News Flash. Hong Kong Tax. Tax deduction on recharge of share-based payments: a change in tide. March 2012 Issue 3

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "News Flash. Hong Kong Tax. Tax deduction on recharge of share-based payments: a change in tide. March 2012 Issue 3"

Transcription

1 News Flash Hong Kong Tax March 2012 Issue 3 Our Hong Kong Corporate Tax Team Contacts Peter Yu Tel: Tim Leung Tel: Reynold Hung Tel: Our Hong Kong Corporate Tax team provides a full range of integrated professional services in tax consulting and compliance. Our tax specialists provide technically robust, industry specific and pragmatic solutions to our clients on Hong Kong, PRC and international tax issues. Tax deduction on recharge of share-based payments: a change in tide Over the years, there has been considerable debate about the tax deduction of share based payments for Hong Kong profits tax purpose since the requirement of accounting standards to report the costs of the share based payments in the financial statements was introduced. An example of such payments is employee sharebased compensation in the form of stock options or share awards. Very often, the employees of a Hong Kong company will receive stock options or share awards granted by another group company either in Hong Kong or overseas ( the issuing entity ). The issuing entity will recharge the Hong Kong company for the costs associated with granting of such share-based benefits. In the past, the Inland Revenue Department ( IRD ) had denied the deduction of inter-group recharge of share-based compensation where new shares are issued to satisfy the option/award obligations. This position was widely disputed by tax practitioners. On 6 March 2012, the IRD finally indicated on its website that it has adopted a revised position on the deductibility of intergroup recharge for share options or share awards. This News Flash recaps the accounting treatment of share-based payments, discusses the previous and revised positions adopted by the IRD on the tax deduction of share-based payments, and shares our observations on the implications of the change in the IRD s stance on recharge deduction for taxpayers.

2 Accounting treatments of share-based payments The accounting treatment for share-based payments is stipulated in Hong Kong Financial Reporting Standard 2 ( HKFRS 2 ) - Share-based Payment, which is applicable for accounting periods beginning on or after 1 January In a nutshell, in the case of equity-settled employee share-based compensation transactions, HKFRS 2 requires a Hong Kong company to recognize in its profit and loss account an expense in relation to the sharebased benefits granted to its employees proportionately over the vesting period of such benefits and credit the same amount to the equity account. The expense is computed based on the fair value of the options/awards at the grant date and the estimated number of options/awards that will eventually vest. When there is a recharge from the issuing entity, the Hong Kong company may recognize, at the time of recharge and subject to certain circumstances, the amount paid/payable to the issuing entity by debiting the equity reserve account without going through the profit and loss account. In some cases, the amount of recharge paid/payable to the issuing entity may be different from the amount of share-based payment expenses recognised by the Hong Kong company under HKFRS 2. An example is when (1) the recharge is calculated as the market value of the share concerned at the exercise date less the consideration paid by the employees and (2) the share price has been increased or decreased since the grant date. Tax deduction of share-based payments The previous position taken by the IRD The previous practice of the IRD on the tax deduction of share-based payments ( the old practice ) is summarised as follows: The amount recognized in the profit and loss account as expense in accordance with HKFRS 2 is not deductible as the amount merely represents a booked or an accounting expense and is not an outgoing or expenses incurred for the purpose of section 16 of the Inland Revenue Ordinance ( IRO ); The recharge is deductible as long as the conditions, including the incurred test, under sections 16 and 17 of the IRO are satisfied and the entity has become unconditionally liable to pay the recharge, subject to the conditions in the next two bullet points; However, a recharge settled by a group entity where the option/award obligations are fulfilled by new shares issued by another group company is not deductible as the term recharge connoted a reimbursement of actual expenditure and in this case, there is no actual expenditure incurred by the group company issuing the new shares. In addition, any provision for recharge claimed by an entity for deduction in the basis period in which the issuing entity has not issued the shares will be disallowed. The revised position of the IRD The IRD has now adopted the following revised practice on the deduction of recharge 1 ( the revised practice ): Recharge in relation to both new issue of shares as well as acquisition of shares from the market by a group entity is now considered as expenses incurred provided certain conditions are met and can be allowable. There must be a written recharge agreement in place. The timing of deduction is the point of exercise of the stock options or the point of vesting of the share awards. 1 Please refer to the link to the IRD s website below which set out the IRD s revised position on deduction of recharge of sharebased payments: News Flash Hong Kong Tax 2

3 The amount of deduction claimed must not be excessive. For example, it should not be more than the open market value of the shares acquired at the date when the options are exercised or the awards are vested less the amount or value of consideration given by the grantee/awardee. Where any option shares or award shares are subsequently forfeited or cancelled, any deduction previously allowed should be written back as a trading receipt and offered for assessment. The IRD also emphasises that where appropriate, it may apply the anti-avoidance provisions to share-based payment transactions that are entered into for tax avoidance purposes. In addition, the answer to Frequently Asked Question No. 9 2 on deductibility of inter-group recharge has now been revised to reflect that any provision for recharge claimed for deduction in the basis period in which the related stock options have not been exercised or the related share awards have not been vested will be disallowed. The position taken by the IRD in cases without a recharge arrangement has not been changed. For example, share-based payment expenses recognised by a Hong Kong company in its profit and loss account in accordance with HKFRS 2 will continue to be non-deductible in cases where (1) the Hong Kong company issues its own shares to fulfil the stock options or share awards obligations or (2) new shares are issued by another group entity without a recharge to the Hong Kong company. PwC observations While the more reasonable approach taken by the IRD on the deduction of recharge of share-based payments should be well received by taxpayers in general, the change in the IRD s stance has given rise to a number of technical as well as practical issues which are discussed below. Excessive amount of recharge not allowable It should be noted that although recharge of share-based payments is now allowable provided that the specified conditions are met, the deductible amount is limited to the open market value of the shares acquired at the date when the options are exercised or the awards are vested less the amount or value of consideration given by the grantee/awardee ( the deductible recharge ). Accordingly, there can be cases where a Hong Kong company cannot deduct the full amount of recharge paid or payable to the issuing entity even though it is paid or payable in accordance with a written recharge agreement. For example, where it has been agreed that the amount of recharge for each year is the amount of expenses recognized in accordance with HKFRS 2 in the profit and loss account of the Hong Kong company for the year and such amount is greater than the deductible recharge (e.g. when the open market value of the share on the exercise/vested date is lower than that on the grant date), the deduction will be limited to the amount of deductible recharge. The incurred test under section 16 of the IRO One of the conditions to be satisfied for claiming a deduction on the recharge under the revised practice is the related stock options must have been exercised or the related share awards must have been vested. The IRD has not elaborated on the legal/technical basis upon which this condition is imposed. There are cases where the provisions of the recharge agreement require the taxpayer to make the recharge payment regardless of whether the related share options/share awards are exercised/vested, the "incurred" test under section 16(1) should have been satisfied at the point of time when the taxpayer has the legal liability to pay the recharge amount in accordance with the recharge agreement, even though the related stock options/share awards may not have been exercised or vested. Accordingly, the deduction of such recharge should not be denied on the basis that the incurred test under section 16 has not been met. Deferred tax implications For deferred tax purposes, as there may be differences between (1) the timing of recognising the recharge amount in the accounts and the timing the recharge is eligible for tax deduction and (2) the amount of recharge booked in the accounts and the amount of recharge allowable for tax deduction, such differences should be kept tracked for determining the provision for deferred tax. 2 The Frequently Asked Questions on Share-based Payment Transactions on the IRD s website can be accessed through this link: News Flash Hong Kong Tax 3

4 Treatment for prior year assessments that have become final and conclusive For prior year assessments that have become final and conclusive and where no deduction on the recharge has been allowed, it would appear that the assessments cannot be reopened under section 70A as it was the prevailing practice of not allowing such deduction at the time the related tax returns were filed. Strictly speaking, the assessments that are final and conclusive cannot be reopened under the proviso of section 70A(1) simply because there is a change in the prevailing assessing practice. The IRD, on the other hand, should consider allowing, by means of extra-statutory concession, a deduction on the accumulated amount of recharge unclaimed in prior years in the year of assessment 2011/12, as the approach it had adopted when it revised its assessing practice in tax deduction related to defined benefit retirement schemes. At the time of writing, it is unclear whether the IRD will take a more lenient approach in handling prior year assessments. New disclosure requirement for 2011/12 profits tax return filing For Hong Kong companies with a recharge payable to the issuing entity at the time other than the point of exercise of the related stock options or the point of vesting of the related stock awards, the exercised/vested condition means that the companies have to keep track of the information on the exercise/vesting of the stock options/share awards granted to the employees for the purpose of computing the amount of deductible recharge. In this regard, the Notes and Instructions for the 2011/12 Hong Kong profits tax return for corporations (i.e. Form BIR 51) has included a new item (see Note G, Part 1, Item 3(p)) setting out the detailed information on share-based payment transactions that is required to be provided with the tax return in both cases of issue of new shares and acquisition of shares from the market. The information requested includes the deduction amount involved, basis of computation, name of the issuer/aqcuirer of the shares concerned and its relationship with the taxpayer, and the amount relating to share-based benefits that have not been vested or exercised. The same information will be required for the deferred tax computation as well. Taxability of the recharge in the hands of Hong Kong companies It is possible that the issuing entity is a Hong Kong entity. The information on the IRD s website only talks about the deductibility of recharge of share-based payments incurred by a Hong Kong company without indicating the tax treatment for recharge received by the issuing entity which is a Hong Kong company. It will be helpful to taxpayers if the IRD can set out its view on the taxability of such recharge in the hands of Hong Kong companies as well. In our view, there could be arguments for claiming such receipt as capital in nature when new shares of issuing entity are used to meet the obligation in the recharge agreement and therefore not taxable in the hands of the Hong Kong issuing entities. This position will be subject to the agreement of the IRD. Concluding remarks This is not the first time the IRD revised its assessing practice and adopted a more reasonable approach in handling an issue in dispute with taxpayers. Back in July 2011, after conducting a review on the matter and obtaining a legal opinion, the IRD revised the tax treatment of defined benefit retirement schemes which it had adopted since year of assessment 2002/03. Revising the assessing practice on the deductibility of recharge of share-based payments is the second time within 12 months where the IRD changed its stand on a contentious issue. Revising the long established assessing practices by the IRD where taxpayers have concerns should be welcomed by taxpayers. The revised practices not only provide certainty and clarity on tax treatment on contentious issues, the reasonableness of the approaches adopted by the IRD in these two incidences also indicate the IRD s willingness to address taxpayers concerns though the change in tide in these cases is long overdue. News Flash Hong Kong Tax 4

