http://www.pwchk.com PricewaterhouseCoopers Hong Kong News en-en 2001-2010 PricewaterhouseCoopers http://www.pwchk.com/webmedia/633693587102146926_pwc.gif http://www.pwchk.com http://www.pwchk.com/home/eng/webcast_cn_tax_mar2010.html In this webcast, we would share with you our observations, insights and our suggestions for the tax developments in China affecting non-China tax resident enterprises with business operations or investments in China in order to help you surf through the potential challenges. http://www.pwchk.com/home/eng/webcast_cn_tax_mar2010.html Tue, 9 Feb 2010 16:10:00 +0800 http://www.pwchk.com/home/eng/tax_bulletin_oecd_civ_feb2010.html The OECD has recently published proposals for the granting of tax treaty benefits to funds. http://www.pwchk.com/home/eng/tax_bulletin_oecd_civ_feb2010.html Mon, 8 Feb 2010 15:31:00 +0800 http://www.pwchk.com/home/eng/webcast_value_chain_feb2010.html In this webcast, we explained why an integrated value chain transformation approach is critical to a successful Asia Pacific restructure. http://www.pwchk.com/home/eng/webcast_value_chain_feb2010.html Thu, 4 Feb 2010 13:52:00 +0800 http://www.pwchk.com/home/eng/chinatax_news_feb2010_2.html In this China Tax News Flash, we will provide the salient points of Guoshuihan [2009] No. 694 ("Circular 694") - Clarifications on China's individual income tax treatment of contributions made to enterprise annuity plans established by Chinese employers, and share our insights and observations. http://www.pwchk.com/home/eng/chinatax_news_feb2010_2.html Wed, 3 Feb 2010 18:22:00 +0800 http://www.pwchk.com/home/eng/hkfrs_news_feb2010.html The IASB has exposed revised proposals to amend the measurement of non-financial liabilities (formerly provisions) under IAS 37, "Provisions, contingent liabilities and contingent assets". The revised proposals would change the way most provisions are measured today and will be relevant to almost every entity. http://www.pwchk.com/home/eng/hkfrs_news_feb2010.html Tue, 2 Feb 2010 12:01:00 +0800 http://www.pwchk.com/home/eng/cn_tax_facts_figures_2010.html This China tax facts and figures - 2010 version has been prepared to provide an overview of the taxes levied in the People's Republic of China. http://www.pwchk.com/home/eng/cn_tax_facts_figures_2010.html Thu, 28 Jan 2010 12:08:00 +0800 http://www.pwchk.com/home/eng/cn_outbound_inv_guide_dec2009.html The China outbound investment guide 2009, available in Simplified Chinese only, covers 31 countries / territories from 6 continents which are hot destinations for Chinese investments. http://www.pwchk.com/home/eng/cn_outbound_inv_guide_dec2009.html Thu, 28 Jan 2010 12:08:00 +0800 http://www.pwchk.com/home/eng/hktax_news_jan2010_3.html This Hong Kong Tax News Flash summarises the relevant facts of the Shui On Credit Co Ltd v CIR case, highlights the key findings of the authority at various levels, and discusses a number of noteworthy observations from the Court of Final Appeal's judgment on the application of the general anti-avoidance provision (i.e. section 61A). http://www.pwchk.com/home/eng/hktax_news_jan2010_3.html Tue, 26 Jan 2010 8:51:00 +0800 http://www.pwchk.com/home/eng/fin48_application_funds_jan2010.html This article focuses on the application of ASC 740-10-50 (FIN 48) to funds, SPVs and portfolio companies of funds who are required to prepare accounts based on US GAAP and our experience on what funds are doing to comply with their FIN 48 obligations. http://www.pwchk.com/home/eng/fin48_application_funds_jan2010.html Tue, 26 Jan 2010 8:51:00 +0800 http://www.pwchk.com/home/eng/asia_tax_reform_jan2010.html This report is designed to provide an overview of the major tax reforms that have taken place, or are proposed to take place, in each territory including Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. http://www.pwchk.com/home/eng/asia_tax_reform_jan2010.html Mon, 25 Jan 2010 11:57:00 +0800 http://www.pwchk.com/home/eng/webcast_tp_dipn46_jan2010.html In this webcast, we shared with you key aspects of Hong Kong's newly issued DIPN 46, offered our views on what it means and what we consider taxpayers should be doing in response. http://www.pwchk.com/home/eng/webcast_tp_dipn46_jan2010.html Thu, 21 Jan 2010 15:41:00 +0800 http://www.pwchk.com/home/eng/illustrative_accts_dec2009.html The 2009 version of the Illustrative corporate consolidated financial statements for existing IFRS/HKFRS preparers is for a fictitious listed manufacturing group incorporated in Hong Kong. http://www.pwchk.com/home/eng/illustrative_accts_dec2009.html Thu, 21 Jan 2010 12:53:00 +0800 http://www.pwchk.com/home/eng/hktax_news_jan2010_2.html In this Hong Kong Tax News Flash, we summarises the legislative changes brought by the Inland Revenue (Amendment) Ordinance 2010, discusses the latest proposed safeguards for protecting the confidentiality and privacy of the information exchanged, and provides our comments on the next step forward. http://www.pwchk.com/home/eng/hktax_news_jan2010_2.html Mon, 18 Jan 2010 16:16:00 +0800 http://www.pwchk.com/home/eng/cn_customs_spare_parts_jan2010.html China is slowly throwing off its role as "factory of the world" and becoming an important market in its own right. The new demand for after-sales service can open up major opportunities to differentiate products, create competitive advantages and increase margins. In this "China Customs: Don't get caught on your heels: Why spare parts matter in Asia", we share with you the unique characteristics of spare parts management and the way to improve the spare parts management. http://www.pwchk.com/home/eng/cn_customs_spare_parts_jan2010.html Tue, 12 Jan 2010 16:07:00 +0800 http://www.pwchk.com/home/eng/hktax_news_jan2010_1.html In this Hong Kong Tax News Flash, we discuss the developments on the source issue for profits derived from cross-border processing businesses. http://www.pwchk.com/home/eng/hktax_news_jan2010_1.html Tue, 12 Jan 2010 9:10:00 +0800 http://www.pwchk.com/home/eng/cn_semiconductor_dec2009.html This "China's impact on the semiconductor industry: 2009 update" evaluates the current status of the semiconductor industry in China, assesses geographical and product category demand, reviews shifts in the semiconductor value chain and analyzes three different IC production growth scenarios. http://www.pwchk.com/home/eng/cn_semiconductor_dec2009.html Thu, 7 Jan 2010 18:22:00 +0800 http://www.pwchk.com/home/eng/hkfrs_news_jan2010.html HK(IFRIC)-Int 19 clarifies the accounting when an entity renegotiates the terms of its debt with the result that the liability is extinguished by the debtor issuing its own equity instruments to the creditor (referred to as a "debt for equity swap"). http://www.pwchk.com/home/eng/hkfrs_news_jan2010.html Mon, 4 Jan 2010 16:39:00 +0800 http://www.pwchk.com/home/eng/chinatax_news_dec2009_28.html In this China Tax News Flash, we focus on various China tax issues on equity transfers by non-China tax residents addressed in the Circular Guoshuihan [2009] No. 698. and share our observations. http://www.pwchk.com/home/eng/chinatax_news_dec2009_28.html Mon, 28 Dec 2009 17:31:00 +0800 http://www.pwchk.com/home/eng/fs_illustrative_accts_dec2009.html The 2009 version of the Illustrative Financial Statements for Authorized Institutions in Hong Kong is for a fictitious listed banking group incorporated in Hong Kong. http://www.pwchk.com/home/eng/fs_illustrative_accts_dec2009.html Wed, 23 Dec 2009 18:47:00 +0800 http://www.pwchk.com/home/eng/cn_retail_dec2009.html In this "China retail sector: An empirical review of financial performance", we evaluated the current revenue, profitability and balance sheets of the 52 listed retail companies in China and how they compare to the 32 Fortune 500 global retailers (Fortune 500). http://www.pwchk.com/home/eng/cn_retail_dec2009.html Wed, 23 Dec 2009 18:47:00 +0800 http://www.pwchk.com/home/eng/ap_insurance_tax_nov2009.html