普华永道中国

This Wednesday, PwC brought together close to 300 global and regional financial services tax leaders at our 2024 Asia Pacific Financial Services Tax Conference. It was a fantastic opportunity to connect with our community of clients, colleagues, and friends, and discuss the critical tax issues and developments shaping the industry.    Here are some key takeaways:   - Five global megatrends have created expense and revenue uncertainty for financial services firms: diverging and high interest rates, stubborn inflation, regulatory complexity, rise of data and #AI, and demographic shifts. - The tax function is ripe for transformation, as reliance solely on personnel is no longer sufficient to meet today’s challenges. Changes like Pillar Two play a crucial role in this evolution, with the focus redirected to enhancing data accuracy and leveraging AI to analyse changes effectively. By integrating technology, the tax function can streamline processes and improve decision-making, positioning itself as a vital strategic partner within the organisation. - Agile access to data is essential for effective scenario planning in tax, particularly in light of ongoing global governmental changes. This shift will drive a heightened focus on tax compliance and business risk reviews, increasingly powered by technology and AI. Leveraging data will be key to staying ahead of regulatory requirements and mitigating potential risks.   Thank you to all our guest speakers, clients, and representatives from leading financial institutions and professional bodies who attended the event.   For more insights and to connect with PwC's regional financial services tax team, visit: https://lnkd.in/gv5dfqva   #PwC #APFSTax #FinancialServices #Tax #AsiaPacific

An amendment bill to the Inland Revenue Ordinance was recently gazetted to (i) introduce a new profits tax deduction for reinstatement costs for leased premises; and (ii) remove the time limit for claiming annual allowances for a commercial/industrial building or structure. The two measures will take effect from 2024/25 upon passage of the bill. In welcome news, the Government adopted PwC's recommendations on the transitional issues. Find out more about our observations: https://lnkd.in/dcMRz5hQ   #PwC #PwCHK #ProfitsTax

Last week, industry leaders and senior executives gathered at #PwC's annual Asset & Wealth Management (AWM) event, titled 'Asset & Wealth Management 360: Key Insights and Trends', to discuss the exciting opportunities and unprecedented challenges in the industry. Our PwC subject-matter experts shared their unique and forward-looking perspectives on a range of topics: - M&A and capital flows in public and private markets - The role of #GenerativeAI and outsourcing in driving efficiency and transforming operating models - The disruptive impact of #tokenisation and virtual assets on product development and distribution - Private credit moving into the mainstream and funding the future As emerging trends continue to reshape the landscape, industry players will need to revisit their strategies and make critical decisions on how to adapt to the profound shifts in macroeconomic dynamics, technological innovation, and investor expectations. By doing so, they can navigate the complexities of the current environment and position themselves for sustained success in the future. Discover more on the latest AWM developments and insights: https://lnkd.in/ggHxbe7W Marie-Anne Kong Colin Shaftesley Matthew Phillips Julie Chan Peter Brewin Nick Atkinson Angus Chen Arthur Mok Arthur Yeung Charlotte Hui Helen Li Ivan Cheung Jeffrey Chung Josephine Kwan Keith Chau Lisa Tsui Michael Atkinson Michelle Wong Paul Walters #PwCHK #AssetManagement #WealthManagement

Yesterday, PwC Hong Kong released a forecast highlighting the ongoing challenges Hong Kong's #retail sector is facing in 2024. Our Consumer Markets Leader, Michael Cheng, shared that amid a confluence of factors, including the transformation of consumption patterns and the impact of continued strength of US Dollar and hence Hong Kong Dollar, Hong Kong retail sales have been severely impacted for the first eight months of 2024. Increased outbound travel by residents, and people heading to Shenzhen also led to weak consumption in Hong Kong. Nevertheless, with China’s recent consumption downgrade under the unprecedented economic impacts, wide-ranging stimulus measures intended to stimulate consumption and revive capital markets by the Central Government will aid consumers and boost the purchasing power of Chinese consumers benefiting from the wealth effect, along with various measures introduced by the Central Government with the objective to invigorate market sentiment earlier this year. PwC expects a gradual improvement in the retail sector from the fourth quarter onwards and predicts a 6% decline in total retail sales, amounting to HKD383 billion in 2024. The luxury retail sector in the Chinese Mainland and Hong Kong is currently experiencing signs of consolidation, with subdued demand indicating a slowdown in consumer spending. However, Rebecca Wong, PwC South China Tax Markets Leader, pointed out that favourable treatments for tax-exempt consumption and reduction in import taxes will boost inbound tourism and domestic consumption in China. Certain cities of the Greater Bay Area also encourage advanced supply chain management, design and branding businesses by providing tax incentives and talent subsidies. Hong Kong #retailers should make use of these new policies to explore new markets, new products and new business models; and bring in our international retail expertise to penetrate to the Chinese Mainland market. The retail market is currently facing a significant talent shortage, a challenge that has become particularly acute in certain sectors. Michael Cheng, Workforce Lead Partner of PwC Hong Kong, remarked that as retailers increasingly adopt #AI technologies to enhance operations and customer experiences, they encounter a dual challenge: the need for skilled workers who can effectively leverage these technologies and the imperative to maintain human elements in service delivery. The integration of AI alongside human capabilities is essential not only for addressing the talent shortage but also for fostering a more resilient workforce. Read more: https://lnkd.in/gQDiB3q3 #PwC #PwCChina #PwCHK #ConsumerMarkets #RetailMarkets

