Thursday 22 June 2017

China Updates- IP/ BEPS/ Cyber-security

IP
A Beijing District People's Court has held that the Alibaba had not taken adequate steps to prevent the publication of material infringing IP rights, having had 8 months in which to act upon notice of alleged infringement.

BEPS
China signed the OECD Convention on BEPS (Base Erosion and Profit Shifting) on 7 June 2017, which modifies many bilateral tax treaties to implement the BEPS recommendations.

Cyber-security
China's new cybersecurity law, which has had much media coverage, became effective on 1st June 2017. As a result, businesses in China will be subject to significantly increased internet regulation. Apple, for example, has already removed many listings from its AppStore in China as a result.


In addition, significant privacy protections have been introduced for network users in China. One aspect which has attracted particular attention is the requirement that that information gathered and produced in mainland China must be stored in mainland China. If it is claimed that it is necessary that information be stored outside China then a security assessment must be carried out.



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Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

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Teresa Tam - Email 
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Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Friday 16 June 2017

Hong Kong Updates- Proposed New Stock Exchange/ Tax/ BEPS/ Arbitration/ Employment

Proposed New Stock Exchange
A public consultation on a potential new board has been announced by the Stock Exchange of Hong Kong. This board would (likely) cover:
(a) "pre-profit" companies;
(b) companies with non-standard governance procedures; and
(c) Mainland Chinese companies wishing to secondarily list in Hong Kong.

Tax
In a recent IRD Board of Review case, it was held that trading profits derived by a Hong Kong company under an import processing arrangement with its wholly owned subsidiary were of “Hong Kong source” and therefore taxable in Hong Kong. The Board further decided that, in the absence of a primary transfer pricing adjustment made by a tax treaty partner, no unilateral adjustment could be made (to reduce the taxpayer's Kong sourced profits).

BEPS
Hong Kong, represented by China, signed the multilateral (67 country) OECD BEPS convention (to prevent Base Erosion and Profit Shifting).

Arbitration
The automatic opt-in applicable to domestic arbitration under the Arbitration Ordinance expired on 1st June, 2017.

Employment
Hong Kong's Chief outgoing Executive announced a framework towards regulating standard working hours. The proposals include:

  • requiring that employers put in place a written employment contract, which must include the employee's working hours and overtime remuneration arrangements, for employees with a monthly wage of HK$11,000 or below, and
  • mandating the overtime remuneration for such employees.

However, with a new Chief Executive, this and other proposals (such as ending the clawback of employers' contributions from employees' MPF funds) are put on the back burner.



***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

===================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Thursday 15 June 2017

Cloud-based accounting solution for China entities

We provide Cloud-based accounting solution for China entities. You can access to view the company's financial information anywhere at anytime with the cloud accounting software. Work Smarter and Faster with Primasia!







=================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088


Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong