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Moore Maritime Index launched with the latest data

Moore Greece has announced that the Moore Maritime Index “MMI”, a database that contains operating costs and revenues from more than 1,500 vessels, has been updated and is available with the 2019 data.

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New tax concessions and deeming provisions on shipping business – Can you benefit from these concessions?

The Inland Revenue (Amendment) (Ship Leasing Tax Concessions) Ordinance 2020 (“Amendment Ordinance”) was gazetted on 19 June 2020 to provide tax concessions to qualifying ship lessors and qualifying ship leasing managers conducting business in Hong Kong.

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COVID-19 – Valuation and Market Update (30 June)

The first half of 2020 has been full of unexpected events.  COVID-19 has already infected more than 13 million people worldwide, and social distance measures have brought global economic activities to a halt. Other events, such as the oil price crash and the new wave of secondary listing in Hong Kong, further made the market to be extremely volatile. Given the fluid nature of the pandemic, different stakeholders and practitioners in the business world are facing unprecedented challenges. Various regulators and industry organisations, including SFC, HKEX and IFRS Foundation hence published an amount of new guidance and technical notes, aiming to expand the regulatory focus amid economic uncertainties and market volatilities.

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Cybersecurity preparedness in time of COVID-19

The unprecedented COVID-19 crisis has posed a huge change in many aspects, for instance, remote working has become a trend to reduce the spread of virus. This has provided insights for company’s management and board on cybersecurity preparedness. Regardless of company size, IT expenditure is unavoidable in order to maintain operations during the crisis. The related cybersecurity investment due to regulatory and compliance measures have since increased.  Most companies are caught off guard by the coronavirus. On one hand company’s computing resources are limited to support remote working, at the same time employees in general have not subscribed adequate firewall protection and antivirus packages to work remotely on their personal computers. With remote working becoming the new norm for companies worldwide amid the COVID-19 crisis, cybersecurity is even more crucial than before to support thousands of workers working from home accessing their companies’ networks.

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Valuation considerations amid the COVID-19 Crisis

As the COVID-19 outbreak accelerates, how to deal with valuation uncertainty is one of the most concerning questions. At the same time, the International Valuation Standards (IVS) did not forbid valuations with uncertainties to be performed. 

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New changes on Profits Tax Return and extended tax deadlines

With the ever-changing global development on BEPS actions and the tremendous amount of new legislations in place, taxpayers should revisit its current tax position to identify areas of exposure and uncertainty.

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COVID-19 – Tax impact on Employers and Employees

At this stage, it is still uncertain when the COVID-19 pandemic would come to an end.  Employers should review on the tax impact brought by different emergency workplace arrangements, such as workplace closure, mandatory self-quarantine, cancellation or postponement of international assignments.

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Desktop Valuations - Solution to travel restrictions due to the Coronavirus?

Since late January 2020, the outbreak of the novel coronavirus has grasped the headlines of various media outlets across the globe. Big businesses in the PRC are either temporarily shutting down stores or advising staff to work from home. As a range of PRC companies listed in Hong Kong have been severely affected by the virus, on 30 January 2020, the Securities and Futures Commission (SFC) and the Stock Exchange of Hong Kong Limited (HKEX) released a joint statement to remind all Hong Kong listed companies to inform the Exchange about how their businesses have been affected by the outbreak of coronavirus1. Most PRC based listed companies have financial year ends on 31 December, and January through March is their busy period for the preparation of annual reports. However, current travel restrictions to and from PRC and Hong Kong have posed huge challenges for external auditors and also valuers, who often need to conduct on-site inspections and management interview for their work.  

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Financial Due Diligence and Audit, is it just a title difference?

While financial performance is one of the grave concerns to an investor, which financial performance measure to look at has always been a challenge for investors.  Many would opt to start in tandem with audited financial statements as these are well governed with detailed verification work. However, we should not therefore extrapolate and conclude that audited financial statements are sufficient for making the right investment choice.  

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Moore Hong Kong Special Work arrangement under threat of Novel Coronavirus

We are here to inform you that even though our office will be tentatively closed until 9 February 2020, to align with our Government’s recommendation, our strong and united teams are here to continue to deliver the same exceptional service and quality work to our clients. We will constantly review the situation and adopt the best arrangement to benefit our clients and of course, our staff.  Health and safety of the community remains our top priority.  

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Experienced restructuring and recovery professionals joined Moore Hong Kong in 2020

Moore Hong Kong is delighted to announce as of 1 January 2020, very experienced restructuring and recovery professionals including Jim Wardell, Jackson Ip, Joanne Lui and their team have joined Moore Hong Kong. The new Moore Hong Kong restructuring and recovery services operates as Moore Recovery Limited.  

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Present Values of Lease Payments under the New Standard: HKFRS 16 Leases

HKFRS 16 Leases has become effective since 1 January 2019 and replaced HKAS 17 Leases for lease accounting to specify the principles for recognition, measurement presentation and disclosure of leases. The new standard specifies that individual leases should be considered separately.