5 In the context of this News Flash, China, Mainland China or the PRC refers to the People s Republic of China but excludes Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Region. The information contained in this publication is for general guidance on matters of interest only and is not meant to be comprehensive. The application and impact of laws can vary widely based on the specific facts involved. Before taking any action, please ensure that you obtain advice specific to your circumstances from your usual PricewaterhouseCoopers client service team or your other tax advisers. The materials contained in this publication were assembled on 19 March 2012 and were based on the law enforceable and information available at that time. To make enquiries about our Hong Kong tax and business advisory services, please feel free to contact the following lead specialist partners: Entertainment & Media Colin Farrell Tel: Industrial Products Medinah Ip Tel: Info-Comms Suzanne Wat Tel: Financial Services Florence Yip Tel: Logistics & Transportation Reynold Hung Tel: Real Estate KK So Tel: Retail & Consumer Products Tim Leung Tel: Investigation Services Tim Lui Tel: International Assignment Services Mandy Kwok Tel: Personal Financial Services John Wong Tel: Merger & Acquisition Nick Dignan Tel: Transfer Pricing Cecilia Lee Tel: Company Fiduciary & Administration Services Isabelle Young Tel: Customs & International Trade Colbert Lam Tel: International Tax Advisory Nick Dignan Tel: Tax Accounting Services Suzanne Wat Tel: Value Chain Transformation Tim Leung Tel: Our regional contacts: Beijing Edward Shum Tel: +86 (10) Chongqing Robert Li Tel: +86 (23) Dalian Rex Chan Tel: +86 (411) Guangzhou Daisy Kwun Tel: +86 (20) Hangzhou Jenny Chong Tel: +86 (21) Hong Kong Peter Yu Tel: Macao Pat Wong Tel: Nanjing Jane Wang Tel: +86 (25) Ningbo Ray Zhu Tel: +86 (21) Qingdao Steven Wong Tel: +86 (532) Shanghai Peter Ng Tel: +86 (21) Shenzhen Charles Lee Tel: +86 (755) Singapore Lennon Lee Tel: Suzhou Linjun Shen Tel: +86 (512) Taiwan Steven Go Tel: +886 (2) Tianjin Kelvin Lee Tel: +86 (22) Xiamen Mike Chiang Tel: +86 (592) Xian Elton Huang Tel: +86 (29) This Hong Kong Tax News Flash is issued by the PwC TAX Knowledge Management Centre in Hong Kong and China, which comprises of a team of experienced professionals dedicated to monitoring, studying and analysing the existing and evolving policies in taxation and other business regulations in China, Hong Kong, Singapore and Taiwan. They support the PricewaterhouseCoopers partners and staff in their provision of quality professional services to businesses and maintain thought-leadership by sharing knowledge with the relevant tax and other regulatory authorities, academies, business communities, professionals and other interested parties. For more information, please contact: Matthew Mui Tel: +86 (10) Please visit PricewaterhouseCoopers websites at (China Home) or (Hong Kong Home) for practical insights and professional solutions to current and emerging business issues PricewaterhouseCoopers Ltd. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers Ltd. which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

News Flash. China Tax and Business Advisory

News Flash. China Tax and Business Advisory www.pwccn.com News Flash China Tax and Business Advisory November 2012 Issue 26 Our China Tax and Business Service Team Contacts National Cassie Wong Tel: : +86 (10) 6533 2222 cassie.wong@cn.pwc.com Northern

More information

News Flash. China Tax and Business Advisory

News Flash. China Tax and Business Advisory www.pwccn.com News Flash China Tax and Business Advisory April 2012 Issue 9 Our Tax Controversy Services Team Contacts Northern China Xiaoying Chen Tel: +86 (10) 6533 3018 xiaoying.chen@cn.pwc.com Central

More information

News Flash. Hong Kong Tax. Mexico became the first North American country that signed a tax treaty with Hong Kong. August 2012 Issue 7

News Flash. Hong Kong Tax. Mexico became the first North American country that signed a tax treaty with Hong Kong. August 2012 Issue 7 News Flash Hong Kong Tax August 2012 Issue 7 Our International Tax Advisory Team Contacts Nick Dignan Tel: +852 2289 3702 nick.dignan@hk.pwc.com David Smith Senior Advisor Tel: +852 2289 5802 david.g.smith@hk.pwc.com

More information

News Flash Hong Kong Tax. November 2015 Issue 10. In brief. In detail. www.pwchk.com

News Flash Hong Kong Tax. November 2015 Issue 10. In brief. In detail. www.pwchk.com News Flash Hong Kong Tax Understanding the IRD s views on emerging corporate tax issues, in particular the practice on processing Hong Kong tax resident certificate applications November 2015 Issue 10

More information

Tax Analysis. Proposal to Extend Hong Kong s Offshore Fund Exemption to Private Equity: A Step in the Right Direction.

Tax Analysis. Proposal to Extend Hong Kong s Offshore Fund Exemption to Private Equity: A Step in the Right Direction. Tax Issue H58/2014 13 June 2014 Tax Analysis Authors: Hong Kong Patrick Yip Tel: +852 2852 1618 Email: patyip@deloitte.com.hk Agnes Cheung Director Tel: +852 2852 1264 Email: agncheung@deloitte.com.hk

More information

Tax Analysis. China relaxes foreign exchange procedures on outbound payments. for trade in services. PRC Tax. Tax Issue P184/2013 26 July 2013

Tax Analysis. China relaxes foreign exchange procedures on outbound payments. for trade in services. PRC Tax. Tax Issue P184/2013 26 July 2013 Tax Issue P184/2013 26 July 2013 Tax Analysis Authors: Hong Ye Tel: +86 21 6141 1171 Email: hoyeqinli@qinlilawfirm.com 1 PRC Tax China relaxes foreign exchange procedures on outbound payments for trade

More information

IRAS e-tax Guide INCOME TAX: TAX DEDUCTION FOR SHARES USED TO FULFILL OBLIGATIONS UNDER AN EMPLOYEE EQUITY-BASED REMUNERATION SCHEME

IRAS e-tax Guide INCOME TAX: TAX DEDUCTION FOR SHARES USED TO FULFILL OBLIGATIONS UNDER AN EMPLOYEE EQUITY-BASED REMUNERATION SCHEME IRAS e-tax Guide INCOME TAX: TAX DEDUCTION FOR SHARES USED TO FULFILL OBLIGATIONS UNDER AN EMPLOYEE EQUITY-BASED REMUNERATION SCHEME Published by Inland Revenue Authority of Singapore Published on 8 Jul

