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22/02/2017page

Hong Kong Budget 2017/2018

The Financial Secretary, Mr Paul Chan, presented the last budget of the current term government to the Legislative Council on 22 February 2017. As anticipated, the Government once again recorded a much higher surplus than its previous estimate. The revised estimate surplus for 2016-17 is HK$92.8 billion as compared to the original estimate of HK$11.4 billion. This is mainly due to the increase in revenue from land sales and stamp duty.

22/02/2017page

Hong Kong Budget 2016 / 2017

The Financial Secretary, Mr John Tsang, presented his ninth and probably the last government budget to Legislative Council on 24 February 2016.

15/02/2017page

Beyond the GAAP - January 2017 Issue

After a pause of several months, the IASB has started the year by presenting its annual improvements in a short exposure draft, with the next consultations expected as of April. It is also continuing to offer support on new standards, publishing an article on IFRS 16 – Leases, noting in passing that there are some decisions to be taken and judgments to be made, and urging entities not to delay the launch of their transition process.

13/02/2017page

February 2017 - The new Ad Valorem Duty (“AVD”)

On 4 November 2016, the Government proposed to increase the ad valorem stamp duty rates on transfer of Hong Kong residential properties from the existing Scale 1 rates (i.e. ranging from 1.5% to 8.5%) to a flat rate of 15% with effect from 5 November 2016. The Stamp Duty (Amendment) Bill 2017 (the “Bill”) was gazetted on 27 January 2017 for the enactment of the proposed new measure.

07/02/2017page

Anthony Tam interviewed by RTHK Channel 1 - Radio Programme: Talkabout

Anthony Tam, our Executive Director of Mazars Tax Services Limited which is also the Chairman of the Institute’s Taxation Faculty Executive Committee of HKICPA was on live in Radio Televison Hong Kong Channel 1 on 7 February 2017 for a radio programme called Talkabout to express view on the budget proposal for the 2017/2018 Hong Kong Budget to the Financial Secretary of Hong Kong.

19/01/2017page

Beyond the GAAP - December 2016 Issue

Following a November issue that was packed with ‘A Closer Look’ features, this month’s Beyond the GAAP is unusual in not containing any at all. However, our monthly crossword will provide a useful reminder of key issues in IFRS over the 2016 reporting period.

12/01/2017page

Anthony Tam hosted the HKICPA's budget proposals press briefing

Anthony Tam, our Executive Director of Mazars Tax Services Limited which is also the Chairman of the Institute’s Taxation Faculty Executive Committee of HKICPA hosted the Institute's budget proposals press briefing on 10 January 2017, resulted in coverage in most of the major local media including TV, radio, online and print.

05/01/2017page

Beyond the GAAP - November 2016 Issue

The adoption of IFRS 9 by the European Union marks the end of the work carried out by EFRAG under the leadership of Françoise Flores, coincidentally falling at the same time as her appointment as a member of the IASB. This appointment will maintain a French presence on the Board, following the end of Philippe Danjou’s term last October.

30/12/2016page

Mazars submitted its proposal for the 2017/2018 Hong Kong budget

On 29 December 2016, Mazars submitted its proposals for the 2017/2018 Hong Kong Budget to the Financial Secretary of Hong Kong.

28/12/2016page

Certifed Volunteers - A+ Magazine (December 2016)

Christmas is a time of giving. Oscar Chow, our Senior Tax Manager in Tax Department talk to A+ Magazine on how volunteering has inspired on both his personal life and career.

28/12/2016page

Will the new 15 percent ad valorem duty work? - A+ Magazine (December 2016)

Anthony Tam, our Executive Director of Mazars Tax Services Limited and the Chairman of the Institute’s Taxation Faculty Executive Committee, examines the mixed reactions brought by a new measure that aims to address Hong Kong’s overheated residential property market and share his view in the thought leadership article in A+ Magazine.

20/12/2016page

SAR in the act as noose tightens on rich tax evaders (19 December 2016)

The Inland Revenue Department in Wan Chai is expected to receive the first batch of AEOI (Automatic Exchange of Information) returns filed by local financial institutions by May 2018, as the Common Reporting Standard (CRS) regime is well underway in Hong Kong. Anthony Tam, Executive Director of Tax Services at Mazars Hong Kong shares some thoughts on this topic by China Daily Asia.

02/12/2016page

Beyond the GAAP - October 2016 Issue

Improving the effectiveness of financial reporting is one of the IASB’s key focal areas for the coming years. Four projects fall under the theme of “Better communication”, including the Disclosure Initiative and a research project on the format of primary financial statements.

20/10/2016page

Beyond the GAAP - September 2016 Issue

The IASB’s update to its work plan on 23 September 2016 gives us a good idea of what is on the cards for IFRS over the next few months. In addition to the Insurance Contracts standard, which is scheduled for publication in March, and the Conceptual Framework (date not yet set), the next key milestones relate to research projects. Discussion Papers have been announced on business combinations under common control, dynamic risk management, financial instruments with characteristics of equity, and rate-regulated activities.

