is to be reported, the so-called reportable financial accounts and due diligence procedures to be carried out by the FIs.

27/06/2017page

The Future of Financial Services: Transforming an industry

In partnership with the Economist Intelligence Unit, Mazars has developed a unique programme of thought leadership to examine the current challenges the Financial Services industry is facing. The series of articles focuses on the current transformation of the financial services industry and its likely shape in the future from three different but related perspectives: technological, regulatory and business model transformation.

27/06/2017page

Beyond the GAAP - May 2017 Issue

IFRS 17 – Insurance Contracts has been in the pipeline for more than ten years, and finally made its appearance during the night of 16 to 17 May 2017. On 17 May, the IASB hosted two interactive webinars on the standard, and launched a dedicated webpage to support implementation. IFRS 17 will replace the interim standard IFRS 4 from 2021, meaning insurers will no longer be able to use local accounting frameworks for insurance contracts. The new standard is therefore likely to cause substantial upheaval, with impacts varying significantly from one company to another. On the maintenance side, the IASB has also launched the Post-implementation Review of IFRS 13, which relates to fair value measurement (although it does not cover the circumstances in which fair value applies). Finally, our traditional summary of applicable standards and interpretations shows that there have been few changes in the first half of the year.

16/06/2017page

Mazars Hong Kong at the 2017 Praxity Global Tax & Fiscal Conference

On June 11-13 the 2017 Praxity Global Tax & Fiscal Conference took place in Lisbon, Portugal, and included professionals from around the world.