As the consumer market continues to unfold in the second half of 2024, brands and #retailers in Chinese Mainland and Hong Kong find themselves facing slow market growth and increased competition. The Hong Kong #retail market is also grappling with talent shortages and evolving consumption patterns of Chinese tourists. Despite these headwinds, the long-term prospects for the retail sector remain cautiously intact. Brands and retailers are exploring new value reinvention pathways as the Chinese economy pivots to new challenges and transition to high-growth development imminently. This year, PwC’s Voice of the Consumers Survey 2024 China Report sheds light on significant market transformations fueled by a mix of economic, social, and technological factors. Rational spending is back with brands reassessing their business models and cost management strategies. Rapid adoption of #GenAI is reshaping workforce, consumer interactions and personalising consumer experiences, while healthy and eco-consumption continues to proliferate the daily life of consumers. Domestic #tourism, and homegrown brands showcase a shift towards experiential and culturally enriched consumption. Hainan's development as a free trade port with favourable tax policies, makes it an attractive destination for luxury spending going forward. Our industry experts shared their perspectives at a client seminar covering Chinese Mainland and Hong Kong retail market outlook, #GenAI, customer relationship management, workforce, Hainan’s latest development, data privacy and trust, and #ESG and operations. This aims to help brands and retailers rethink and rechart their value reinvention pathways going forward. Find out more about how these insights can help retailers and brands reinvent their #growth pathways amid unprecedented changes: https://lnkd.in/gG99YaNt Michael Cheng Rebecca Wong Jenny Tsao Michael Cheng Edmund Lee Jacky, Zhihao Wen James Lee Chiang Ling Li #PwC #PwCChina #PwCHK #ConsumerMarkets #NewRetail

Every year, we choose a unique venue for #HackADay, and this year is no exception!   From Tai Kwun to Sky100, and now to M+, we select locations that embody the spirit of Hong Kong and reflect who we are at PwC’s Dark Lab as we continually push the boundaries. This year, we’re thrilled to host our event at Asia’s first global museum of contemporary visual culture. By merging cybersecurity with art, we aim to make it accessible to everyone and ensure that you have an unforgettable experience.   Come join us for an extraordinary experience at M+ on 11 November 2024.   Sign up now: https://lnkd.in/gHgRpD4t   This is our identity. This is PwC’s Dark Lab.   Kok Tin Gan Jenius Shieh Daryl Li Vanessa Law   #PwC #PwCHK #HackADay2024 #DarkLab #SecuringIdentity #Cybersecurity

In Chapman Development Limited v. Commissioner of Inland Revenue, the Court of First Instance denied the Taxpayer’s claim for #tax deductions on management fees paid to its overseas associate. The fees were not fully calculated per the agreement between the Taxpayer and the associate. It was determined that that fees not paid per the agreement were not deductible due to insufficient evidence. Fees paid per the agreement were also denied deduction under the anti-avoidance provision. Find out more about our observations: https://lnkd.in/gZF7FhSn #PwC #PwCHK #ProfitsTax

We are deeply honoured that our flagship #ESG upskilling program, ESG GO, has received the Excellence Award at the Hong Kong Management Association (#HKMA) Award for Excellence in Training and Development 2024. This program has also been recognised for its outstanding achievements in Future Skills Development, Innovation and Programme Design. This prestigious recognition is not only a testament to our ongoing commitment to professional growth and development, but also an affirmation of our dedicated efforts to strive for excellence. A big shout out to our Learning and Development team! Ivan Au Teresa Chow Long Tang #PwC #PwCHK #PwCProud #Awards #Sustainability #FutureFit #LearningandDevelopment

#PwCHK is delighted to once again be a platinum sponsor of the Hong Kong Green Finance Association (HKGFA) Annual Forum 2024. Will Jackson-Moore, PwC Global Sustainability Leader, and Loretta Fong, Sustainability Deputy Leader, PwC China, were invited to the forum as VIP guests. Loretta Fong sat on the panel and shared her insights on climate disclosure requirements and best practices for carbon accounting. ‘The HKEX New Climate Requirements, which are closely aligned with ISSB S1 and S2, will come into play for listed issuers for the period beginning on or after 1 January 2025. Issuers should start taking stock of their carbon inventory, monitoring its level and consider how that affects business operations and decisions. Carbon accounting and pricing play a significant role in allowing companies to understand their carbon footprint and the cost of carbon emissions, in order to make more informed decisions in investments and resource allocations. After all, this is not a compliance exercise; it’s the beginning of the transformation journey,’ said Loretta Fong. Will Jackson-Moore Loretta Fong Lit Ping Low #PwC #PwCChina #HKGFA2024 #Sustainabiliy #GreenFinance #ClimateChange #NetZero #TransitionFinance #Carbonpricing #Carbonaccounting #Decarbonisation #ESG

Happy World Mental Health Day!   At #PwC, we are committed to prioritising health and wellbeing of our people. This year’s official #WHMD theme, ‘It is time to prioritise mental health in the workplace,’ resonates deeply with our ongoing commitment to fostering an environment where mental health is a top priority.   This October, we're excited to introduce a series of initiatives that reinforce our dedication to our people’s mental wellbeing. We'll be launching a series of interactive mental health workshops, promoting the Green Ribbon as a symbol of awareness, and offering opportunities for connection and recognition within our #WellnessReimagined app.   Fostering a mentally healthy workplace begins with simple yet impactful actions: practicing self-care, extending support to our colleagues, and being mindfully present. Let's continue to make mental health a priority and work together to build a supportive and caring work environment.   #PwC #WorldMentalHealthDay #MentalHealth