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Paul M. P. Chan Legislative Councilor (Accountancy) Past President, HKICPA & ACCA-HK Member, CPA Australia 7 October 2009 First Year Legislative Council Work Report © 2009 Paul M. P. Chan. All rights reserved.
First year Legislative Council Work Report
© 2009 Paul M. P. Chan. All rights reserved. Scope of work of a Legislative Councillor To enact laws To monitor the work of the government To examine and approve the government’s budget and other expenditure proposals 3
© 2009 Paul M. P. Chan. All rights reserved. Scope of work of a Legislative Councillor (Cont’d) To reflect public opinion, to move motion on important issues of public concern for debate to draw government’s attention and response thereto 4
© 2009 Paul M. P. Chan. All rights reserved. Scope of work of a Legislative Councillor (Cont’d) Concerns and issues in the accounting profession 5
© 2009 Paul M. P. Chan. All rights reserved. My work in the Legislative Council Committees that I have joined - Public Accounts Committee - Committee on Members' Interests - Panel on Financial Affairs - Panel on Economic Development - Panel on Welfare Services - Public Works Subcommittee (2008/09) - Subcommittee To Study Issues Arising From Lehman Brothers: related Minibonds and Structured Financial Products 6
© 2009 Paul M. P. Chan. All rights reserved. My work in the Legislative Council (Cont’d) Ex-officio members –House Committee –Finance Committee Attendance as observer –Panel on Commerce and Industry –Panel on Administration of Justice and Legal Services –Panel on Security : 7
© 2009 Paul M. P. Chan. All rights reserved. My work in the Legislative Council (Cont’d) Public Account Committee (Deputy Chairman) –Equal Opportunities Commission –Emergency ambulance service –Management of public markets –Administration of the DesignSmart Initiative –The Quality Education Fund –HK Arts Development Council 8
© 2009 Paul M. P. Chan. All rights reserved. My work in the Legislative Council (Cont’d) Bills Committee –Inland Revenue (Amendment) (No.3) Bill 2009 (as Chairman) –Inland Revenue (Amendment) (No.2) Bill 2009 –Minimum Wage Bill (as Deputy Chairman) –Domestic Violence (Amendment) Bill
© 2009 Paul M. P. Chan. All rights reserved. Legislative Council Motions My first motion － “Enhancing the Tax System to keep Hong Kong competitive” -Amend the Inland Revenue Ordinance to provide for tax incentives or concessions -Tax loss carry-back provisions, with appropriate dollar caps for the loss -Group tax loss relief to wholly-owned and near wholly owned subsidiaries 10
© 2009 Paul M. P. Chan. All rights reserved. Legislative Council Motions (Cont’d) My first motion － “Enhancing the Tax System to keep Hong Kong competitive” (Cont’d) -Allowance for capital expenditure incurred on plant or machinery located outside Hong Kong and which are used in processing trade arrangements -Profit tax reduction and tax credits on foreign withholding tax -Indentify and evaluate further changes of tax policy principles and tax administration practices -Establish a specialist “Tax Policy Unit” 11
© 2009 Paul M. P. Chan. All rights reserved. Legislative Council Motions ( Cont’d ) Amendment motion on “Promotion of Local Innovative Programme” –Tax deduction for expenditure on “Intangible Assets” namely trade marks and franchise –Increased tax deduction for “Research and Development Expenditure” to 200% 12
© 2009 Paul M. P. Chan. All rights reserved. Legislative Council Oral/Written - Questions Corporate Rescue Regime - Urged the government to revive the consultation on corporate rescues 13
© 2009 Paul M. P. Chan. All rights reserved. Legislative Council Oral/Written - Questions (Cont’d) Performance of contractors engaged by the Official Receiver –How the Official Receiver’s Office assigned jobs to contractor –Follow up actions in respect of contractors with sub-standard performance 14
© 2009 Paul M. P. Chan. All rights reserved. Legislative Council Oral/Written - Questions (Cont’d) Use of Mandatory Provident Fund Account Information to help the poor –Suggested the government to make use of the information gathered about those earning less than $6,000 monthly –Seek out the “3 have-nots” and the “5 have-nots” 15
© 2009 Paul M. P. Chan. All rights reserved. Letters to the Administration Letter to K.C. Chan on the cancellation of Closing Auction Session –Query about the working of the Closing Auction Session –In his reply, K.C. Chan stated that there were rooms for improvement in the Closing Auction Session and hopefully a feasible way would be worked out by the market 16
© 2009 Paul M. P. Chan. All rights reserved. Letters to the Administration (Cont’d) Letter to the Chief Executive – corporate governance in NGOs and public bodies –Suggested to design questionnaires and procedures for NGOs and public bodies to conduct periodical self- assessment –The Chief Executive was receptive to the suggestion through the Secretary For Financial Services and The Treasury –The government Efficiency Unit is producing the a guide and tool kit on corporate governance 17
