Author: Kenny Ho

  The Inland Revenue Department’s (IRD) practice in administering tax exemption for charities is evolving. It is important for existing and prospective charities to understand the requirements to qualify for and maintain their tax exempt status.  However, many tax-exempt charities are not aware that, for example, the exemption does not mean that all their income are automatically exempt from tax, and does not mean all obligations under the Inland Revenue Ordinance are waived. As a result, many charities may overlook certain reporting or withholding obligations. Meanwhile, the IRD is stepping up its efforts in reviewing charities’ tax exempt status. Different types of charities and different types of issues are coming under the spotlight in turn. Charities that no longer meet the public benefit requirement may lose their tax-exempt status. Against the above background, tax-exempt charities should stay alert to the IRD’s latest practices. In this seminar, the speakers will cover: IRD’s latest focus of challenges on charities · Charities’ common tax pitfalls  · Practical...

Introduction: The Institute aims at inviting government officials, experts in economic and finance industries, accounting and tax practitioners, academia and representatives from other professional bodies from Mainland China, Hong Kong, Macao and the other jurisdictions, and member organisations of the Asia Oceania Tax Consultants’ Association (AOTCA) in the Conference to share and exchange views on key tax development affecting the global community.   Programme Code:20240927 Date:27 September 2024 (Friday) Time:8:30 am - 11:00 am Venue: The Grand Ballroom A and Foyer, 2/F, The Langham, Hong Kong, 8 Peking Road, Tsim Sha Tsui, Kowloon, Hong Kong CPD Hours:2.5 Seat:100 Click here to register...

  This seminar will focus on the latest trends in tax controversy and dispute resolution in Hong Kong.  With tax audit and dispute activity on the rise globally, staying ahead of the game is now more important than ever. In this event, KPMG tax specialists will guide you through the challenges Hong Kong taxpayers face. We will shed light on the proactive initiatives the Inland Revenue Department adopted to counter Base Erosion Profit Shifting activities. By taking a more stringent review approach, the IRD has heightened the need for taxpayers to justify their tax filing positions effectively. Through case studies and first hand experiences, speakers will share methodologies and techniques for tackling tax audits. Gain insights into managing tax controversy risks and learn how transfer pricing principles and techniques have become increasingly pivotal in providing robust support for addressing issues raised by the IRD.   Programme Code:20240725 Date:25 July 2024 (Thursday) Time:6:30 pm - 7:30 pm Speakers: Ms Annie Ng, Tax Director, KPMG China Ms Tanya Trantallis, Tax Director, KPMG...

Welcome to this year's HKIB Annual Banking Conference, themed "The Next Wave: Unlocking Potential, Fostering Success". As we navigate through an era marked by rapid transformations and emerging challenges, our conference is dedicated to exploring the multifaceted waves of change sweeping through the banking sector. This year, we delve deep into the next wave of transformations that promise to redefine market dynamics, the next wave of innovations that will reshape our approach to technology and customer engagement, and the next wave of growth that will open new avenues for expansion and profitability. Conference Information: Date: 27 September 2024 (Fri) Time: 9:00am - 5:00pm Venue: N101, Hong Kong Convention and Exhibition Centre For details, please click: https://bankingconference.hkib.org/hkib2024/ For enquiries, please contact HKIB at 2153 7800 / meme@hkib.org...

Part 1: Latest Developments in AML/CTF in Hong Kong & Worldwide (in English) This session looks at the latest developments in the anti-money laundering and counter-terrorist financing (AML/CTF) legislation in Hong Kong as well as key trends in global AML/CTF landscape and money laundering/ terrorism financing typologies in the non-financial sectors. Part 2: Effective AML/CTF Risk Management: Lessons from Real-Life Cases (in Cantonese) This session provides a comprehensive overview and highlights on several real-life case studies that illustrate the AML/CTF risks and challenges associated with sanctions, trade-based money laundering, and customer due diligence. We will also share the common risk indicators and best practices to comply with AML/CTF regulatory requirements and avoid potential breaches. Part 3: Effective Internal Audits and Streamlining AML/CTF Compliance through Technology (in Cantonese) We will delve into the realm of effective internal audits to meet the latest Companies Registry (CR) requirements within the AML/CTF guidelines, and showcase how RegTech solutions can empower professional firms to enhance AML/CTF compliance efficiently in daily operations. Programme Code:20240716 Date:16 July 2024...

The Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Ordinance 2023 (the Ordinance) was gazetted and came into operation on 19 May 2023. The Ordinance provides profits tax concessions for eligible Family-owned Investment Holding Vehicles (FIHVs) managed by eligible Single Family Offices (SFOs) in Hong Kong; and Family-owned Special Purpose Entities (FSPEs). Only the assessable profits of FIHVs and FSPEs arising from qualifying transactions and incidental transactions are eligible for profits tax concessions, which apply in respect of a year of assessment commencing on or after 1 April 2022. The Inland Revenue Department (IRD) has provided some useful guidance in its website for taxpayers seeking to enjoy the tax concession. The IRD has also published Advance Ruling Case No. 73, the first ruling in respect of the new family office tax regime, for taxpayers’ reference. In this seminar, the speakers will cover the following: Give a brief background on the development of family offices in Hong Kong Discuss the IRD...

*TIHK members only (Free of charge) The Inland Revenue Department (IRD) launched enhanced e-filing services for profits tax returns on 1 April 2023.  These services aim at promoting tax digitalization and enhancing the efficiency of the profits tax returns filing. The enhanced e-filing services include e-submission of supporting documents in iXBRL format.  The IRD provides free conversion tools, namely, IRD iXBRL Data Preparation Tools (the Tools) for corporations and businesses to convert financial statements and tax computations into iXBRL data files. To provide additional support to the practitioners, IRD co-organizes a course with The Society of Chinese Accountants & Auditors (SCAA), Association of Women Accountants (AWAHK) and The Taxation of Institute of Hong Kong (TIHK) to give hands-on training on the operation of the Tools.  The speakers will also walk you through the basic features of the IRD Taxonomy Package, overview and functions of the Tools, and demonstrate the process flow from preparation to generation of the iXBRL finalised package.   Programme Code: 20240619 Date:...

The event, themed“勝會香港 • 活力CPA”, aims at providing an occasion for professional accountants to interact through engaging in different sports activities and to share the benefits of exercise.  Last year, over 1,000 CPAs and their friends and families took part in competition and fun games for an unforgettable magical day. Event Information: Date: 4 May 2024 (Saturday) Time: 9:00 am - 2:00 pm Venue: Hammer Hill Road Sports Ground 158 Hammer Hill Road, Diamond Hill, Kowloon For details, please visit at https://www.scaacpa.org.hk/web/subpage.php?mid=119&id=3259 For enquiries, please contact SCAA secretariat at info@scaacpa.org.hk...