Donald Yam Fung Chan

Last week, we have published and sent to our clients an article on Hong Kong's AEOI updates which can be downloaded from our EY website below: https://lnkd.in/gmfnHedE With the Hong Kong Inland Revenue Department’s (HKIRD) onsite Common Reporting Standard (CRS) compliance inspection as their ongoing initiative, coupled with the implementation effectiveness agenda on CRS compliance from the Organisation for Economic Co-operation and Development (OECD) as well as the evolving regulatory framework introducing more due diligence and reporting requirements, there is no time better than the present for Hong Kong Reporting Financial Institutions (HKRFIs) to reevaluate their Automatic Exchange of Financial Account Information (AEOI) compliance programs. In this AEOI Updates, we highlight the HKIRD’s key focus review areas in respect of CRS compliance via onsite inspections, as well as the upcoming legislation updates to the CRS. HKRFIs which have incorporated CRS compliance as part of their Business-As-Usual since the launch of CRS in Hong Kong in 2017 should now be prepared to return to Project mode in order to stay compliant and competitive in the market. Paul Ho Dalvir Sohanpal Hilton Kwok Garima Agarwal Smeet Mehta Arthur Cheung Stephanie Chan Amy Ang Mercy Joseph Tom Toryanik Jacqueline Bennett Brendan Marsh Danielle Clark Tara Ferris James Guthrie

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[#Webinar] Join our upcoming webinar, “Doing business in APAC: Part 2 - Korea, Japan & Taiwan”, hosted by Forvis Mazars Outsourcing team in APAC on 27 June 2024!   Korea, Japan, and Taiwan are pioneers in industrialisation and leaders in innovation. They are among the most developed economies in the Asia-Pacific region and, therefore, important locations for developing your business. Our seasoned speakers and Outsourcing experts from Korea, Japan and Taiwan will help you understand the outsourcing issues in the APAC region with their depth insights.   Find out more and register here: https://lnkd.in/g9YGx4K3   #forvismazars #forvismazarsinapac #webinar #outsourcing #doingbusiness #outsourcing #APAC

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Counting down, with less than a week to EY’s APAC Tax Symposium! Looking forward to this flagship annual event (Marina Bay Sands Singapore on 12 and 13 November 2024) that typically brings together over 1000 #taxprofessionals, industry and thought leaders, and EY experts to discuss and share insights on various tax matters, including regulatory changes, #taxstrategy, and #bestpractices, with keynote speeches, panel discussions, and interactive sessions. In the #Private and Private Capital space, recent key developments impacting #familyoffices, #familyenterprises and #UHNWIs are the tax trends in mainland China, #blendedfinance and introduction of #carboncredits as designated investments for S13D/O/U #taxexemption purposes. It is a privilege for #EYPrivate to bring together leading industry experts to share with the attendees on the above during the Private Tax session on 13 November 2024 at the APAC Tax Symposium. Looking forward to hearing on developments and opportunities surrounding #carboncredits and #blendedfinance for investors and business owners, and understanding the China tax landscape from:- Gabriel Wong (Co-founder of #MVGX Holdings) Ritesh Thakkar (Senior Advisory and Head of Asia Pacific at #Convergence) Jason Mi (EY Greater China Private Tax Co-leader and EY Greater China #TMT Market Segment Co-leader) Jesper Solgaard (EY Asia-Pacific #Sustainability Tax Leader; Sydney Tax and Law Leader) Ryan Burke Steve Shultz Poonam Makkar Vaghela Robert (Bobby) Stover Jr Lauri Oinaala Loletta Chow Karina Wong Dianne Cuka Russell Phillips

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Dipped my toe into the #audit world during internship - sent to a dusty warehouse where ledgers were literally heavy chunky books with rows after rows of handwritten entries. #Accountants of that era prided themselves on the ability to write in the tiniest, neatest handwritings and how quickly their fingers ‘fly’ over their old trusted calculators when they cast (the more vintage looking the calculator, the more respected they are). The hallmark of a good accounting/ finance professional has clearly evolved in the decades that followed. Had a nice chat with Kelvin Tan of Workforce Singapore to discuss the inevitability of the need to reskill & the industry we now operate in - more challenges and uncertainties, but also filled with excitement and meanings. Having experienced radio, media interview, vlog etc. finally a chance to do a podcast. Probably can't tell from the recording but both Kelvin and I were suffering from intermittent attacks of uncontrollable, violent coughing - it was a miracle that we managed to finish the recording in one take. Have a listen. Or if you would like to reminisce about the 'good old days' with a fellow old person, ping me. ACCA

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[#Webinar] Join our upcoming webinar, ‘Doing business in APAC: Part 3 - Malaysia, Thailand & Vietnam’, hosted by Forvis Mazars in APAC on 19 September 2024!   Malaysia, Thailand, and Vietnam are becoming increasingly attractive destinations for business expansion and investment in Southeast Asia. These jurisdictions offer unique opportunities due to their strategic locations, growing economies, and diverse markets.   Our outsourcing experts from Malaysia, Thailand, and Vietnam will help you understand the basic requirements in different jurisdictions in the APAC region with their in-depth insights. #forvismazars #forvismazarsinapac #webinar #outsourcing #doingbusiness #APAC

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[#Webinar] Join our upcoming webinar, ‘Doing business in APAC: Part 4 - Australia, Indonesia & Philippines’, hosted by Forvis Mazars in APAC on 7 November 2024! Australia, Indonesia & the Philippines offer strategic advantages for business expansion and investment due to their robust economies, strategic locations, and diverse markets. Our outsourcing experts from Australia, Indonesia & the Philippines will help you understand the basic requirements in different jurisdictions in the APAC region with their in-depth insights. Find out more and register here: https://lnkd.in/enSqAF5k #forvismazars #forvismazarsinapac #webinar #outsourcing #doingbusiness #APAC

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Recommend to watch this insightful discussion on cross-border listing featuring by Deloitte SEA.

