Dear Valued Customers,
Welcome to November! It has been a year of ups and downs, but overall, I think we have all done a remarkable job in weathering the COVID-19 storm as best we could. With that in mind, let’s see what has happened since our last newsletter.
ACCA Accounting and Business Magazine
I recently spoke to the ACCA’s Accounting and Business Magazine. During my session, we talked about 3E Accounting’s decision to expand into Hong Kong and how investing in technology and talent has helped ensure business continuity in the COVID-19 business environment. Technology has helped transformed 3E Accounting’s employees into adept remote workers, enabled continued communications with global stakeholders and launched 3E Accounting Limited, our newest global office in Hong Kong.
TCFS Innovation and Technology Fund
We welcome the return of the Guangdong-Hong Kong Technology Co-operation Funding Scheme. The Guangdong-Hong Kong Technology Co-operation Funding Scheme (TCFS) fund was introduced as a corporate initiative to stimulate collaboration on research and development among universities, research institutes and technology enterprises. The project funds must only be used to bear the costs of the workforce, new equipment and other direct costs for carrying out the project. Furthermore, the project funds must be utilized within the stipulated timeframe of the project.
Double Taxation Avoidance Pact with Serbia
Hong Kong’s Secretary for Financial Services and Treasury has officially signed a Comprehensive Avoidance of Double Taxation Agreement (CDTA). This agreement is with Serbia on behalf of Hong Kong Special Administrative Region Government.
The agreement signifies the Hong Kong Government’s efforts in enlarging the city’s tax treaty network. The CDTA affirms the allocation of taxing rights between two jurisdictions. This is a big step, since it will help investors better assess their potential liabilities in tax from cross-border activities. Moreover, this agreement will help to grow Hong Kong’s trade connections.
Serbia is among the expanding list of economies coming onboard the Belt and Road Initiative and its participation is expected to bring an influx of lucrative business opportunities. The CDTA offers attractive additional incentives for both countries in terms of business and investment opportunities. The Hong Kong-Serbia CDTA will be launched after the settlement of ratification procedures by both jurisdictions.
Subsidy Schemes Now Available for Commercial Bathhouses and Public Entertainment License Holders
Commercial bathhouses and public entertainment license holders in Hong Kong can start applying for subsidy schemes as part of the third round of measures by the Hong Kong Anti-Epidemic Fund. The newly introduced schemes will help provide relief to businesses and individuals. This scheme is categorised into two types of licenses. The first is the Commercial Bathhouse Subsidy Scheme, and the second is Places of Public Entertainment License Subsidy Scheme. Both schemes will provide a $50,000 one-off subsidy for each eligible holder. Interested applicants can submit their applications through mail or in person before 9 November 2020. Successful applications will receive the subsidies in approximately two weeks’ time.
Until the next time, stay safe everyone.
Thank you.
Lawrence Chai
Founder, 3E Accounting Group
Read More in our E-Newsletter November 2020.
