This month at the Institute (21 April 2022)

Strategic Plan 2022

Since the Institute set out its vision, strategic objectives, and initiatives in the Strategic Plan 2020-2022, there have been significant new and developing changes in circumstances and challenges that need to be addressed. The key roles and responsibilities of the Institute are being redefined by the further reform of the regulatory regime for the accounting profession, while our profession faces rapidly evolving issues that continue to pose various challenges and opportunities.

To make sure our strategy remain relevant, the Institute’s Council and management have been hard at work identifying necessary revisions and additions needed for the Institute’s strategic plan and objectives. The updated Strategic Plan 2022, which will identify our priorities and direct the allocation of the Institute’s resources for the rest of the year and beyond, is now available on the Institute’s website for you to learn more.

New publications

Quality assurance report

The Institute's Quality Assurance Report 2021 is now available. The report summarizes the work of the Quality Assurance Department in practice reviews (including anti-money laundering and counter-terrorist financing compliance monitoring review) over the past year, and highlights common review findings of which members should be aware.

A Plus – Good habits start young

The March issue of A Plus looks at how accountants can help to promote financial literacy and better spending habits among young adults and children. Other articles include experts reflecting on this year’s budget measures and how it will help individuals and society; as well as interviews with Ernest Lee FCPA (practising), President of the Hong Kong Chartered Governance Institute, and talented CPA photographers.

Institute updates

Members-Help-Members technical enquiry service

Members-Help-Members is a platform for members to obtain guidance and comments from the Small and Medium Practices Committee’s Working Group on Technical Issues about matters they are facing. Members may submit their enquiries through the website, which may be addressed at an upcoming sharing session.

Upcoming sports and recreation activities

SR Com E-seminar series – Two common skin problems: Acne & Eczema

In the coming Sports and Recreation Committee (SR Com) e-seminar on 26 April, Dr. Kingsley Chan will talk about two common skin problems that could have profound effects on one’s wellbeing: acne & eczema. The e-seminar will talk about causes of acne and the management of eczema. Click here to learn more. The seminar is free of charge.

Industry updates

Electronic filing of Profits Tax Returns

Electronic filing of Employer’s Return – easy, secure and environment-friendly

With effect from 1 April 2022, Profits Tax Returns can be furnished by service providers. Corporations and partnerships satisfying the conditions specified by the Commissioner of Inland Revenue can file their Profits Tax Returns for any year of assessment from 2016/17 to 2021/22, and attach supplementary forms to Profits Tax Return S1, S2, S3 and S4, electronically under eTAX, either directly by themselves or through service providers. Please visit the Inland Revenue Department (IRD)'s website for details.

Employer’s Returns of Remuneration and Pensions (Form BIR56A) for the year ended 31 March 2022 were issued on

1 April 2022. Employers are required to complete and return the form to the IRD within one month together with the Form IR56B for the relevant employees. However, the deadline for filing of Employer's Returns for the year then ended has been extended to 1 June 2022. Employers can file the returns via the Internet through the e-filing service for Employer's Returns under eTAX. Alternatively, employers can use the IR56 Forms Preparation Tool to prepare annual IR56B data file for uploading to the IRD via the Mixed Mode service. Please visit the IRD's website for details.

Special rate to join the ICAEW for recently qualified members

Members who qualified through the Qualification Programme in or after 2012 can apply to join the Institute of Chartered Accountants in England and Wales (ICAEW) at a special rate. Find out more about the scheme here. Enquiries: ICAEW Hong Kong office - tel. no. 3653 7015; email yamen.cheung@icaew.com

Good MPF Employer Award 2022-23

The Mandatory Provident Fund Schemes Authority is inviting applications and nominations for its Good MPF Employer Award 2022-23. Interested employers can apply online or submit the application by email, fax or post by 30 June. Visit the website for more details.

HKIRA 8th Investor Relations Awards 2022

The Hong Kong Investor Relations Association (HKIRA) is inviting public nominations for the Investor Relations Awards by 17 May.

Install the HKICPA Events app

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