In this issue of Asia Pacific Insurance Tax News, our team of specialists will share with you the tax changes and challenges in Asia Pacific today. http://www.pwchk.com/home/eng/ap_insurance_tax_nov2009.html Wed, 23 Dec 2009 18:47:00 +0800 http://www.pwchk.com/home/eng/ap_bcm_tax_dec2009.html In this issue of Banking and Capital Markets Tax, we discuss the tax considerations arising from bankers operating on a cross border basis, and the extent that their presence or activities could inadvertently create a tax presence in various countries. It also covers tax developments in Asia Pacific that will have an impact in the banking and capital markets sector in Asia Pacific. http://www.pwchk.com/home/eng/ap_bcm_tax_dec2009.html Wed, 23 Dec 2009 15:55:00 +0800 http://www.pwchk.com/home/eng/hktaxupd_dec09.html This year is a year of change for taxes in Hong Kong. We have captured these major tax developments through the publication of our Hong Kong Tax News Flashes. This Hong Kong Tax Update recaps these developments as we approach the year end. http://www.pwchk.com/home/eng/hktaxupd_dec09.html Mon, 21 Dec 2009 19:35:00 +0800 http://www.pwchk.com/home/eng/chinatax_news_dec2009_27.html In this China Tax News Flash, we will share our insights and suggestions specifically on the topic of overseas indirect equity transfer by non-China tax residents under scrutiny in the Circular Guoshuihan [2009] No. 698. http://www.pwchk.com/home/eng/chinatax_news_dec2009_27.html Mon, 21 Dec 2009 18:25:00 +0800 http://www.pwchk.com/home/eng/c&italert_dec2009.html The General Administration of Customs (GAC) issued Circular [2009] No.51 on "Temporary Measures for Promotion of H2000 Outsourced Processing Administration System". This Circular sets out the provisions on outward processing under processing trade. http://www.pwchk.com/home/eng/c&italert_dec2009.html Thu, 17 Dec 2009 11:56:00 +0800 http://www.pwchk.com/home/eng/webcast_vn_pit_dec2009.html In this webcast, our International Assignment Services team shared with you the big picture of personal income tax ("PIT") developments in Vietnam and their experience on how to best manage this area. This was followed by an update on immigration issues and the presentation of issues confronting employers sending short term business travellers to Vietnam. We concluded with a high level consideration of issues to consider when attending to 2009 PIT finalization. http://www.pwchk.com/home/eng/webcast_vn_pit_dec2009.html Wed, 16 Dec 2009 10:34:00 +0800 http://www.pwchk.com/home/eng/hktax_news_dec2009_13.html This Hong Kong Tax News Flash highlights some of the more important issues discussed in the latest revised DIPN 21 "Locality of Profits" with our comments and observations. http://www.pwchk.com/home/eng/hktax_news_dec2009_13.html Mon, 14 Dec 2009 15:59:00 +0800 http://www.pwchk.com/home/eng/webcast_gst_vat_asia_dec2009.html In this webcast, we were pleased to share with you a summary of the major GST/VAT developments and issues that had taken place in the Asia Pacific region in 2009, at the same time keep you abreast of the upcoming GST/VAT trends for 2010. We also provided an update on the proposed dual GST policy in India and how it impacts the way business is done in the country, as well as shared with you the reforms on VAT in China. http://www.pwchk.com/home/eng/webcast_gst_vat_asia_dec2009.html Thu, 10 Dec 2009 11:28:00 +0800 http://www.pwchk.com/home/eng/hktax_news_dec2009_12.html This Hong Kong Tax News Flash highlights some of the more important issues discussed in DIPN 46 "Transfer Pricing Guidelines - Methodologies and Related Issues" together with our observations, comments and suggestions on what taxpayers should do in response to the guidance provided in DIPN 46. http://www.pwchk.com/home/eng/hktax_news_dec2009_12.html Tue, 8 Dec 2009 14:49:00 +0800 http://www.pwchk.com/home/eng/chinatax_news_dec2009_26.html In this China Tax News Flash, we would like to highlight the salient