In this seminar, our speakers will help you prepare your financial statements with new HKFRS standards, and address the impacts brought by revised tax structure.
HKFRS 9 Financial Instruments and HKFRS 15 Revenue from Contracts with Customers are already mandatorily effective on 1 January 2018. The new classification and measurement requirements are very different from previous standards. The complexity of the new standards poses a great challenge to financial statements preparation with proper disclosures.
At the same time, business impacts brought by taxation changes should not be underestimated as well.
On 31 August 2018, the Standing Committee of the National People’s Congress passed the amendments to the Individual Income Tax Law (“IIT Law”) during the 13th National People’s Congress of the People’s Republic of China.
On 20 October 2018, the State Administration of Taxation released the Revised Detailed Implementation Rule (“DIR”) on IIT Law seeking for public consultation. What are the key changes in the IIT Law and the DIR? What impact would it have on mainland Chinese and foreign individuals working in China? What do business owners with operations in China need to understand? What is automatic exchange of information and its association with the revised IIT law and DIR?