More information

Fundamentals Level Skills Module, Paper F6 (HKG)

Fundamentals Level Skills Module, Paper F6 (HKG) Answers Fundamentals Level Skills Module, Paper F6 (HKG) Taxation (Hong Kong) December 200 Answers and Marking Scheme Cases are given in the answers for educational purposes. Unless specifically requested,

More information

DISCLOSEABLE TRANSACTION. in relation to the acquisition of the entire issued share capital and shareholders loans of HPL-Hines Development Pte Ltd

DISCLOSEABLE TRANSACTION. in relation to the acquisition of the entire issued share capital and shareholders loans of HPL-Hines Development Pte Ltd Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

BDO s. Setting up a business in China can. BDO China unlocked

BDO s. Setting up a business in China can. BDO China unlocked china unlocked BDO China unlocked BDO s expertise and international reach Over the last two decades China has firmly put itself on the map as a country in which to invest, to date mainly for Manufacturing

More information

Corporate Establishment, Tax, Accounting & Payroll Throughout Asia

Corporate Establishment, Tax, Accounting & Payroll Throughout Asia Corporate Establishment, Tax, Accounting & Payroll Throughout Asia INTRODUCTION Welcome to Dezan Shira & Associates and the emerging Asia markets of China, Hong Kong, India, Vietnam and Singapore. Our

More information

Tax Analysis. PRC Tax. International Tax Services. NTC Tax Analysis Issue P68/2009 29 April 2009

Tax Analysis. PRC Tax. International Tax Services. NTC Tax Analysis Issue P68/2009 29 April 2009 Tax Tax Analysis. NTC Tax Analysis Issue P68/2009 29 April 2009 Authors: Shanghai Leonard Khaw Tel: +86 21 6141 1498 Email: lkhaw@deloitte.com.cn Lu Qiang Senior Manager Tel: +86 21 6141 1165 Email: qilu@deloitte.com.cn

More information

NATIONAL UNITED RESOURCES HOLDINGS LIMITED

NATIONAL UNITED RESOURCES HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Hong Kong. Country M&A Team Country Leader ~ Nick Dignan Guy Ellis Rod Houng-Lee Anthony Tong Sandy Fung Greg James Louise Leung Nicholas Lui

Hong Kong. Country M&A Team Country Leader ~ Nick Dignan Guy Ellis Rod Houng-Lee Anthony Tong Sandy Fung Greg James Louise Leung Nicholas Lui Hong Kong Country M&A Team Country Leader ~ Nick Dignan Guy Ellis Rod Houng-Lee Anthony Tong Sandy Fung Greg James Louise Leung Nicholas Lui Mergers & Acquisitions Asian Taxation Guide 2008 Hong Kong March

More information

HKFRS Update. March 2013 year-end focus areas. Background. What are the new and revised HKFRSs that are effective as at 1 April 2012?

HKFRS Update. March 2013 year-end focus areas. Background. What are the new and revised HKFRSs that are effective as at 1 April 2012? HKFRS Update March 2013 year-end focus areas April Newsletter Issue No. 2/2013 Background This update serves as a reminder and provides a summary of significant areas to consider in preparing your financial

More information

Newsletter No. 86 (EN) Profits Tax Liability for Businesses in Hong Kong

Newsletter No. 86 (EN) Profits Tax Liability for Businesses in Hong Kong Profits Tax Liability for Businesses in February 2015 A ll ri ght s res erv ed Lo r enz & Partners 201 5 Although Lorenz & Partners always pays great attention on updating information provided in newsletters

More information

Recognition of Funds (MRF) A new era for asset management in China and Hong Kong

Recognition of Funds (MRF) A new era for asset management in China and Hong Kong www.pwchk.com Mainland and Hong Kong Mutual Recognition of Funds (MRF) A new era for asset management in China and Hong Kong Getting ready to access the China and Hong Kong asset management markets Foreword

More information

TaxB 24 October 2013. Tax Bulletin. Annual Meeting. The Inland Revenue Department and The Hong Kong Institute of Certified Public Accountants

TaxB 24 October 2013. Tax Bulletin. Annual Meeting. The Inland Revenue Department and The Hong Kong Institute of Certified Public Accountants TaxB 24 October 2013 Tax Bulletin 2013 Annual Meeting The Inland Revenue Department and The Hong Kong Institute of Certified Public Accountants 2013 ANNUAL MEETING BETWEEN THE INLAND REVENUE DEPARTMENT

More information

Qualified Foreign Institutional Investors (QFII) Brochure. Special Edition

Qualified Foreign Institutional Investors (QFII) Brochure. Special Edition Qualified Foreign Institutional Investors (QFII) Brochure Special Edition Preface QFII stands for Qualified Foreign Institutional Investors. The QFII Program is the certification system which allows licensed

More information

Paper P6 (HKG) Advanced Taxation (Hong Kong) Friday 9 December 2011. Professional Level Options Module

Paper P6 (HKG) Advanced Taxation (Hong Kong) Friday 9 December 2011. Professional Level Options Module Professional Level Options Module Advanced Taxation (Hong Kong) Friday 9 December 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A

More information

Hong Kong s Proposed Exemption For Private Equity Funds: A Step in The Right Direction

Hong Kong s Proposed Exemption For Private Equity Funds: A Step in The Right Direction Volume 74, Number 5 May 5, 2014 Hong Kong s Proposed Exemption For Private Equity s: A Step in The Right Direction by Patrick Yip, Agnes Cheung, Finsen Chan, and Roy Phan Reprinted from Tax Notes Int l,

More information

NANJING SAMPLE TECHNOLOGY COMPANY LIMITED*

NANJING SAMPLE TECHNOLOGY COMPANY LIMITED* Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Private Equity Tax Express

