Responsible Persons of Registered PIE auditors are required to undertake annually at least 5 verifiable hours of CPD activities related to PIE engagements, as part of the existing total requirement for 60 verifiable hours in each rolling three-year period…
Phase 2 to implement Unique Business Identifier (i.e. the first eight digits of the BRC number will be adopted as the Unique Business Identifier) on 27 December 2023 to cover limited companies and various other entities…
• Raising the deduction ceiling for home loan interest or domestic rents to HK$120,000 for taxpayers who reside with his/her first child;
• Providing deduction for expenses on assisted reproductive services, subject to the ceiling of $100,000 per year; and
• Even more…
• Shorten the applicable period of SSD from three years to two years;
• Reduce the respective rates of BSD and the NRSD by half, from 15% to 7.5%; and
• Introduce a stamp duty suspension arrangement for incoming talents acquisition of residential properties…
AFRC, ICAC and SFC conducted the first tripartite joint operation involving two Hong Kong-listed companies on suspicion that they falsified corporate transactions totalling HK$193 million…
Highlights
• 2023 Annual Investigation and Compliance Report;
• First disciplinary decision;
• Launching Inspection Questionnaire;
• Meeting with counterparts and professional bodies; and
• Even more…
To facilitate the implementation of the Phase 2 of Unique Business Identifier, the CR has revised 117 specified forms and an administrative form for use starting from 27 December 2023…
AFRC has been closely monitoring the phenomenon of late auditor resignations and its adverse impact on audit quality. For this concern, AFRC published a paper titled “Addresses Concerns Surrounding Auditor Changes” and a Guidance Notes on Change of Auditors. AFRC also urges auditors and audit committees of listed companies to remain vigilant about the remaining issues raised in the Paper and to follow the Guidance Notes so as to uphold audit quality…
• Amendment of HKAS 21 - The Effects of Changes in Foreign Exchange Rates in respect of lack of exchangeability; and
• Editorial correction of the illustrative examples accompanying HKFRS 3 Business combinations…
Under the amended FSIE regime, certain foreign-sourced income accrued to and received by a Hong Kong based MNE entity on or after 1 January 2023 is chargeable to profits tax with the exception of foreign-sourced interest income, dividend income and disposal gain so long as the MNE entity meets the criteria prescribed in section 15K of the IRO; the applicant filed an application on a group basis to seek an advance ruling on compliance with the economic substance requirement...
AFRC reprimands Centurion ZD CPA Limited and its partners for serious breaches of professional standards, imposes pecuniary penalties and cancels the practising certificate of the PIC…
CR invites general public to participate a Customer Service Survey to collect opinions from customers and help them enhance the quality of services…
From 4 September 2023 onwards, the electronic application for business registration documents and duplicate of a valid BRC will fully replace the paper-based applications for the public search service…
AFRC issued Audit Focus to urge auditors to take a proactive approach and commence their audit planning process well in advance of the financial year-end; an effective audit planning is the key to assuring high-quality audits…
• Relevant provisions in sections 400, 500, 700 and 900 in Chapter C of the COE (Revised 2018) and COE (Revised 2022) are revised as a result of the transfer of the disciplinary function from HKICPA to AFRC... • The newly issued COE Chapter A for Technology-related Revisions to the Code covers (a) the guide the mindset and behavior of professional accountants when they use technology; (b) enhanced guidance fit for the digital age; and (c) strengthen and clarify the independence standards by addressing the provision of technology-related non-assurance service to an audit or assurance client…
Statement 1.500 Continuing Professional Development is revised. • The revised statement allows CPD exemption period be valid for ensuing years or for a period determined by HKICPA. • The deadline for CPD exemption application as stated in Appendix 2 is removed but the members seeking exemption are asked to do so on a timely basis….