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One week to go before our Perth Tax Agent Roadshow session kicks off! Register your place today for this comprehensive session and prepare yourself ahead of this year's tax season. #IPAGroup #Tax #Accountants

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Thank you David for the excellent summary! The article provides practical insights on preparing for audits and managing risks in relation to transactions involving IPs, mainly emphasizing on the importance of aligning the Legal and Economic ownership of IPs.   In recent years, tax authorities globally have increased their focus on IP-related issues, particularly around DEMPE functions (Development, Enhancement, Maintenance, Protection, and Exploitation) to ensure proper alignment with transfer pricing regulations. Practically, I have observed that companies, overtime, often customize the IP licensed from their Group to meet the needs of local market / customers, while still paying the same fixed percentage of royalties as license fees for these IPs. However, these customizations or changes by local affiliates may or may not enhance the original IP’s capabilities. Therefore, it is important that companies proactively analyze such arrangements and maintain detailed intercompany agreements, clearly defining the functions, roles, and responsibilities of the parties involved. This reduces the risk of transfer pricing adjustments by tax authorities to a larger extent.   #TransferPricing #IP #DEMPE #Japan #OECD #KPMG

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Join our upcoming Deals Webinar: Preparing for a successful sell-side M&A process presented by Gavyn Ng, Partner, Mazars in Singapore, Prasenjit Chakraborty, Partner, Mazars in Thailand and Mathieu Boyé, Partner, Mazars. Planning a business sale, carve-out, or related sell-side processes requires careful planning – before opening the door to buyers – to ensure a streamlined process and to strengthen the conditions leading to favourable deal outcomes. During this session our experts will share: ➡️ A structured process to identify, manage or avoid deal breakers at an early stage of a process ➡️ Practical considerations when optimising the deal process and timing ➡️ Considerations around optimising the transaction price and favourable deal conditions This webinar, designed for corporate executives, M&A advisors, and financial professionals, will provide an in-depth exploration of the critical aspects of preparation for a sell-side M&A process. Register now: http://maza.rs/6041Yn1kD

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At the end of May, the IASB published amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments, which are mandatory for financial periods commencing on or after 1 January 2026. In this issue, we look in detail at the content of these amendments, which introduce some changes and clarifications relating to financial liabilities settled using an electronic payment system, financial assets with contingent payment features, financial assets with non-recourse features, and contractually linked financial assets. They also require additional disclosures to be presented in the notes.

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The ENERGY at the EY Asia-Pacific Tax Symposium was electric! ✨🌏   It was inspiring to see everyone on the team come together to engage in thought-provoking tax conversations, showcasing incredible synergy toward a common goal.   A few things were clear: ⬛ We’re in a new world of transformation: The pace of technological advancements and regulatory changes is unprecedented. Businesses must adapt to thrive in this dynamic environment. ⬛ Start small: You don't need to overhaul everything at once. Incremental, strategic changes can drive significant progress. ⬛ Data is your superpower: It’s more than just numbers—it's the KEY to unlocking insights and driving innovation. Harnessing the power of data can help you make informed decisions, optimize operations, and stay competitive.   Let's embark on this journey together, driving progress and innovation through strategic, responsible #AI adoption. Together, we can shape the future with confidence.   #ShapeTheFutureWithConfidence #TogetherAllin   Eng Ping Yeo Patrick Winter

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Employees in Singapore are reaping the rewards of learning and development opportunities, enhancing their skills and career prospects while contributing to a more dynamic and capable workforce. Read more: https://go.ey.com/3Bx3sxZ #ShapeTheFutureWithConfidence #FutureOfWork #GrowthMindset

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Employees in Singapore are reaping the rewards of learning and development opportunities, enhancing their skills and career prospects while contributing to a more dynamic and capable workforce. Read more: https://go.ey.com/3Bx3sxZ #ShapeTheFutureWithConfidence #FutureOfWork #GrowthMindset

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Explore the Korea Interim Income Tax Guide: Everything You Need to Know. Discover how to calculate, pay, and manage your interim tax payments effectively. #newblogpost

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🌐 In the latest edition of Global Navigator, #KPMG Senior Economist Ben Shoesmith explores the pivotal role of #centralbanks in today's #economy. With the #Fed’s focus on full #employment, more aggressive #rate cuts are expected globally. However, Japan's outlier status and resurgence of #inflation have caused market turbulence. As the global economy slows, the US's ability to avert a #recession becomes crucial for the global outlook. Read his full report: https://bit.ly/3Y1AWNh

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Are you prepared for the changes to Value Added Tax (VAT) and Digital Services Tax in Asia? With e-commerce sales set to hit $2 trillion by 2025, understanding these taxes is vital for your operations, pricing and compliance. #VAT #DigitalServicesTax #Ecommerce

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Are you prepared for the changes to Value Added Tax (VAT) and Digital Services Tax in Asia? With e-commerce sales set to hit $2 trillion by 2025, understanding these taxes is vital for your operations, pricing and compliance. #VAT #DigitalServicesTax #Ecommerce

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Hong Kong Tax Update Newsletter - Year in Review 2024 This newsletter recaps the key tax developments that took place in 2024, details of which have been covered in our previous Deloitte Tax Analyses and Tax Newsflashs Obvious that the list is getting longer year after year https://lnkd.in/gznFTATa

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