Private Equity Tax Express Private Equity Tax Express ISSUE 2 May 2014 Definition of Beneficial Owner under Entrusted Investments The State Administration of Taxation of China issued the Announcement on the Definition of Beneficial

More information

Accounting 2. Lecture no 6. Prepared by: Jan Hájek

Accounting 2. Lecture no 6. Prepared by: Jan Hájek Accounting 2 Lecture no 6 Prepared by: Jan Hájek Share-based Payment Related standards IFRS 2 Current GAAP comparisons Looking ahead End-of-chapter practice 2 Related Standards FAS 123 Share-based Payment

More information

HKFRS 2 defines a share-based payment as a transaction in which the entity:

HKFRS 2 defines a share-based payment as a transaction in which the entity: Accounting for Share-Based Payment Transactions Part 1 (Relevant to PBE Paper I Financial Accounting) Patrick P.H. Ng, BA (Hons.), M. Phil., FCPA, FCCA, Department of Business Administration, Hong Kong

More information

THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES. Suggested Answers

THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES. Suggested Answers THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES Suggested Answers Level : Professional Subject : Hong Kong Taxation Diet : June 2007 The suggested answers are published for the purpose of assisting students

More information

Curacao Private Foundation

Curacao Private Foundation Curacao Private Foundation By Jason A. Blatt Pamir Law Group jblatt@pamirlaw.com Copyright 2008 All Rights Reserved By Pamir Old Chinese Saying: Wealth Cannot Last Three Generations But in the West, Wealth

More information

Yantai North Andre Juice Co., Ltd.*

Yantai North Andre Juice Co., Ltd.* Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

DISCLOSEABLE TRANSACTION ENTRUSTED LOAN AGREEMENT

DISCLOSEABLE TRANSACTION ENTRUSTED LOAN AGREEMENT Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Share-based payment. Debt/Equity IFRIC In the pipeline Other news Open for comments. Effective dates. combinations. IFRS News

Share-based payment. Debt/Equity IFRIC In the pipeline Other news Open for comments. Effective dates. combinations. IFRS News IFRS News Welcome to IFRS News a quarterly update from the Grant Thornton International IFRS team. IFRS News offers a summary of the more significant developments in International Financial Reporting Standards

More information

IIT and Social Insurance for Foreigners Employed in China.

IIT and Social Insurance for Foreigners Employed in China. IIT and Social Insurance for Foreigners Employed in China. www.lehmanbrown.com Individual Income Tax (IIT) General IIT Principles For individuals to pay tax in China (PRC Tax Resident), they need to be

More information

You or your employee is going to leave Hong Kong. What are you required to do under the tax law?

You or your employee is going to leave Hong Kong. What are you required to do under the tax law? You or your employee is going to leave Hong Kong What are you required to do under the tax law? Foreword The Inland Revenue Ordinance (IRO) provides that any person chargeable to tax and intending to leave

More information

PAPER IIC HONG KONG OPTION

PAPER IIC HONG KONG OPTION THE ADVANCED DIPLOMA IN INTERNATIONAL TAXATION June 2008 PAPER IIC HONG KONG OPTION ADVANCED INTERNATIONAL TAXATION TIME ALLOWED 3¼ HOURS You should answer FOUR out of seven questions. Each question carries

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

More information

TAXATION AND FOREIGN EXCHANGE

TAXATION AND FOREIGN EXCHANGE 1. TAXATION OF SECURITY HOLDERS The taxation of income and capital gains of holders of H Shares is subject to the laws and practices of the PRC and of jurisdictions in which holders of H Shares are resident

More information

Share-Based Payments. 1. Introduction. 2. Definitions

Share-Based Payments. 1. Introduction. 2. Definitions 7 Share-Based Payments Reference: The students are advised to refer the full text of the Guidance Note on Accounting for Employee Share-based Payments. This Guidance Note was issued in 2005 and deals with

More information

DISCLOSEABLE TRANSACTION STRATEGIC DIVESTMENT OF ASIA CONSUMER AND HEALTHCARE DISTRIBUTION BUSINESS

DISCLOSEABLE TRANSACTION STRATEGIC DIVESTMENT OF ASIA CONSUMER AND HEALTHCARE DISTRIBUTION BUSINESS Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Financial Reporting Update

Financial Reporting Update Financial Reporting Update October 2004 Issue 8 KPMG HONG KONG - PROFESSIONAL PRACTICE For the first time the HKICPA has issued an accounting standard on transactions settled in shares or other forms of

More information

35. Hong Kong. International Transfer Pricing 2013/14

35. Hong Kong. International Transfer Pricing 2013/14 35. Hong Kong Introduction The increasing cross-border activities of Hong Kong businesses with those in mainland China and the expansion of the Hong Kong treaty network have made transfer pricing a real

More information

Introduction. Taxes Supported. E tax Payment Service

Introduction. Taxes Supported. E tax Payment Service Introduction To allow corporate clients to pay taxes (levied by both State Tax Bureau and Local Tax Bureau) electronically, HSBC Bank (China) Company Limited (HSBC China) has completed the system development

More information

AN INTRODUCTION TO OUR SERVICES

AN INTRODUCTION TO OUR SERVICES GET TO KNOW BDO U.S.-CHINA TAX DESK July 2014 Page 2 AN INTRODUCTION TO OUR SERVICES SHARED CULTURE/SHARED LANGUAGE Whether you are looking to expand your business into the U.S. or China, members of BDO

More information

INLAND REVENUE BOARD OF REVIEW DECISIONS. Case No. D38/88. Profits tax deductions audit fees s 16(1) of the Inland Revenue Ordinance.

