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Understanding BEPS 2.0 and its Implications

Decoding BEPS 2.0: What This Means for Hong Kong Businesses

Hong Kong is likely to amend its tax regime to align with the OECD’s proposals to ensure that large businesses pay a minimum level of tax of 15%, regardless of where they operate.  

At a webinar on 1 September, Ivor Morris, Partner at KPMG, said that the proposals, commonly known as BEPS 2.0, would involve the imposition of a global minimum effective tax rate of at least 15% on groups with a turnover in excess of 750 million euros. He explained that there will be knock-on effects on domestic tax rules from such a global tax reform, as existing tax breaks and incentives in Hong Kong generally result in an effective tax rate for large businesses of below 15%. This means Hong Kong would no longer to be able compete as a low-tax jurisdiction and will have to work on improving its non-tax offerings if it is to remain attractive to international businesses.  
 

2021/09/01
SlidesKPMG

Seizing Opportunities across the GBA & ASEAN for Supply Chain Success

Greater Bay Area

Hong Kong’s unique strengths in financial, legal and tax structures make the city a preferred place to carry out business between Mainland China and the world, especially through the Greater Bay Area, said Stephen Phillips, Director-General of Investment Promotion, Invest Hong Kong, at a Chamber webinar on 3 December. He was joined by Anson Bailey, Head of Technology, Media and Telecommunications, Hong Kong/ Head of Consumer & Retail, ASPAC for KPMG China, who discussed an InvestHK and KPMG report on the current state of the sourcing industry and the future of supply chains across China and the rest of Asia. The senior executives surveyed said that Hong Kong has no serious rival in the sourcing sector, due to the city’s pool of talent, deep expertise, long experience and location, on top of its general business advantages. Another key finding of the report was that ESG reporting and sustainability would be increasingly important for the sector going forward.

In the panel discussion that followed, two industry experts, Anne-Laure Descours, Chief Sourcing Officer, PUMA, and Minesh Pore, Co-founder and CEO, the BuyHive, provided industry perspectives on the impact of technology and innovation to the future of supply chains. They noted that industry players across the value chain will need to work together to navigate through this rapidly changing environment, including reskilling employees, as well as nurturing the next generation of professionals.

2020/12/03
KPMG
Technology and talent management are key to adjusting to a post-COVID-19 landscape

Gearing Up for the New Normal in Retail

The coronavirus outbreak has not only given rise to unprecedented challenges for the retail industry, it is also likely to have a lasting impact on consumer habits. Retailers must therefore adapt to such an environment if they are to survive and thrive.

At a Chamber webinar on 28 April, Anson Bailey, Head of Consumer & Retail, ASPAC of KPMG China, discussed changes in consumer behavior, which are increasingly being driven by technology as well as an emphasis on safety and convenience. He was joined by two colleagues from KPMG -- Leonie Marshall, Associate Director, People & Change, and Adam Stuckert, Partner, Advisory -- who spoke on the importance of adopting the right IT and talent management strategies to remain competitive in a substantially different operating landscape.

The webinar also included a thought-provoking discussion by two retail veterans. Whelan Leung, Founder & CEO of Protrek Hong Kong and Thibault Villet, President & CEO of Revlon Asia, shared their companies’ experiences in anticipating and adjusting to an evolving marketplace.

2020/04/28
KPMG

Entering Latam’s Market by e-Commerce

At a roundtable luncheon on 11 December, Anson Bailey, Head of Consumer & Retail, ASPAC and Head of Technology, Media & Telecoms in Hong Kong, KPMG, said Latin America’s e-commerce was primed to take off given its demographics and penetration of mobile phones. Key hurdles are currently distribution networks and also online payment options, which he said Mainland China also faced years ago before country’s cashless transformation took off. Louis Chan, Assistant Principal Economist of HKTDC Global Research team, also speaking at the event, shared his observations on a recent visit to Brazil regarding retail and e-Commerce in the country. Brazil and Mexico are the largest markets in Latam, but local players dominate the market due to payment barriers and logistics services.

2019/12/11
KPMG
 Hong Kong's Smart City Blueprint: One Year On and the Road Ahead

Hong Kong's Smart City Blueprint: One Year On and the Road Ahead

Hong Kong may have been slow out of the gate when it comes to smart city development, but it is starting to catch up in areas like funding for innovation and technology, availability of data and cooperation between government departments. At a Chamber seminar on 2, April a panel of experts noted that Hong Kong has made considerable strides since the Smart City Blueprint was released a year ago, and shared their optimism that we are now on the right path.

Julian Vella from KPMG, Mark Lunt from JOS, Clube Ng from the Connected City Alliance and Keith Cheng from Siemens also discussed the results of a KMPG survey comparing five cities in the region – including Hong Kong -- and the crucial role that citizens play in the success of smart city development.

2019/04/02
SlidesVideoKPMG
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