points of the "Administrative Measures for Foreign Corporations and Individuals to Establish Partnership in China" and share our observations on this new development. http://www.pwchk.com/home/eng/chinatax_news_dec2009_26.html Mon, 7 Dec 2009 18:27:00 +0800 http://www.pwchk.com/home/eng/pharma2020_tax_time_dec2009.html "Pharma 2020: Taxing times ahead" helps you to understand the political, economic, scientific and social trends currently shaping the commercial environment which, together with the development of new, more collaborative business models, will exert increasing pressure on effective tax rates within the industry. It also shows how companies can adapt their tax planning to support the provision of outcomes-based healthcare and remain competitive. http://www.pwchk.com/home/eng/pharma2020_tax_time_dec2009.html Fri, 4 Dec 2009 15:17:00 +0800 http://www.pwchk.com/home/eng/hktax_termination_payments_dec2009.html In this article, we will share with you a summary of the two court cases on termination payments and an analysis of the court decisions. http://www.pwchk.com/home/eng/hktax_termination_payments_dec2009.html Thu, 3 Dec 2009 18:26:00 +0800 http://www.pwchk.com/home/eng/chinatax_news_dec2009_25.html In this China Tax News Flash, we will focus on two income exemption situations for the new record filing requirement of the Suidishuifa [2009] No. 222 that are specifically related to individual income tax and may cause significant implications to expatriate employees working in Guangzhou. We will also share our insights and recommendations in light of this tightened tax administration for expatriate employees and their employers. http://www.pwchk.com/home/eng/chinatax_news_dec2009_25.html Thu, 3 Dec 2009 15:32:00 +0800 http://www.pwchk.com/home/eng/hkfrs_news_dec2009.html IFRS 9 "Financial instruments" was issued by the IASB on 12 November 2009 and the identical HKFRS 9 was issued on 19 November 2009 by HKICPA respectively. They address classification and measurement of financial assets and are available for early adoption immediately. It represents the first milestone in IASB's planned replacement of IAS 39. http://www.pwchk.com/home/eng/hkfrs_news_dec2009.html Tue, 1 Dec 2009 12:23:00 +0800 http://www.pwchk.com/home/eng/ia_brief_nov2009.html In this issue we include articles which cover some aspects of the broader risk and assurance landscape facing many Heads of Internal Audit including assurance mapping, fraud and business continuity, as well as an article on the merits of technology to improve quality and efficiency. http://www.pwchk.com/home/eng/ia_brief_nov2009.html Mon, 30 Nov 2009 18:11:00 +0800 http://www.pwchk.com/home/eng/goingpublic_guide.html This Going Public Guide highlights the events at each stage that will affect you and the services we can offer to help a company through the IPO process. This Guide also covers common issues for an IPO and highlights of the listing requirements on Hong Kong Main Board and Growth Enterprise Market, China A Share, US Stock Exchanges (NYSE, NASDAQ Global Market, Global Select Market and Capital Market), London Stock Exchange, and Singapore Stock Exchange. http://www.pwchk.com/home/eng/goingpublic_guide.html Thu, 26 Nov 2009 11:56:00 +0800 http://www.pwchk.com/home/eng/hktax_news_nov2009_11.html This Hong Kong Tax News Flash looks at the progress made by Hong Kong in liberalising the exchange of tax information since the gazette of the Inland Revenue (Amendment) (No.3) Bill 2009 in June this year, including a discussion on the three levels of safeguards proposed by the HKSAR Government in protecting taxpayers' rights with our observations. The News Flash also highlights the latest international developments on countering tax havens or non-cooperative jurisdictions that have taken place in the past few months. http://www.pwchk.com/home/eng/hktax_news_nov2009_11.html Mon, 23 Nov 2009 15:26:00 +0800 http://www.pwchk.com/home/eng/tl_lease_accounting_oct2009.html