INLAND REVENUE BOARD OF REVIEW DECISIONS. Case No. D38/88. Profits tax deductions audit fees s 16(1) of the Inland Revenue Ordinance. Case No. D38/88 Profits tax deductions audit fees s 16(1) of the Inland Revenue Ordinance. Profits tax deductions severance payments made on cessation of business whether deductible s 16(1) of the Inland

More information

An Opportunity for Tax Savings

An Opportunity for Tax Savings www.pwccn.com China Research & Development Tax Services An Opportunity for Tax Savings Did you know that Effective communication could significantly increase Research & Development (R&D) tax benefits?

More information

CNQC INTERNATIONAL HOLDINGS LIMITED 青 建 國 際 控 股 有 限 公 司

CNQC INTERNATIONAL HOLDINGS LIMITED 青 建 國 際 控 股 有 限 公 司 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 1 SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting

More information

Singapore personal taxation

Singapore personal taxation Singapore personal taxation The below information is intended as a general guide to Singapore personal taxation for foreign employees and is current as at August 2004. On arrival in Singapore There are

More information

October 2009 Real Estate Industry Practice

October 2009 Real Estate Industry Practice Accounting for investment properties under construction - a practical guide October 2009 Real Estate Industry Practice Contents 1 Introduction 3 Scope 4 Measurement 7 Recognition of fair value gains or

More information

INDEPENDENT AUDITOR S REPORT

INDEPENDENT AUDITOR S REPORT To the members of The Duty Lawyer Service (Incorporated in Hong Kong with liability limited by guarantee) INDEPENDENT AUDITOR S REPORT We have audited the financial statements of The Duty Lawyer Service

More information

NEXT MEDIA LIMITED PROPOSAL FOR THE REDUCTION OF SHARE PREMIUM ACCOUNT

NEXT MEDIA LIMITED PROPOSAL FOR THE REDUCTION OF SHARE PREMIUM ACCOUNT Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Tax Overview Setting up a Fund Manager in Singapore

Tax Overview Setting up a Fund Manager in Singapore www.pwc.com Tax Overview Setting up a Fund Manager in Singapore 8 July 2014 Singapore Agenda - Overview of Singapore tax system - Taxation of fund manager and individuals - Treatment of onshore and offshore

More information

Hong Kong Companies Accounting Issues & Declaration of Offshore Income. TAI Kwok Yin Aileen ACCA (HK)

Hong Kong Companies Accounting Issues & Declaration of Offshore Income. TAI Kwok Yin Aileen ACCA (HK) Hong Kong Companies Accounting Issues & Declaration of Offshore Income TAI Kwok Yin Aileen ACCA (HK) 1 Contents I. Accounting Issues of Hong Kong Companies When the company need to prepare the accounts

More information

Hong Kong Company Compliance Requirements and Costs

Hong Kong Company Compliance Requirements and Costs Shenzhen Office, China Room 2508, Shenhua Comm. Bldg., 2018 Jiabin Road, Luohu District, Shenzhen Tel: +86 755 8268 4480 Fax: +86 755 8268 4481 Shanghai Office, China Room 1022, Yunsun Tower 2025 Zhongshan

More information

Doing business in Hong Kong

Doing business in Hong Kong I. INTRODUCTION Doing business in Hong Kong Tim Drew Partner timdrew@robertwang.com Karen Yan Associate karenyan@robertwang.com Robert Wang Solicitors 1 On 1 July 1997, sovereignty over Hong Kong transferred

More information

REGULATORY OVERVIEW. PRC Laws and Regulations Relating to the Product Liability

REGULATORY OVERVIEW. PRC Laws and Regulations Relating to the Product Liability Although our Company was incorporated in the Cayman Islands, a substantial part of our Group s operations are conducted in the PRC and are governed by PRC Laws and Regulations. This section sets out summaries

More information

H O N G K O N G. International Comparison of Insurance Taxation March 2007

H O N G K O N G. International Comparison of Insurance Taxation March 2007 H O N G K O N G International Comparison of Insurance International Comparison of Insurance Hong Kong General Insurance 1 Definition Definition of property and casualty insurance company A company authorised

More information

www.pwccn.com Overview of China s Aircraft Leasing Industry Promoting industry development

www.pwccn.com Overview of China s Aircraft Leasing Industry Promoting industry development www.pwccn.com Overview of China s Aircraft Leasing Industry Promoting industry development PwC-Aircraft Leasing Abstract October, 2012 Index 1. China leasing industry and aircraft leasing industry an

More information

Global equity compensation Recent legislative updates

Global equity compensation Recent legislative updates Global equity compensation Recent legislative updates Country Summaries March 2012 Edition (for a more comprehensive discussion, please see the "Country Discussions" section below) Australia Recent ruling

More information

www.pwc.com/sg/tax Tax Bulletin Sourcing of Trading Income: Diverging Trends September 2011

www.pwc.com/sg/tax Tax Bulletin Sourcing of Trading Income: Diverging Trends September 2011 1 www.pwc.com/sg/tax Tax Bulletin Sourcing of Trading Income: Diverging Trends September 2011 Sourcing of Trading Income: Diverging Trends Two court decisions in Hong Kong have raised some interesting

More information

Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated)

Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated) 1 Significant accounting policies (a) STATEMENT OF COMPLIANCE These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ( HKFRSs ), which collective

More information

Financial information prepared in accordance with China Accounting Standards (Unless otherwise stated, all amounts are denominated in Renminbi)

Financial information prepared in accordance with China Accounting Standards (Unless otherwise stated, all amounts are denominated in Renminbi) The Board of Directors (the Board ) of Hisense Kelon Electrical Holdings Company Limited (the Company ) hereby announces the unaudited interim report of the Company and its subsidiaries (collectively referred

More information

COSCO Pacific Limited

COSCO Pacific Limited Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

GOLDBOND GROUP HOLDINGS LIMITED

GOLDBOND GROUP HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Real Estate Going Global Hong Kong

