Issue no. 780 (27 February 2020)
  Dear members/member practices,  

Institute finds the government's 2020-21 budget helpful


The Institute welcomes the government's 2020-21 budget and its one-off relief measures to alleviate the impact of recent challenges. In particular, it considers the cash handouts an understandable and reasonable response. Other measures including tax rebates and rates waivers may lead to multiple benefits to certain groups of the community. However, the financial stability in the medium- to long-term is a concern, and the Institute recommends the government to explore new revenue streams, to stimulate economic growth, improve the tax system, and broaden the tax base. Click here for the Institute's press releases and budget proposals.


COVID-19 - CPA Information Centre webpage

Through the new COVID-19 – CPA Information Centre webpage the Institute will share information with members on its service arrangements and support, its emails, and links to regulatory and government measures, including health advice and other relevant resources.

Reminder: INED Essentials Training Program
The Hong Kong Independent Non-Executive Director Association’s INED Essentials Training Program begins on 3 March. The program will be available face-to-face and streamed via Zoom. Through the six modules, independent non-executive directors (INEDs) and aspiring INEDs will learn the key areas of importance for these roles. Institute members can register for the course at the special discounted price of HK$3,200.
IIRC seeking feedback on the International Framework

The International Integrated Reporting Council (IIRC) is updating the International <IR> Framework, and is calling for feedback on three themes that will inform the nature and direction of the revision. The IIRC has issued three papers on: responsibility for an integrated report, business model considerations, and charting a path forward, and is seeking comments by 20 Mar.

AML – United Nations sanctions

The following United Nations sanctions were published on 19 Feb:

Updated list of individuals and entities pursuant to section 25 of the United Nations Sanctions (ISIL and Al-Qaida) Regulation (Cap. 537CB). Two entries were added on the list of designations. Read the United Nations Security Council (UNSC) press release for more information.

Gazettal of the list of terrorists and terrorist associates designated by the UNSC in the United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575).

The following United Nations sanctions were published on 26 Feb:

Updated lists of individuals and entities under the United Nations Sanctions (Democratic Republic of the Congo) Regulation 2019. Read the UNSC press release for more information.

Updated list of persons and entities published pursuant to section 43 of the United Nations Sanctions (Libya) Regulation 2019 (Cap.537CF). Read the UNSC press release for more information.

AML - Financial Action Task Force (FATF) statements

The following Financial Action Task Force (FATF) statements regarding high-risk jurisdictions were published on 21 Feb:

High-Risk Jurisdictions subject to a Call for Action.

Jurisdictions under increased monitoring.

For further information and the latest on anti-money laundering (AML), visit the Institute's dedicated webpage.

Invitation to comment

The Institute is seeking comments by 19 March on Exposure Draft PN 830 (Revised) Reports by the Auditor under the Banking Ordinance.

Webinar in Putonghua on Exposure Draft General Presentation and Disclosures

The International Accounting Standards Board will hold a 40-minute Putonghua webinar session on 4 March at 5:00 p.m. HKT to provide an overview of the proposals for the Exposure Draft ED/2019/07 General Presentation and Disclosures. The proposals include new requirements for the presentation of financial data and disclosures in financial statements, with a focus on the statement of profit or loss. Register for the webinar to learn more and ask questions.

Members can also submit comments on the Exposure Draft to the Institute by 22 May.

Latest arrangements of IRD public services

The Inland Revenue Department (IRD) announced that its public services will, until 1 Mar, be limited to (1) Business Registration Office; (2) Stamp Office; and (3) Central Enquiry Counter for enquiries relating to tax clearance for taxpayers leaving Hong Kong.

Deadlines for tax payments, lodgement of objections and holdover applications, and submission of tax returns and information that fall due between 29 Jan and 1 Mar will also be automatically extended to 2 Mar.


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