Hong Kong Time

Join Gibson Dunn attorneys Adam Smith and David Wolber for a discussion of the current status of the implementation and legal, practical and reputational impact of the G7+ price cap program targeting seaborn trade in Russian oil and petroleum products. 

SPEAKERS

Adam Smith, Partner, Gibson, Dunn & Crutcher

Adam Smith is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher.  He is an experienced international lawyer with a focus on international trade compliance and white collar investigations, including with respect to federal and state economic sanctions enforcement, CFIUS, the Foreign Corrupt Practices Act, embargoes, and export and import controls.  Mr. Smith has been consistently ranked nationally by Chambers USA and Chambers Global as a leading attorney in International Trade: Export Controls & Economic Sanctions since 2019.  In 2023, The Best Lawyers in America® recognized him for International Trade and Finance Law.  Mr. Smith is also recognized as a Thought Leader for Trade & Customs – International Sanctions law by Who’s Who Legal, and is recommended in their 2023 Who’s Who Legal’s Thought Leaders: USA, 2023 Who’s Who Legal Thought Leaders – Global Elite, and 2022 Who’s Who Legal Trade & Customs guides.  In addition, he was identified by Global Investigations Review as one of the leading sanctions practitioners in Washington, DC.

David Wolber, Of Counsel, Gibson, Dunn & Crutcher

David Wolber is a Registered Foreign Lawyer (New York) in Hong Kong and of counsel in the Hong Kong office of Gibson, Dunn & Crutcher. He is a member of the Firm’s International Trade and Global Financial Regulatory Practice Groups.  Mr. Wolber assists clients around the world in understanding and navigating complex legal, compliance, reputational, political and other risks arising out of the interplay of various international trade, national security and financial crime laws and regulations, with particular expertise advising clients on economic and trade sanctions, export controls, foreign direct investment controls/CFIUS, anti-money laundering (“AML”) and anti-bribery and anti-corruption (“ABC”) laws and regulations.  Mr. Wolber routinely advocates on behalf of clients seeking CFIUS review, filing for trade-related licenses, responding to governmental inquiries or subpoenas, submitting self-disclosures related to potentially non-compliant activity, and dealing with formal regulatory investigations or enforcement actions.

With the end of China’s zero-COVID policy, the year of the Rabbit is expected to bring great promise for companies in the country. Beyond just the prospect of fewer supply chain disruptions due to COVID-19 restrictions, there have been signs of easing in a number of areas – economic policy, foreign policy and in the regulatory crackdown that has kept tech CEOs up at night. The reality, however, is always more complicated. Strong regulatory compliance and agility in responding to geopolitical volatility remain essential parts of risk management in China business.

During this webinar, Control Risks will share the assessments of the key issues to watch in the China market in 2023, particularly in terms of geopolitics and regulations. We will also discuss which strategic and tactical approaches can help companies make the most of China’s opening up.

Recognising the emerging picture of China should be front of mind for in-house counsels when thinking about how to minimise risk exposure and build business resilience. The efforts are crucial as companies try to undertake new strategies to adapt to the new climate in the country.

Julia Coym, Director, Control Risks

Julia Coym leads Control Risks’ political and regulatory risk consulting team for Greater China and North Asia and is based in Shanghai. With 15 years’ experience in advising organisations on risk and corporate strategy, Julia specialises in responding to rising geopolitical risks, the politicisation of technology and data, industrial policy and anti-competition, cyber security and other regulatory enforcement.

In this webinar partner Felda Yeung from Gall will provide employment law updates on:

- MPF setting off regime,

- Tax updates,

-  Sickness allowance and employment protection in epidemic measures

-  Increased statutory holidays

-  Remote working/requests to work from overseas

A range of topical issues will be covered and practical guidance will be provided to in-house counsel. There will also be a Q&A session at the end of the webinar.

On 1 January 2023, the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Ordinance 2022 (the Amendment Ordinance) came into operation. 

Under the new Foreign-sourced Income Exemption (FSIE) regime, certain foreign-sourced income arising in or derived from Hong Kong may be chargeable to profits tax when it is received in Hong Kong. Tax exemptions currently granted to specified types of foreign-sourced passive income received in Hong Kong by multinational enterprises may no longer be available unless certain conditions such as the economic substance requirements and nexus approach are met.  Specified foreign-sourced passive income being affected includes interest, dividend, disposal gain on equity interests and income from intellectual properties. The Amendment Ordinance also amended the IRO to provide for relief against double taxation in respect of certain foreign-sourced income and transitional matters, according to the latest updates from Inland Revenue Department (IRD). 

To facilitate implementation of the new regime, the IRD has issued administrative guidelines and provided instructions for applying for advance ruling for entities that wish to have more certainty on tax treatments and ensure compliance with the economic substance requirements.

We are pleased to have invited Mr. Kwan Yu, Tax Partner and Mr. Yiu-Hong Chung, Tax Director at Deloitte China to provide an update of the legislative provisions as given in the Ordinance. The speakers will also share insights on its impact on businesses as well as possible actions that can be considered by affected entities facing the refined FSIE regime.

SPEAKERS

Kwan Yu, Tax Partner, Deloitte China

Kwan Yu is a Tax Partner with Deloitte China’s International & M&A Tax Services based in Hong Kong and has over 20 years of international tax experience in the U.S. and Hong Kong. He is also a member of the Asia Pacific International Core of Excellence (AP ICE) which is a core group of senior tax professionals that provides international tax services to Asia Pacific based companies investing abroad as well as multinational companies investing in the region. Kwan is a member of the AICPA and a CPA licensed in the State of Virginia.

Yiu-Hong Chung, Tax Director, Deloitte China

Yiu-Hong Chung is a Tax Director with Deloitte China’s International & M&A Tax Services based in Hong Kong and he provides tax advice to multinational corporate clients who wish to invest in China and Hong Kong, including structuring and acquisition issues, supply chain planning, cross-border transfer pricing strategies, corporate reorganizations, and tax/regulatory compliance matters.

Yiu-Hong holds a B.A. from the Chinese University of Hong Kong. He is a member of The Hong Kong Institute of Certified Public Accountants (HKICPA).

Peter Chen, Partner, Yang Chan & Jamison LLP, an independent Hong Kong Law Firm associated with Deloitte Legal

Peter Guang Chen is both a certified public accountant and an attorney with more than 20 years of experience, and who is practicing in Hong Kong. Peter has advised multinational companies on their investment structuring, regulatory, and business issues; mergers, acquisitions, reorganizations in the U.S., China and the Asia Pacific region. He has represented both companies and individuals to resolve tax disputes with tax authorities in the U.S. and China. Peter has also advised US, China and Hong Kong high net worth individuals on the structuring of trusts, foundations in the income tax and estate planning context, as well as advising them on China and international tax issues. Previously, Peter was with a major economic consulting firm and also was a tax partner at Deloitte, where he was responsible for the China Desk in NYC. He is a frequent speaker and writer on international tax issues.

Peter is admitted to practice as attorney in United States (New York & New Jersey), United States Tax Court, Federal District Court (SDNY, EDNY, NJ). He is also licensed as CPA in New York and New Jersey. Peter is also admitted to practice law in Hong Kong as a solicitor.

EVENT DETAILS:

Date:

Thursday, 16 February 2023

Time:

12:30 pm to 1:00 pm - Light Lunch

1:00 pm to 2:00 pm - Presentation and Networking 

Location:

Deloitte's office

35/F, One Pacific Place, Admiralty, Hong Kong

CPD Point(s):

Hong Kong qualified lawyers are eligible to receive 1 CPD point for this seminar, subject to approval from the Law Society of Hong Kong.