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2020 has been a dynamic year for the world of personal tax. Besides recent changes to cross-border and Hong Kong rules on individual income tax (IIT), the Covid-19 pandemic has led to new issues arising from remote working and travel disruption.

The IIT financial subsidy in the Greater Bay Area is an important change, meaning that Hong Kong employees in certain professions and sectors can pay less tax. However, this major adjustment in policy has also created some challenges for individual taxpayers and agents.

Similarly, taxpayers in Hong Kong have to deal with recent changes in tax rules and practice. Since 2018/19, double taxation triggered by working in a double tax treaty counterpart of Hong Kong has no longer been mitigated by unilateral tax relief. Instead, a foreign tax credit (FTC) could be claimed.

Furthermore, unplanned travels and extension of stays due to Covid-19 have disrupted the traditional management of frequent travellers and remote workers, leading to issues including tax residence status, talent retention and policy competitiveness.

It is thus helpful for businesses to understand the views of the Hong Kong Inland Revenue Department on these and other hot tax issues, which were discussed at the annual meeting between the IRD and the Hong Kong Institute of Certified Public Accountants (HKICPA) in October.

The Chamber has invited Louis Lam, China South Leader at PwC Global Mobility Services, and his colleagues to share their insights and recommendations on how enterprises and individuals can manage the above challenges.

Topics to be covered include:
• Updates on China IIT Reform – Recap and experience sharing of the first China annual reconciliation filing for individual income tax
• Updates on China IIT incentives in the Greater Bay Area
• Challenges in foreign tax credit claim and impact on holdover application
• Requirements and recent trend of applying for a Hong Kong certificate of resident status
• The IRD's views on certain salaries tax issues shared at the 2020 annual meeting between the IRD and the HKICPA
• Tax and HR policy impact due to unplanned travels, extension of stays and remote working pattern

DISCLAIMER
Speakers' presentations at this event are intended for educational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed during this event are those of the speakers and participants and, unless expressly stated to the contrary, are not the opinion or position of the Hong Kong General Chamber of Commerce, its members, or its committees. The Chamber does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented. Attendees should note that, with the approval of speakers, this event may be recorded, and possibly published on the Chamber's website in audio and/or video formats without further notice.

Recording, duplication or distribution of the contents of the online event is prohibited without prior written permission from the Chamber.

Speaker(s)

Louis Lam, China South Leader at PwC Global Mobility Services

Lam has over 20 years of experience specialising in Hong Kong / China cross border individual tax consulting and compliance. He advises clients in drafting company policy and employment terms covering housing benefits, remuneration package structuring, tax equalisation, termination package and talent mobility policy; negotiate and manage tax audit and penalty; cross border social security planning, etc. He has extensive experience advising overseas, China and Hong Kong clients in private equity and asset management industries, and leading global financial institutions, to design and enhance pre-/post-IPO employee share based compensation schemes, carried interest plans and co-investment plans, with a holistic approach to cover talent mobility and retention, market trend, tax, foreign exchange, finance, legal, etc. perspectives; and to assist in performing applicable tax and foreign exchange registration and compliance reporting.

Victor Yuen, Senior Manager at PwC Global Mobility Services, Hong Kong

Yuen is responsible for providing Hong Kong and China individual tax consulting and compliance services for international and local companies. Yuen has more than 10 years of experience and he serves companies in different industries, including leading global financial institutions. He is involved in various individual tax consulting projects, including assisting clients in drafting mobility policy and tax equalisation policy to support mobility employees.

Warren Cheung, Senior Manager at PwC Global Mobility Services, Hong Kong

Cheung has more than 10 years of experience in individual tax service. He is responsible for providing Hong Kong and U.S. individual tax compliance and consulting services for local and international employees on cross-border assignments. He is experienced in advising clients on employment and remuneration structures (e.g. equity-based incentive plans, housing reimbursement schemes, etc.), social security and Mandatory Provident Fund issues. He has been working for clients from different industries including various prestigious financial services, multinational and listed companies. Prior to joining PwC, Warren practiced tax in Australia including individual, corporate, trust and GST.

Language Cantonese
Date and Time 2020/11/26 11:00 to 12:15
Venue Online via Zoom
Media Closed to media
Enquiries Wendy Chan
Tel: 28231207
Email: wendy@chamber.org.hk
Fee Members @ HK$100 / Non-Members @ HK$200
+$50 for booking offline
This event accepts Chamber Coupon (terms and conditions)
Members enjoy 30% discount with BOC HKGCC VISA Card
Notes - Bookings are only confirmed upon receipt of payment, on a first come first served basis.
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