– Event 1 –
As a young committee member of the Hong Kong Institute of Certified Public Accountants (HKICPA), our Director Ms. CY Chan assisted with an official four-day visit to Eastern China. It was our honor to be part of this meaningful event as it helped many young members of HKICPA to better understand the markets of Jiangsu Province and Shanghai.
Event Name: Young Members’ Group, HK Institute of Certified Public Accountants – A visit to Eastern China
Location: Nanjing, Shanghai
Date: 25th – 28th October, 2014
To gain a better understanding of the Jiangsu Province’s economic development, we visited the United Front Work Department of the Provincial Party Committee. This government unit not only sets the strategy on creating a united front and implementing the Central Government’s policies. In addition, they are responsible for research on the financial status of the representatives of non-public economy and coordinate their relationship and thereby provide recommendations on policies. It was our honor to meet representatives from the United Front Work Department of the Provincial Party Committee for further discussion.
To explore the recent economic development of Shanghai, we continued our visit to the United Front Work Department of the Municipal Party Committee of Shanghai and then visited the Municipal Department of Finance and State Tax Bureau.
Each institute reported the city’s fiscal and tax status, and introduced the latest tax policies and its effects on foreign investors. Through this valuable visit, our firm has gained a good understanding about the latest tax system and the direction of Shanghai’s tax policy next few years.
Had a productive meeting with Shanghai’s outstanding young entrepreneurs is the highlight of this visit. The Shanghai’s Young Entrepreneurs Association is a non-profit, non-government organization. Its main committee members include: the VP of Boshiwa International Holding Limited, Mr. LV Yihao; the Director of Longyun Asset Management, Mr. SONG Jiebin; the General Manager of Jinlan Financial, Ms. LI Jielan; the Deputy General Manager of the Shanghai China Petroleum Enterprise Group, Ms. TAO Xin; and the Vice Secretary of Shanghai’s Young Entrepreneurs Association, Ms. ZHU Xinyu. During the meeting, we discussed the possibility and opportunities of having more Hongkong’s young talents to start their own business in Shanghai.
– Event 2 –
In order to maintain Hong Kong’s competitiveness, Prof. KC Chan, the Secretary for Financial Services and the Treasury, announced that Hong Kong will soon adopt the latest standard of international taxation transparency. Our director CY Chan attended an international conference organized by the Taxation Institute of Hong Kong in this November. Other attendees include representatives from the State Administration of Taxation, the Ministry of Finance, and the Inland Revenue Department. Professionals and officials discussed the current transparency of the tax system in Hong Kong and the effects on the financial structure brought by the Base Erosion and Profit Shifting (BEPS) project.
Event Name: CTA Conference — Tax transparency, are you ready?
Location: Hong Kong
Date: 28th November, 2014
The CTA Conference aims to provide a platform for exchanging the latest tax development and BEPS. The Guest of Honor, Mr John Tsang Chun-wah, GBM, JP, shared his views on the prospects of Hong Kong tax system and provided technical updates for corporations to prepare for potential challenges and uncertainties in the future. During the conference, guest speakers discussed the BEPS Action Plan and its implication to Hong Kong and Mainland China.
Our Director Ms. CY Chan had a productive dialogue with many accounting and taxation professionals at the forum. She shared her views on Hong Kong’s tax system and pointed out that the government will make major changes towards a more transparent tax system. Therefore, Hong Kong’s enterprises will need to get prepared for this upcoming adjustment in the next 5-10 years. For a deeper understanding of the effect of BEPS on the systems in Hong Kong and Mainland China, we will continue our discussion in “Market Flash”.