19/10/2016page

Guide to doing business in Asia Pacific 2016-2017

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

30/09/2016page

Beyond the GAAP - July-August 2016 Issue

The IASB’s major projects are drawing towards their conclusion. Since 2014, the IASB has published standards on revenue, financial instruments and leases, and it is expected to complete the Insurance Contracts project and the Conceptual Framework by the end of 2017.

26/09/2016page

"Professionally Proactive" - A+ Magazine (Sep 2016)

Young accountants are steadily stepping up and taking charge of their careers. Kenneth Lam was featured in September issue of A Plus Magazine where he talks about the strides to success.

26/09/2016page

2016 Aerospace Study

Mazars Group is pleased to present you with ‘Supplier of the Fittest: How to manage significant increases in production effectively’, our new global publication in the Aerospace & Defense industry.

07/09/2016page

"Little Britain’s Big Gamble" - A+ Magazine (Aug 2016)

In the aftermath of the British referendum result to leave the EU, global stock markets shuddered as shocked Brits, and many others, scratched their heads wondering “now what?” Stephen Weatherseed was featured in August issue of A Plus Magazine where he talks about how Brexit may impact the city, the profession and their clients.

07/09/2016page

"Lost in a Sea of Millennials" - A+ Magazine (June 2016)

By 2025, 75 percent of the global workforce is expected to comprise of people born 1980 or after. Proactive employers are taking the time to understand what motivates millennials to reach their potential and remain loyal to the workplace. Eunice Kwok, our Practising Director in charge of human resources was featured in the June issue of A Plus Magazine where she talks about what we can do to nurture younger employees.

31/08/2016page

G20 China 2016. Our message to Business Leaders

Mazars is pleased to announce the release of the 2016 edition of the official publication of the G20 research Group. G20 China: The Hangzhou Summit serves as an authoritative forum for debate on the issues at the top of the G20 agenda and the challenges facing governments and the global business community; featuring exclusive articles written by the G20 leaders and high-profile figures from government, business, NGOs and international organisations.

21/07/2016page

July 2016 SAT Issued new rules on reporting of related party transactions and contemporaneous documentation

On 29 June 2016, the State Administration of Taxation (SAT) issued the Public Notice Regarding Refining the Reporting of Related Party Transactions and Administration of Transfer Pricing Documentation (SAT Public Notice [2016] No. 42, hereinafter referred to as “Bulletin 42”). Bulletin 42 provides new transfer pricing compliance requirements in China, including Annual Reporting Forms for Related Party Transaction (“RPT Forms”), Country- by-Country Reporting (“CbCR”), and Transfer Pricing Documentation (“TPD”).

20/07/2016page

January 2016 - Interim Tax Measures for Court-Free Amalgamation

In order to modernize Hong Kong’s company law and enhance Hong Kong’s international business and financial centre status, the government rewrote the Companies Ordinance. The New Companies Ordinance (“New CO”) came into effect on 3 March 2014. One of the significant changes to the Companies Ordinance is the introduction of a court-free amalgamation which allows a group of companies to restructure and streamline its business easier. Before such change, amalgamation could only be done by a court-sanctioned scheme of arrangement.The process is costly and therefore was seldom used.

20/07/2016page

December 2015 - Hong Kong Proposes To Provide Tax Incentives for Corporate Treasury Centres

As reported in our 2015-2016 Hong Kong Budget News issued in February 2015, in order to enhance Hong Kong’s attractiveness as a Corporate Treasury Centre to multinational corporations, the Financial Secretary announced that the Government would amend the Inland Revenue Ordinance (“IRO”) to provide tax incentives for corporate treasury centres (“CTCs”) in Hong Kong by introducing a concessionary profits tax rate for qualifying profits derived by a qualifying CTC, and allowing interest expense deductions on monies borrowed from non-Hong Kong associated corporations carrying out intra-group financing business. The relevant provisions are set out in the Inland Revenue (Amendment) (No. 4) Bill 2015 (“the Bill”) which was gazatted on 4 December 2015. (1) The Bill has been introduced into the Legislative Council (“LegCo”) on 16 December 2015 for scrutiny and approval. Upon enactment of the Bill, the relevant tax provisions will apply from 1 April 2016.

20/07/2016page

October 2015 - Taxability of License Fees Under Deeming Provision

In May 2015, the Court of Appeal (“CoA”) handed down its judgment in Turner Entertainment Networks Asia, Inc. (“Turner”) for Muse Communications Co.,Ltd (“Muse”) v. the Commissioner of Inland Revenue(“CIR”) that license fees received by a non-Hong Kong resident, Muse, for granting rights to a Hong Kong taxpayer, Turner, to exhibit television programs outside Hong Kong are chargeable to tax in Hong Kong.