© 2009 Paul M. P. Chan. All rights reserved. Letters to the Administration (Cont’d) Letter to the Financial Secretary – about tax heaven –Drew government’s attention to the fact that Hong Kong may be listed as a “Tax Heaven” by the Congress of United States 18
© 2009 Paul M. P. Chan. All rights reserved. Other works Overseas Study Visits –Study visit to Guangdong for Environmental issues and Economic Affairs –Study visit to Taipei and Seoul on relief of poverty social enterprises –Study visit to Prague, Zegreb, Rijeka and Budapest about democratization –Went to Beijing on matter affecting the profession –Went to Berlin on IFAC SMP matters Handle complaints 19
© 2009 Paul M. P. Chan. All rights reserved. Survey of the profession Conducted the first survey in August and September among accounting professionals Collected feedbacks from accounting profession on Chief Executive’s Policy Address 561 questionnaires were successfully collected 20
© 2009 Paul M. P. Chan. All rights reserved. Survey of the profession (Cont’d) Priority identified by respondents were “Economy and Employment”, followed by “Education” and “Health Care and Food Safety” Most urgent bills to be moved identified by respondents were “Financial Regulatory Reform”, followed by “The Employment Prospect of Accounting Profession” and “Policies to help professionals entering the Mainland market” 21
© 2009 Paul M. P. Chan. All rights reserved. Works for the Profession Founded the “Accounting Resources Centre” to serve the accounting profession Promote career development of individual accountants and the development of the accounting industry Provide consultation, training and support for young accountants Provide Peer Support to practising accountants 22
© 2009 Paul M. P. Chan. All rights reserved. Works for the Profession (Cont’d) “Accounting Development Foundation Limited” Non-profit organization Founded by 28 senior and young professional accountants two sub-groups, "Young Accountants Support Group" and "Peer Support Group“ were formed 23
© 2009 Paul M. P. Chan. All rights reserved. Works for the Profession (Cont’d) Organizes CPD seminars and forums Organized jointly with SCAA, a study trip to the Pearl River Delta for Young Accountants in July with 80 participating accountants and volunteers. Organized jointly with SCAA an intern programme for university students 24
© 2009 Paul M. P. Chan. All rights reserved. Works for the Profession (Cont’d) Maintain good communication with the profession Holding regular luncheon meetings with leaders of different professional bodies in the industry Holding regular luncheon meeting with different university accounting faculties Regular dialogues with key accounting bodies 25
© 2009 Paul M. P. Chan. All rights reserved. Protecting the profession and members An open letter to HKICPA on the consultation document to amend the PC Regime Asked HKICPA to “reduce membership fee” and charge young and retired accountants for a lower fee rate HK Exchange consultation on H shares financial statements and audit SMEs Financial Reporting Provide assistance to young accountants 26
© 2009 Paul M. P. Chan. All rights reserved. Legislative Council - Up Coming Agenda IRO No3 (Amendment) Bill Exchange of information Constitutional Reform Financial Services Ombudsman Corporate Rescue Regime Statutory backing of Listing Rules – disclosure of accounting information Company (Amendment) Bill 27
© 2009 Paul M. P. Chan. All rights reserved. Competition Bill Islamic Finance - Amendment of IRO and Stamp Duty Ordinance Allow direct appeal to BOR Punishment for those not following BOR instructions Consultation on Trustee Ordinance Legislative Council - Up Coming Agenda (Cont’d) 28
© 2009 Paul M. P. Chan. All rights reserved. Deposit Protection Scheme (Amendment) Bill Anti-money laundering and Counter-Financing of Terriorism Measures (Financial Institutions) Bill Business Registration (Amendment) Bill Chiang Mai Initiative Multi-lateralization funding arrangements Independent Insurance Authority Insurance Policyholders’ Protection Fund Hong Kong and Taiwan economic and business cooperation Measures to support SMEs Legislative Council - Up Coming Agenda (Cont’d) 29
© 2009 Paul M. P. Chan. All rights reserved. HK Exchange consultation on H shares financial statements & audit IFRS – SME PC Regime and related issues Professional Liability Reform Prospects of the Accounting Profession Closer Economic Partnership Arrangement (CEPA) International Accounting Standards Committee International Federation of Accountants China’s Ministry of Finance Accounting Industry – Up Coming Issues 30
© 2009 Paul M. P. Chan. All rights reserved. Thank you! Q&A and Advice Tel. No.:
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