Real Estate Going Global Hong Kong www.pwc.com/goingglobal Real Estate Going Global Hong Kong Tax and legal aspects of real estate investments around the globe 2013 Real Estate Going Global Hong Kong 1 Contents Contents Contents... 2 Real

More information

Hong Kong s Double Tax Treaty Network

Hong Kong s Double Tax Treaty Network TAX FLASH July 2010 TAX FLASH July 2010 Hong Kong s Double Tax Treaty Network To remain as an international financial and commercial centre, it has become important for Hong Kong to promote its transparency

More information

INNER CITY MINISTRIES LIMITED (incorporated in Hong Kong with liability limited by guarantee and not having a share capital)

INNER CITY MINISTRIES LIMITED (incorporated in Hong Kong with liability limited by guarantee and not having a share capital) REPORT OF THE DIRECTORS The directors present herewith their annual report together with the financial statements for the year ended 31 December 2014. PRINCIPAL ACTIVITY The principal activity of the association

More information

CHILDREN'S MEDICAL FOUNDATION LIMITED (Incorporated in Hong Kong and limited by guarantee)

CHILDREN'S MEDICAL FOUNDATION LIMITED (Incorporated in Hong Kong and limited by guarantee) (Incorporated in Hong Kong and limited by guarantee) REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER Contents Pages Financial

More information

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended 30 June 2008

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended 30 June 2008 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended 30 June 2008 Unaudited Unaudited Note Turnover 2 12,273 13,856 Other net income 4 142 112 12,415 13,968 Direct costs and operating expenses

More information

INLAND REVENUE BOARD OF REVIEW DECISIONS. Case No. D51/04

INLAND REVENUE BOARD OF REVIEW DECISIONS. Case No. D51/04 Case No. D51/04 Property tax section 42(1) of the Inland Revenue Ordinance whether a global deduction of interest payable against the total taxable property income. Panel: Anna Chow Suk Han (chairman),

More information

TOP SPRING INTERNATIONAL HOLDINGS LIMITED

TOP SPRING INTERNATIONAL HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Asset Management Industry Development in Hong Kong, Singapore and China

Asset Management Industry Development in Hong Kong, Singapore and China Asset Management Industry Development in Hong Kong, Singapore and China by Terence Chong Vivian Wong Working Paper No. 7 March 2012 Institute of Global Economics and Finance The Chinese University of Hong

More information

China Tax Monthly. 1. Recent anti-avoidance cases in China. Beijing/Hong Kong/Shanghai. a. The Shanxi Permanent Establishment ( PE ) Case

China Tax Monthly. 1. Recent anti-avoidance cases in China. Beijing/Hong Kong/Shanghai. a. The Shanxi Permanent Establishment ( PE ) Case China Tax Monthly Beijing/Hong Kong/Shanghai January & February 2013 China Tax Monthly is a monthly publication of Baker & McKenzie s China Tax Group. In this issue of the Newsletter, we will discuss the

More information

Related parties debt remission

Related parties debt remission Issue 3/2015 Related parties debt remission Related parties debt remission Inland Revenue has released an Officials Issues Paper seeking feedback on proposed legislative changes intended to make the debt

More information

NEW FOCUS AUTO TECH HOLDINGS LIMITED *

NEW FOCUS AUTO TECH HOLDINGS LIMITED * Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

PUBLIC BANK (HONG KONG) LIMITED (Incorporated in Hong Kong with limited liability) (Website: www.publicbank.com.hk)

PUBLIC BANK (HONG KONG) LIMITED (Incorporated in Hong Kong with limited liability) (Website: www.publicbank.com.hk) PUBLIC BANK (HONG KONG) LIMITED (Incorporated in Hong Kong with limited liability) (Website: www.publicbank.com.hk) INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2011 The Board of Directors

More information

Hong Kong International Comparison of Insurance Taxation

Hong Kong International Comparison of Insurance Taxation Hong Kong International Comparison of Insurance March 2009 Hong Kong General Insurance Definition Definition of property and casualty insurance company A company authorised under the Insurance Companies

More information

TAXATION AND FOREIGN EXCHANGE

TAXATION AND FOREIGN EXCHANGE TAXATION OF EQUITY HOLDERS The following is a summary of certain PRC and Hong Kong tax consequences of the ownership of H Shares by an investor that purchases such H Shares in the Global Offering and holds

More information

IFRS/HKFRS news. Alternative performance measures time for ground rules?

IFRS/HKFRS news. Alternative performance measures time for ground rules? www.pwchk.com September 2014 IFRS/HKFRS news In this IFRS/HKFRS news, we update you on alternative Performance measures and IFRIC activitiy. Additionally, we share with you update from Cannon Street on

More information

A practical guide to share-based payments. February 2011

A practical guide to share-based payments. February 2011 A practical guide to share-based payments February 2011 Contents Page Introduction 2 Questions and answers 3 1. Scope of IFRS 2 6 2. Identifying share-based payments in a business combination or joint

More information

立 法 會. Legislative Council. Bills Committee on Inland Revenue (Amendment) (No.3) Bill 2013. Background brief

立 法 會. Legislative Council. Bills Committee on Inland Revenue (Amendment) (No.3) Bill 2013. Background brief 立 法 會 Legislative Council LC Paper No. CB(1)790/13-14(02) Ref : CB1/BC/3/13 Bills Committee on Inland Revenue (Amendment) (No.3) Bill 2013 Background brief Purpose 1. This paper provides background information

More information

Bosera ETFs. Bosera FTSE China A50 Index ETF

Bosera ETFs. Bosera FTSE China A50 Index ETF Important: If you are in any doubt about the contents of this Addendum, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser. This Addendum forms an integral

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

RELEVANT TO ACCA QUALIFICATION PAPERS F6 (HKG) AND P6 (HKG) AND PERFORMANCE OBJECTIVES 15 AND 16

RELEVANT TO ACCA QUALIFICATION PAPERS F6 (HKG) AND P6 (HKG) AND PERFORMANCE OBJECTIVES 15 AND 16 RELEVANT TO ACCA QUALIFICATION PAPERS F6 (HKG) AND P6 (HKG) AND PERFORMANCE OBJECTIVES 15 AND 16 Hong Kong tax issues arising from outbound investments by Hong Kong resident taxpayers This article is written

More information

TACK FIORI INTERNATIONAL GROUP LIMITED (incorporated in the Cayman Islands with limited liability)

TACK FIORI INTERNATIONAL GROUP LIMITED (incorporated in the Cayman Islands with limited liability) The Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Business Services Hong Kong

Business Services Hong Kong Business Services Hong Kong Gain peace of mind Leave your back office issues with us Tricor Business Services partner with you to enhance your competitiveness and generate business value. Leveraging our

More information

Terms and Conditions DBS 2015 Supplementary Retirement Scheme Promotion

Terms and Conditions DBS 2015 Supplementary Retirement Scheme Promotion Terms and Conditions DBS 2015 Supplementary Retirement Scheme Promotion 1. Promotion Period 1.1. The DBS 2015 Supplementary Retirement Scheme ( SRS ) Promotion ( Promotion ) is open to all existing customers

More information

(Incorporated in Hong Kong with limited liability under the Companies Ordinance) (Stock Code: 00144)

(Incorporated in Hong Kong with limited liability under the Companies Ordinance) (Stock Code: 00144) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Business Regulation and Tax Analysis

Business Regulation and Tax Analysis Tax Issue P186/2013 27 September 2013 Business Regulation and Tax Analysis Authors: Shanghai Leonard Khaw, Tel: +86 21 6141 1498 Email: lkhaw@deloitte.com.cn Clare Lu, /Attorney-at-law Tel: +86 21 6141

More information

Take your first steps. to become global professionals 加 入 德 勤 舞 出 成 就 第 一 步. Take your first steps. to becoming global professionals

Take your first steps. to become global professionals 加 入 德 勤 舞 出 成 就 第 一 步. Take your first steps. to becoming global professionals Take your first steps to become global professionals 加 入 德 勤 舞 出 成 就 第 一 步 Deloitte China, 2014 Take your first steps to becoming global professionals 2013 Deloitte Touche Tohmatsu About Deloitte Take

More information

CONNECTED TRANSACTION FORWARD SHARE PURCHASE

CONNECTED TRANSACTION FORWARD SHARE PURCHASE Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Kingsoft Corporation Limited

Kingsoft Corporation Limited The Stock Exchange of Hong Kong takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever

More information

HKMA Seminar Tax Evasion in Hong Kong. 30 October 2013

HKMA Seminar Tax Evasion in Hong Kong. 30 October 2013 HKMA Seminar Tax Evasion in Hong Kong 30 October 2013 Contents - Control environment and risk mitigation Know Your Customer 3 Voluntary Tax Compliance 5 Tax Evasion Red Flags 6 Suggested Approaches 9 Case

More information

JOINT ANNOUNCEMENT (1) CLOSE OF MANDATORY UNCONDITIONAL CASH OFFER BY

JOINT ANNOUNCEMENT (1) CLOSE OF MANDATORY UNCONDITIONAL CASH OFFER BY Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint announcement, make no representation as to its accuracy or completeness

More information

CNC HOLDINGS LIMITED 中 國 新 華 電 視 控 股 有 限 公 司 (incorporated in the Cayman Islands with limited liability) (stock code: 8356)

CNC HOLDINGS LIMITED 中 國 新 華 電 視 控 股 有 限 公 司 (incorporated in the Cayman Islands with limited liability) (stock code: 8356) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

DISCUSSION PAPER TAX IMPLICATIONS RELATED TO THE IMPLEMENTATION OF FRS 2: SHARE-BASED PAYMENT

DISCUSSION PAPER TAX IMPLICATIONS RELATED TO THE IMPLEMENTATION OF FRS 2: SHARE-BASED PAYMENT The Malaysian Institute of Certified Public Accountants DISCUSSION PAPER TAX IMPLICATIONS RELATED TO THE IMPLEMENTATION OF FRS 2: SHARE-BASED PAYMENT Prepared by: Joint Tax Working Group on FRS Date of

More information

IPSAS 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS) CONTENTS

IPSAS 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS) CONTENTS IPSAS 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS CONTENTS December 2006 Paragraph Introduction... IN1 IN5 Objective... 1 Scope... 2 6 Government Business Enterprises... 6 Definitions... 7 28 Non-Exchange

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

1. Changes in PRC withholding income tax provisioning policy in relation to CSI RMB Income Fund and CSI RMB Short Maturity Bond Fund

1. Changes in PRC withholding income tax provisioning policy in relation to CSI RMB Income Fund and CSI RMB Short Maturity Bond Fund 和 CSI Alpha Fund Series (the Trust ) - CSI China-Hong Kong Leaders Fund - CSI RMB Income Fund - CSI RMB Short Maturity Bond Fund (each a "Fund", collectively the Funds ) CITIC Securities International

More information

BEIJING PROPERTIES (HOLDINGS) LIMITED

BEIJING PROPERTIES (HOLDINGS) LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Hong Kong kpmg.com Hong Kong Introduction There is no general income tax in Hong Kong. For income to be subject to tax, it must fall under one of

More information

Legislative Council Panel on Financial Affairs. Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong

Legislative Council Panel on Financial Affairs. Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong CB(1)870/14-15(04) For discussion on 1 June 2015 Legislative Council Panel on Financial Affairs Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong PURPOSE In his 2015-16

More information