Operating lease arrangements are commonly seen in the shipping industry especially for the charter-hire businesses. Under the current International, Hong Kong and US lease accounting standards, which have been around for many years, operating lease expenses paid by lessees are recorded in their financial statements when they are incurred. Operating lease assets are never recorded by lessees on the grounds that their risks and rewards are retained by the lessors. This accounting approach will be changed soon and the change is going to be substantial. http://www.pwchk.com/home/eng/tl_lease_accounting_oct2009.html Fri, 20 Nov 2009 16:03:00 +0800 http://www.pwchk.com/home/eng/em_3d_entertainment_nov2009.html This report "E&M" - Eyes wide open: 3D tipping points loom" proposes that six factors will contribute to development of 3D entertainment, and some forms will develop quickly and the extent to which 3D will be adopted by other formats, notably television, is still uncertain. And can 3D become the new entertainment norm, particularly in homes? http://www.pwchk.com/home/eng/em_3d_entertainment_nov2009.html Fri, 20 Nov 2009 13:50:00 +0800 http://www.pwchk.com/home/eng/ma_fs_eu_oct2009.html In this European financial services M&A insight, we look at various topics including data analysis: steady as she goes; tumultuous times: what next for the UK building society sector; northern exposure: opportunities for a macro-economic play in the Baltics and Eastern Europe; European asset management: coming in from the cold; a new financial services landscape: the operational impact of divestments; asset management and alternatives: primed for acceleration; and the scene is set for a pick-up in deal activity. http://www.pwchk.com/home/eng/ma_fs_eu_oct2009.html Fri, 20 Nov 2009 13:50:00 +0800 http://www.pwchk.com/home/eng/cn_tp_rules_nov2009.html The issuance of Guo Shui Fa [2009] No. 2 titled "Implementation Measures of Special Tax Adjustments (Trial)" - commonly referred to as Circular 2 - in January 2009 marked a significant step-up in China's transfer pricing enforcement regime. There have been many transfer pricing developments in the first 200 days since the issuance of Circular 2. http://www.pwchk.com/home/eng/cn_tp_rules_nov2009.html Thu, 19 Nov 2009 11:05:00 +0800 http://www.pwchk.com/home/eng/chinatax_news_nov2009_24.html In this China Tax News, we would like to highlight the salient points of circular Guoshuihan [2009] No. 601 ("Circular 601") which provides guidance for the determination of "beneficial ownership" for the purpose of claiming DTA benefits by treaty residents in respect of Articles of Dividends, Royalties, and Interest under the DTAs (collectively called "DTA Passive Incomes") and share our observations and suggestions in relation to treaty residents. http://www.pwchk.com/home/eng/chinatax_news_nov2009_24.html Tue, 17 Nov 2009 8:42:00 +0800 http://www.pwchk.com/home/eng/pharma_newsletter_nov2009.html In this Asia Pacific Pharmaceutical Newsletter, our specialists will report on a quarterly basis the trends in the pharmaceutical and healthcare sector, including new regulations, pricing and reimbursement issues, tax and accounting topics, news on compliance and mergers and acquisitions. http://www.pwchk.com/home/eng/pharma_newsletter_nov2009.html Mon, 16 Nov 2009 9:25:00 +0800 http://www.pwchk.com/home/eng/rebuild_global_econ_nov2009.html This report is produced in collaboration with the Organising Committee of APEC CEO Summit 2009. We surveyed 350 Asia-Pacific C-suites online, and interviewed 24 industry leaders for their views on what policy makers and businesses within the APEC region can do to rebuild and revitalise the global economy. http://www.pwchk.com/home/eng/rebuild_global_econ_nov2009.html Thu, 12 Nov 2009 16:41:00 +0800 http://www.pwchk.com/home/eng/hkfrs_news_nov2009_sup.html IASB issued exposure draft "Financial instruments: Amortised cost and impairment" on 5 November 