International Tax Reform— Pillar Two Model Rules (Amendments to HKAS 12 Income Taxes) requires entities to apply the temporary exception immediately and to provide the new disclosures… Amendments to HKAS 7 Statement of Cash Flows and HKFRS 7 Financial Instruments: Disclosures for Supplier Finance Arrangements…
An observable increase in cases of listed issuers channelling a company’s funds to third parties without sufficient commercial rationale and appropriate documentation, and in some cases without adequate risk assessments, due diligence or internal controls…
This inspection report mainly covers the following two issues. • Overall audit quality rating - improved but not enough; and • System of quality control – good practices in some Cat A firms, but unsatisfactory results in most Cat B and C firms…
• HKSQM 1 and HKSA 240 are revised as a result of the amendment on AML/CFT for Professional Accountants • Outdated HKSAs are discarded • Newly effective HKSAs and PNs are relocated from section 2 to section 1 of Volume III • PN 851 has been replaced PN 851 (Revised) which will be effective for the reporting period ended 31 March 2023…
The director and manager of a printing company fabricated debit notes and relevant receipt records. As a result, the sales incomes were understated by HK$12.8 million with total tax evaded by almost HK$2 million…
- Tax payer having gross income must submit PTR together with all supporting documents (including financial statements and tax computation). Small corporations and businesses will no longer be permitted to file their profits tax returns without supporting documents. - Where appropriate, all relevant supplementary forms and other forms to be furnished with the PTR must be submitted via the eTAX platform. - E-filing of PTR through the eTAX platform will enjoy a further one-month extension of filing deadline…
By this article, Financial Reporting Standard Committee of HKICPA proposes two acceptable approaches to account for the offsetting mechanism and hence the impact arising from the abolition of the MPF-LSP offsetting mechanism…
The CDTA with Mauritius that will have effect in respect of Hong Kong tax effective from 2024/25 came into force on 23 June 2023. Under the CDTA, residents of Hong Kong and Mauritius will not have to pay tax twice on a single source of income…
By this amendment ordinance, a refund mechanism is eligible to an incoming talent under a designated talent admission scheme and has acquired a residential property in Hong Kong on or after October 19, 2022. When the incoming talent subsequently becomes an HKPR, he/she can apply for a refund of the BSD and the NRSD paid for the residential property…
IRD reminds the property owners in receipt of rental income for 2022/23 to submit the IR6129 form to IRD on or before 31 July 2023 unless they have already received the individual tax return or property tax return…
1. Consequential amendments arising from the amendments of three HKAS and HKFRSs (namely (i) Classification of Liabilities as Current or Non-current, (ii) Non-current Liabilities with Covenants, and (iii) Lease Liability in a Sale and Leaseback are now incorporated into the text of the relevant Standards…
2. All accounting standards and financial reporting standards effective on or after financial period beginning on or after 1 January 2023 are reallocated to section 1 of Volume 2…
Organisations seeking section 88 tax-exempt charities are now required to submit an application form together with specified documents…
This revision has to clarify that a beneficial owner of an aircraft under a bare trust arrangement would be entitled to the tax concessions under the aircraft leasing regime...
With effect from 12 June 2023, persons from the Mainland China and other DTA partner countries who apply for Certificate of Resident Status have to complete and submit forms IR1313A and IR1313B respectively…
Statement 1.306 Guidance on reasonable steps to be taken for PII purposes has been revised to include additional factors to be considered in assessment of risk and coverage; and procedures for identifying and monitoring claims…
Companies Registry has updated Form PS3: Application for Disclosure of Protected Information and PS4: Application for Opening of Special Account relating to Protected Information by Designated Types of Specified Persons following the amendments of AMLO 2022…
Section F of COE has been updated in the light of the changes introduced by Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022…
The COE has redefined the term "Engagement Team and Group Audits" by inclusion of the individuals from network firm and service providers.
The Legco has passed of the Stamp Duty (Amendment) Bill 2023 (the Bill) which adjusts the value bands of Scale 2 Rates of ad valorem stamp duty (AVD)...
Because of the changes of the Institute's responsibilities for the registration functions, the following statements are discarded.
1. Statement 1.304 Arrangements to Cover the Incapacity or Death of a Sole Practitioner.
2. Statement 1.400 Explanatory Foreword.
3. Statement 1.401 Review Procedures and Conduct of Members...
All office of the Inland Revenue Department will provide services at the Inland Revenue Centre at 5 Concorde Road, Kai Tak, Kowloon; The business hours and contact telephone numbers of the respective offices will remain unchanged...
The CR has issued a new guideline for the new AML/CFT requirements effective from 1 June 2023...
AFRC's quarterly report reminds that the inspector will evaluate the effectiveness of the practice units' systems of quality management as well as compliance with the AML/CFT requirements in 2023 inspection...
The Legco has passed two proposals made in the 2023-24 Budget, including the reduction of salaries tax, tax under personal assessment and profits tax for the Y/A 2022/23 by 100 per cent, subject to a ceiling of $6,000 per case; and increasing the basic and additional child allowance $130,000 starting from the year of assessment 2023/24...
Corporations and businesses can file their Profits Tax returns for the year of assessment 2022/23 and attach the required supplementary forms, other forms, financial statements and tax computations electronically through eTAX...
Inland Revenue Centre in Kai Tak Development Area officially opens on 30 March 2023...
1.Editorial version to the HKSQC 1, HKSQM 1&2, Auditing, Review, Other Assurance, and Related Services Pronouncements to align with the 2021 IAASB Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements and other housekeeping editorial changes.
2. PN 850 (Revised 2022) is relocated from Section 2 to Section 1 as a result of the new and revised quality management standards that are effective for engagements beginning on or after 15 December 2022...
1. Revision to COE (Revised 2018) / COE (Revised 2022) to incorporate changes to the post-implementation review framework.
2. Section 800 in Chapter C of the COE (Revised 2018) / COE (Revised 2022) is a revised to clarify that Fellows CPA (Practising) are eligible to continue to use the designation "Fellow of Certified Public Accountants (Practising)...
Block extension schemes for lodging 2022/23 tax return...
The IESBA announced that it has adopted the 2022 edition of the IESBA International Code of Ethics for Professional Accountants (including International Independence Standards). The Code will be applicable to all entities subject to ADAA's mandate for audits of financial statements for periods beginning on or after 15 December 2023...
The IESBA announced that it has adopted the 2022 edition of the IESBA International Code of Ethics for Professional Accountants (including International Independence Standards). The Code will be applicable to all entities subject to ADAA's mandate for audits of financial statements for periods beginning on or after 15 December 2023...
A digital asset is anything that exists in digital form only, has or provides value, is identifiable and discoverable, and is associated with ownership or use rights...
Under Part 3AA Division 2 of the AFRC Ordinance, the AFRC is empowered to carry out inspections in relation to a CPA practice unit for the purpose of determining whether the CPA practice has observed, maintained or applied PAO professional standards...
The Budget has proposed one-off reductions of salaries tax, tax under personal assessment and profits tax for the year of assessment 2022/23 by 100 per cent, subject to a ceiling of $6,000 per case...
- Preface to the Hong Kong Quality Control/Management, Auditing, Review, Other Assurance, and related services are revised... - PN 7720, PN 810.2, PN 840, PN 860.1 and PN 870 are revised as a result of the Financial Reporting Council (Amendment) Ordinance 2021...
The Financial Secretary proposed new tax measures at his proposed financial budget for 2023/24...
The Government is committed to providing a facilitative tax environment for the industry to attract more funds to set up and operate in Hong Kong. Funds re-domiciled to Hong Kong...
Financial Secretary Paul Chan says the disbursements of a $5,000 electronic consumption voucher takes into account both the economic and fiscal situation...
Updating of Preface to Hong Kong Financial Reporting Standards...
The Amended HKCO seeks to modernise the Ordinance and the Model Articles to expressly cater for the scenario of companies holding fully virtual general meetings as well as hybrid general meetings...
Group Audits Proposed for Inclusion in the Final ISA for LCE Standard...
The AFRC has published the latest issue of Quarterly Report (January 2023 issue) to keep our stakeholders informed of our latest developments and other noteworthy regulatory issues...
- HKSQM 1 replaces HKSQC 1 as of 15 December 2022. - HKSQM 2 effective for other assurance and related services engagements beginning on or after 15 December 2022. - PN740 (Revised), Auditor's Letter on Continuing Connected Transactions...
This implementation tool helps auditors implement the IAASB's ISA 315 (Revised 2019), "Identifying and Assessing the Risks of Material Misstatement," which is effective for audits of financial statements for periods beginning on or after December 15, 2021...
promotion@takopro.com.hk
Tako Professional Technical Limited is an innovative and forward-looking local IT company specialised in the development and marketing of SSEP Auditing System, a comprehensive auditing system tailored for local CPAs, and related products and services incorporated in 2017.
Our development team consists of certified public accountants, IT experts, and experienced auditors, so that our products, services and advices are so practical and considerable to the needs of our target customers.
Over the three years, we have accumulated a client base of more than one hundred CPA firms. In term of the number of clients, SSEP has been the second to none auditing system in Hong Kong.
SSEP Auditing System qualifies for Technology Voucher Programme (TVP) under Innovation and Technology Fund; three-quarter of purchasing costs can be subsidised by the Hong Kong Government.
(852) 96178380
promotion@takopro.com.hk
Tako Professional Technical Limited is an innovative and forward-looking local IT company specialised in the development and marketing of SSEP Auditing System, a comprehensive auditing system tailored for local CPAs, and related products and services incorporated in 2017.
Our development team consists of certified public accountants, IT experts, and experienced auditors, so that our products, services and advices are so practical and considerable to the needs of our target customers.
Over the three years, we have accumulated a client base of more than one hundred CPA firms. In term of the number of clients, SSEP has been the second to none auditing system in Hong Kong.
SSEP Auditing System qualifies for Technology Voucher Programme (TVP) under Innovation and Technology Fund; three-quarter of purchasing costs can be subsidised by the Hong Kong Government.
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