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Investor Presentaiton

. Amendments to HKAS 12, Income taxes: International tax reform - Pillar Two model rules The amendments introduce a temporary mandatory exception from deferred tax accounting for the income tax arising from tax laws enacted or substantively enacted to implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD), including tax laws that implement qualified domestic minimum top-up taxes described in those rules. The amendments also introduce disclosure requirements about such tax. They are immediately effective upon issuance and require retrospective application. The accounting policy note on income tax in note 1(y) and disclosures on Pillar Two income taxes in note 6(c) have been updated accordingly. Further details of the amendments can be found in footnotes 85, 104 and 147. HKICPA guidance on abolition of the mandatory provident fund (MPF) - long service payment (LSP) offsetting mechanism On 4 July 2023, the HKICPA issued guidance on the accounting considerations for the MPF-LSP offsetting mechanism in the Hong Kong SAR, and the abolition of such mechanism, which was gazetted by the Government of Hong Kong SAR on 9 June 2022. In this Guide, HK Listco has applied the above HKICPA guidance and implemented the accounting policy change in connection with its LSP liability retrospectively. The accounting policy note on employee benefits in note 1(x) and disclosures on LSP liabilities and related deferred tax in notes 28(c) and 30(b)(i) have been updated accordingly. Further details of the accounting considerations and the HKICPA guidance can be found in footnotes 86, 244, 254 and Appendix D to this Guide. 4 © 2023 KPMG, a Hong Kong partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved.
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