2009. The IASB is proposing fundamental changes to the impairment guidance for financial assets accounted for at amortised cost. The exposure draft proposes an "effective return" approach to amortised cost measurement. This would result in an "expected cash flow" impairment model being applied, rather than the "incurred loss" approach required by current IFRS. http://www.pwchk.com/home/eng/hkfrs_news_nov2009_sup.html Thu, 12 Nov 2009 9:00:00 +0800 http://www.pwchk.com/home/eng/fin48_effect_on_funds_nov2009.html This article explains how Uncertain Tax Positions ("UTPs") are calculated under FIN 48, how this may effect funds and portfolio companies who prepare US GAAP accounts and outlines common local tax issues that may result in UTPs. http://www.pwchk.com/home/eng/fin48_effect_on_funds_nov2009.html Thu, 12 Nov 2009 9:00:00 +0800 http://www.pwchk.com/home/eng/tp_cn_bapa_nov2009.html On 26 October, the first China - Europe bilateral advance pricing arrangements were officially signed by the State Administration of Taxation and the Danish Tax Authority in Beijing and Tianjin. http://www.pwchk.com/home/eng/tp_cn_bapa_nov2009.html Mon, 9 Nov 2009 15:20:00 +0800 http://www.pwchk.com/home/eng/tp_perspectives_oct2009.html This publication outlines new developments which will provide greater insights and strategies in meeting the increased transfer pricing challenges during recessionary times including the taxation of permanent establishments, business restructuring, implications of IFRS on cost sharing arrangements, as well as providing insights from India, China, Latin America and Eastern Europe perspectives. http://www.pwchk.com/home/eng/tp_perspectives_oct2009.html Mon, 9 Nov 2009 15:20:00 +0800 http://www.pwchk.com/home/eng/ec_building_knowledge_nov2009.html Back in January 2009, we reported that the overall outlook for the engineering and construction sector would be mixed though fare better than many other industry sectors in the Asia Pacific region. Whereas there are clearly opportunities in the coming few years, especially in the government sectors, a number of risks remain. We highlight a number of these risks in this flyer. We also conclude with a brief overview of the China Greentech Initiative, a project with the American Chamber of Commerce in Shanghai and PricewaterhouseCoopers as Founding Partners. http://www.pwchk.com/home/eng/ec_building_knowledge_nov2009.html Mon, 9 Nov 2009 17:42:00 +0800 http://www.pwchk.com/home/eng/ia_strategy_10step_sep2009.html To help companies design and implement a strategically focused internal audit function, we developed a 10-step start-up framework. http://www.pwchk.com/home/eng/ia_strategy_10step_sep2009.html Fri, 6 Nov 2009 16:23:00 +0800 http://www.pwchk.com/home/eng/hkfrs_news_nov2009.html In this HKFRS News, we look at the amendment to IAS 24 and accounting for investment property under construction. http://www.pwchk.com/home/eng/hkfrs_news_nov2009.html Fri, 6 Nov 2009 10:17:00 +0800 http://www.pwchk.com/home/eng/wealth_mgt_survey_jul2009.html The Global Private Banking and Wealth Management Survey 2009 gives a fascinating insight into the themes and trends impacting the world of wealth management as well as practical suggestions for actions wealth managers should be taking. http://www.pwchk.com/home/eng/wealth_mgt_survey_jul2009.html Thu, 5 Nov 2009 09:25:00 +0800 http://www.pwchk.com/home/eng/ustax_irs_amnesty_oct2009.html On 27 October, 2009, House and Senate Democrats introduced offshore tax compliance legislation expanding the authority of the IRS to "detect, deter and discourage offshore tax abuses" involving U.S. taxpayers with foreign assets. This proposed legislation is designed to focus on individual offshore tax compliance provisions included in the Obama Administration's FY2010 budget. In this article, we will share with you the key provisions and our observation. http://www.pwchk.com/home/eng/ustax_irs_amnesty_oct2009.html Tue, 3 Nov 2009 09:54:00 +0800