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Kalec Tang
Director, Restructuring & Insolvency - Hong Kong, Hong Kong
Issac Tang
Director, Restructuring & Insolvency - Hong Kong, Hong Kong
Gilles-Alexandre Salansy
Head of Outsourcing Services - Hong Kong, Hong Kong
Anson Li
Partner, Head of Restructuring & Insolvency - Hong Kong, Hong Kong
17/10/2015page
IFRS 10 "Consolidated Financial Statements" - Key points in 40 Q&A
IFRS 10, which was published in May 2011, introduces a single definition of control and replaces the portion of IAS 27 which related to consolidated financial statements, as well as the SIC 12 interpretation on special purpose entities.
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IFRS 13 “Fair Value Measurement”- Key points in 40 Q&A
The accounting standard IFRS 13 “Fair value measurement” was published in May 2011. It represents the outcome of six years of IASB discussions, largely conducted jointly with the FASB.
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IFRS 15: An overview of the new principles of revenue recognition
In May 2014, the IASB published IFRS 15, Revenue from Contracts with Customers. Simultaneously, the FASB published ASU 2014-09 (Topic 606). These two broadly identical texts represent the culmination of the Boards’ work on a major joint project that has taken many years to complete.
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Audit & assurance publications
You will find here our Audit & assurance publications (newsletters, expert insights, surveys, etc.)
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Issue 3, Apr. 2014 - How to respond to an interview invitation from the Field Audit and Investigation Unit of the IRD
A tax audit and investigation case often commences with the issue of an invitation to the taxpayer for attending an interview by an assessor of the Field Audit and Investigation Unit (“FAI Officer”) of the Inland Revenue Department (“IRD”).
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Issue 2, Feb. 2014 - How to react to the protective assessment for the year of assessment 2007/08
A field audit or tax investigation can be a very time consuming exercise and could possibly take more than a year to complete.
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Issue 1, Dec. 2013 - IRD comments on 2012 field audit results
The Hong Kong Institute of Certified Public Accountants has released the minutes of its annual meeting with the Inland Revenue Department (IRD) held early 2013.
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Hong Kong Tax Audit and Investigation bulletin
This quarterly bulletin aims to inform you on the latest tax audit & investigation cases.
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OECD tackles Base Erosion and Profit Shifting
The OECD ‘Action Plan on Base Erosion and Profit Shifting’ (‘BEPS’) - issued on 19 July 2013 - identifies 15 key actions along with timelines, with most actions being addressed within two years. The scale of the plan is ambitious, and will result in a dramatic change in the landscape of tax planning in the international arena. An underlying theme is tackling the artificial separation of taxable income from the activities that generate it. Going forwards, the focus will be much more on the underlying substance and where value is really created within an international business.
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Mar. 2014 - First TIEA signed by Hong Kong
Hong Kong (“HK”) has just signed an agreement for Exchange of Information (“EoI”) with the United States of America (“US”) on 25 March 2014.
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Jan. 2014 - Mazars' budget proposal 2014-2015
Mazars submitted its 2014/2015 Hong Kong Budget Proposal to the Financial Secretary on 10 January 2014.
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Feb. 2014 - Tax concession to promote Hong Kong as a potential domicile for captives
In Hong Kong, a captive insurer is defined under the Insurance Companies Ordinance as an insurer which carries on general business only and is restricted to underwriting insurance and reinsurance of risks of the companies within the same group of companies to which the captive insurer belongs.
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Apr.2012 - Update on the Status of Hong Kong Tax Treaties
Since our last Hong Kong tax news on the above subject, there are further development on the Hong Kong tax treaty network.
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May 2010 - CTAs with Hungary Kuwait
Please find enclosed the latest edition of our Tax newsletter dealing with the two new Comprehensive Taxation Agreements recently signed by Hong Kong with Hungary and Kuwait.
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May 2010 - CDTA with Austria
Hong Kong signed a comprehensive double taxation agreement (“CDTA”) with Austria which has incorporated the latest OECD standard on exchange of information on 25 May 2010
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May 2010 - CDTA with Mainland China
Hong Kong signed the 3rd Protocol to the Comprehensive Double Taxation Arrangement with the Mainland China
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Sept. 2011 - Update on the Status of Hong Kong Tax Treaties
Since the commencement of the Inland Revenue (Amendment) Ordinance 2010 which enables Hong Kong to adopt The Organisation for Economic Co-operation and Development (“OECD”) 2004 version of Exchange of Information (EoI) Article, Hong Kong has been working very hard to expand its treaty network
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Comprehensive Double Taxation Agreements (CDTA)
List of Comprehensive Double Taxation Agreements (CDTA) signed between Hong Kong and other countries.
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Dec 2009 - Revised DIPN 21
The Commissioner of Inland Revenue (CIR) has issued a revised Departmental Interpretation and Practice Note No. 21: Locality of profits (DIPN) on 4 December 2009. This is extremely important to Hong Kong businesses as the question of source is fundamental to the taxation of profits.
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Dec 2009 - DIPN 46 Transfer Pricing
On 4 December 2009, the IRD released Departmental Interpretation and Practice Notes No. 46, Transfer Pricing Guidelines – Methodologies and Related Issues (DIPN 46). For the first time, the IRD shows its views on application of transfer pricing principles and methodologies within the tax framework of Hong Kong.
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HK Budget Special Report - 2008/09 - Government Budget
The Financial Secretary, Mr John Tsang, presented the 2008/09 Government Budget to the Legislative Council (“LegCo”) on 27 February 2008.
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HK Budget Special Report - 2009/10 - Budget proposals on tax revenue
On 25 February 2009, the Financial Secretary, Mr. John Tsang Chun-wah, delivered his budget speech to the Legislative Council proposing the Government’s revenue and expenditure plans for the 2009/2010 fiscal year.
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2008-2009 Hong Kong Tax Newsletters
You will find here all the Hong Kong Tax newsletters released in 2008 and 2009
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Dec. 2011 - Tax incentives for acquisition of Intellectual Property Rights
Prior to the Inland Revenue (Amendment) (No. 3) Ordinance 2011, capital expenditure incurred by taxpayers to purchase intellectual property rights (“IPR”) would only be tax deductible if the IPR concerned were patent rights and rights to any know-how, the deduction of which is governed by Section 16E of the Inland Revenue Ordinance (“IRO”).
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Jan 2010 - Inland Revenue Ordinance
The Legislative Council (“Lego”) passed the Inland Revenue (Amendment) (No. 3) Bill 2009 (“The Bill”) on 6 January 2010 which has become the Inland Revenue (Amendment) Ordinance 2010 (the Amendment Ordinance”) and was published in the gazette on 15 January 2010.