Primasia | Xero Certified Advisor

Xero is an easy to use but powerful online accounting system. As a Xero Certified Partner we are able to offer a full range of services from monthly/ quarterly/yearly bookkeeping to Virtual CFO, our team can act as your outsourced financial function in Hong Kong. Call us toady!

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

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Need more information?

Please contact:

John Barclay -Email

Teresa Tam - Email 

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Follow us on:

Website: Primasia HK / Primasia China

LinkedIn: Primasia

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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

Hong Kong Updates- Employment/ Competition/ Stamp Duty/ China Updates- Cybersecurity

Employment New rules covering safety for Hong Kong’s many thousands of domestic helpers have been introduced, following a number of accidents involving falls from high windows. A proposed requirement for adult supervision of helpers was dropped, presumably because this rather takes away the real point of a domestic helper, namely to enable both spouses to go out to work. Bizarrely, though, the changes are treated as a contractual matter, rather than a general health and safety issue, in that existing contracts will not be covered by the new rules: only new or renewed contracts (indeed, only those signed from 2017) will have to have the terms written into them. Similarly, breach of the new rules will allow helpers a contractual remedy only. Competition Hong Kong’s first bid-rigging conviction was handed down in the "Garden Vista" case. In this case, renovation works were found to have been awarded at inflated prices in exchange for bribes. The (inflated) costs amounted to HK$290 million. The bribes amounted to HK$44 million. Stamp Duty In a further attempt to cool the residential property market, the Hong Kong Government announced an increase in stamp duty for all residential property transactions to a flat rate of 15%, effective from 5th November 2016. The previous cooling measures were the Double Stamp Duty, ranging up to 8.5%, on purchases by non-Hong Kong permanent residents and/or second-property owners.

China Updates

Cybersecurity China’s new (and first major) Cybersecurity law was enacted on 7th November 2016. The law enhances privacy protection but introduces hurdles for international businesses and for internet service providers (defined very broadly in the legislation) generally. One of the key provisions is that Chinese citizens’ “personal information and important data” collected or generated during business operations in China may be required to be stored in China. Security requirements apply where data must be provided to a foreign entity outside China. Increased penalties may apply. On the other hand, individuals are given the right to request the deletion of their personal data. *** Primasia will post the updates of Hong Kong and China from time to time. Follow us on our Website/ Blogger/ LinkedIn and stay tunned for our updates! ================================================================= Need more information? Please contact: John Barclay -Email Teresa Tam - Email  -------------------------- Follow us on: Website: Primasia HK / Primasia China 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