HKICPA
31/10/2023
HKICPA HANDBOOK UPDATE 301
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…
CR
27/10/2023
Implementation of Phase 2 of Unique Business Identifier for limited companies and other Entities
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…
IRD
25/10/2023
TAX MEASURES covered by THE 2023 policy address
• 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…
IRD
25/10/2023
STAMP DUTY MEASURES covered by The 2023 policy address
• 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
19/10/2023
first TRIPARTItE operation AGAINST suspected misconduct and corporate fraud
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…
AFRC
11/10/2023
The AFRC published the fourth Quarterly Report for 2023
Highlights
• 2023 Annual Investigation and Compliance Report;
• First disciplinary decision;
• Launching Inspection Questionnaire;
• Meeting with counterparts and professional bodies; and
• Even more…
CR
29/9/2023
Revision of Specified Forms and Administrative Form for Implementation of Phase 2 of Unique Business Identifier
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
28/9/2023
AFRC urges auditors and audit committees to follow Guidance Notes on Change of Auditors
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…
HKICPA
25/9/2023
HKICPA HANDBOOK UPDATE 300
• 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…
IRD
15/9/2023
FIRST ADVANCE RULING APPLIES IN RESPECT OF MNE ENTITIES
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
29/8/2023
AFRC First Disciplinary Case
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
28/8/2023
Customer Service Survey 2023
CR invites general public to participate a Customer Service Survey to collect opinions from customers and help them enhance the quality of services…
IRD
21/8/2023
New arrangement for the public search service of the BR Office
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
31/7/2023
Audit Focus - Importance of effective audit planning
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…
HKICPA
26/7/2023
HKICPA HANDBOOK UPDATE 299
• 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…
HKICPA
24/7/2023
HKICPA HANDBOOK UPDATE 298
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….
HKICPA
21/7/2023
HKICPA HANDBOOK UPDATE 297
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…
AFRC
13/7/2023
SFC AND AFRC JOIN FORCES TO COMBAT MISCONDUCT BY LISTED ISSUERS
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…
AFRC
11/7/2023
AFRC 2022 ANNUAL INSPECTION REPORT
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…
HKICPA
10/7/2023
HKICPA HANDBOOK UPDATE 296
• 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…
IRD
10/7/2023
TAX EVASION
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…
IRD
6/7/2023
WARM REMINDER ON PTR FILING REQUIREMENTS
- 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…
HKICPA
4/7/2023
ACCOUNTING IMPLICATIONS OF THE ABOLITION OF THE MPF-LSP OFFSETTING MECHANISM IN HONG KONG
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…
IRD
21/6/2023
HONG KONG-MAURITIUS TAX TREATY IN FORCE
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…
IRD
21/6/2023
STAMP DUTY (AMENDMENT) (NO.2) BILL 2023
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
15/6/2023
IR6129: NOTIFICATION OF LETTING OF PROPERTIES
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…
HKICPA
12/6/2023
HKICPA HANDBOOK UPDATE 295
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…
IRD
9/6/2023
CHARITABLE DONATIONS AND TAX-EXEMPT CHARITIES
Organisations seeking section 88 tax-exempt charities are now required to submit an application form together with specified documents…
IRD
9/6/2023
DIPN 54 (REVISED)
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...
IRD
8/6/2023
REVISED APPLICATION FORMS FOR CERTIFICATE OF RESIDENT STATUS
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…
HKICPA
7/6/2023
HKICPA HANDBOOK UPDATE 293
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…
CR
1/6/2023
REVISION OF TWO SPECIFIED FORMS IN RELATION TO APPLICATION FOR DISCLOSURE OF PROTECTED INFORMATION
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…
HKICPA
25/5/2023
HKICPA HANDBOOK UPDATE 292
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…
HKICPA
19/5/2023
HKICPA HANDBOOK UPDATE 291
The COE has redefined the term "Engagement Team and Group Audits" by inclusion of the individuals from network firm and service providers.
IRD
17/5/2023
ADJUSTMENT OF THE SCALE 2 RATES OF AVD
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)...
HKICPA
11/5/2023
HKICPA HANDBOOK UPDATE 290
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...
IRD
11/5/2023
RELOCATION OF INLAND REVENUE CENTRE
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...
CR
3/5/2023
NEW GUIDELINES ON AML/CFT
The CR has issued a new guideline for the new AML/CFT requirements effective from 1 June 2023...
AFRC
19/4/2023
HOW TO PREPARE NEXT INSPECTION
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...
IRD
19/4/2023
TAX CONCESSION AND CHILD ALLOWANCE FOR 2023/24
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...
IRD
1/4/2023
NEW ERA OF TAX FILING
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...
IRD
30/3/2023
OFFICIAL OPENING OF NEW INLAND REVENUE CENTRE
Inland Revenue Centre in Kai Tak Development Area officially opens on 30 March 2023...
HKICPA
29/3/2023
HKICPA HANDBOOK UPDATE 289
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...
HKICPA
20/3/2023
HKICPA HANDBOOK UPDATE 288
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)...
IRD
20/3/2023
CIRCULAR LETTER TO TAX REPRESENTATIVES
Block extension schemes for lodging 2022/23 tax return...
IESBA
14/3/2023
NEW IESBA INTERNATIONAL CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS (INCLUDING INTERNATIONAL INDEPENDENCE STANDARDS)
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...
IESBA
14/3/2023
NEW IESBA INTERNATIONAL CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS (INCLUDING INTERNATIONAL INDEPENDENCE STANDARDS)
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...
IAASB
6/3/2023
IAASB DIGITAL TECHNOLOGY MARKET SCAN: DIGITAL ASSETS
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...
AFRC
1/3/2023
OUTLINE OF THE AFRC'S INSPECTION PROCESS FOR PRACTICE UNITS OTHER THAN PIE AUDITORS
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...
IRD
1/3/2023
INLAND REVENUE (AMENDMENT) (CHILD ALLOWANCE AND TAX CONCESSIONS) BILL 2023
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...
HKICPA
22/2/2023
HKICPA HANDBOOK UPDATE 287
- 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...
IRD
22/2/2023
TAX MEASURSES PROPOSED IN 2023-24 BUDGET
The Financial Secretary proposed new tax measures at his proposed financial budget for 2023/24...
IRD
22/2/2023
ATTRACTING PRIVATE EQUITY FUNDS TO BE DOMICILED AND TO OPERATE IN HONG KONG
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...
CR
22/2/2023
CONSUMPTION VOUCHER BACKED
Financial Secretary Paul Chan says the disbursements of a $5,000 electronic consumption voucher takes into account both the economic and fiscal situation...
HKICPA
6/2/2023
HKICPA HANDBOOK UPDATE 286
Updating of Preface to Hong Kong Financial Reporting Standards...
CR
27/2/2023
THE COMPANIES (AMENDMENT) ORDINANCE 2023 ("THE AMENDMENT ORDINANCE") WILL COME INTO OPERATION ON 28 APRIL 2023
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...
IAASB
24/1/2023
IAASB OPENS PUBLIC CONSULTATION ON LESS COMPLEX GROUP AUDITS
Group Audits Proposed for Inclusion in the Final ISA for LCE Standard...
AFRC
23/1/2023
THE AFRC HAS PUBLISHED THE LATEST ISSUE OF QUARTERLY REPORT
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...
HKICPA
9/1/2023
HKICPA HANDBOOK UPDATE 285
- 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...
IFAC
15/12/2022
TIPS ON IMPLEMENTING ISA 315 (REVISED 2019)
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.
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(852) 96178380
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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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