Home' A Plus Magazine : March 2013 Contents 4 March 2013
CPAs race for a
reason at marathon
A thousand CPA runners and their families and
friends took part in the Standard Chartered
Marathon last month. The runners of the 10 km
race included the Institute’s president, Susanna
Chiu, vice president, Clement Chan, and imme-
diate past president, Keith Pogson. The Institute
received the “most supportive group” award
from the marathon organizers for the fourth
consecutive year. All participants are invited to
the post-marathon drinks where trophies will be
presented to outstanding runners. Details of the
gathering to come.
Members to take a closer
look at LegCo Complex
The Institute and the Office of the Hon. Kenneth
Leung are organizing a guided tour of the Legis-
lative Council Complex for members. The tour
will take place on 23 March. Members who take
part in the tour, which will be guided by Kenneth
Leung, will be able to understand more about the
LegCo’s work, the historical development of the
LegCo and the design concept of the building. The
LegCo Complex is the first purpose-built build-
ing to hold the legislature since September 2011.
Members interested in taking part are advised to
enrol by 15 March.
The Institute notes with regret the passing of
Cheung Yam-tong, Tony, Lam Siu-ngan, Lau Suk-
yee, Wong Ngok-chung, Alex and Wong Ting-kui.
The first budget proposal of the administration of chief executive Leung Chun-ying
shows some progress in the right direction, according to the Hong Kong Institute of
CPAs, which believes that more can be done to boost the city’s competitiveness.
“ We support the budget measures that are in line with Institute’s recommen-
dations, such as the increased child allowance from HK$63,000 to HK$70,000,
the rates waiver and the electricity subsidy,” says Florence Chan, chair of the Insti-
tute taxation faculty executive committee and Greater China tax leader at Ernst &
Young. Targeted measures are more effective than indiscriminate cash handouts,
While the budget’s focus on families deser ves to be lauded, the city’s overall
business competitiveness deser ves more attention, the Institute concluded.
The Institute favoured implementation of its recommendations for a tax waiver
on assessable profits up to HK$500,000, an extension of tax concessions on
intellectual property and tax concessions for regional headquarters and offices.
“ These measures would have helped increase Hong Kong’s international
competitiveness,” said Wilson Cheng, convenor of the Institute budget proposal
subcommittee and a tax partner at E&Y. “ We would also have liked to see more
concrete measures for professional ser v ices to support Hong Kong’s role as an in-
ternational financial centre.”
Budget a big help for families,
falls short on long-term vision
Tax panel concerned over city’s competitiveness
Former registrar and secretary-
general passes away
Lee Kai-fat, the Institute’s past registrar and secretary-general who helped oversee
the transformation of the Hong Kong Society of Accountants into the Institute,
passed away peacefully in Hong Kong last month.
During his tenure between August 2000 and December 2003, K .F. fostered
mutual recognition between Hong Kong CPA qualification with those of first-tier
international accounting institutes.
K.F. presided over the historic 16th World Congress of Accountants, held in
Hong Kong in 2002 with more than 5,000 delegates attending and featuring the
then- Chinese Premier Zhu Rongji as officiating guest.
Under K.F., the Institute consolidated and strengthened its professional ties
with the Mainland authorities and counterparts.
“ We are deeply saddened by K.F.’s passing away. We send our heartfelt
condolences to his family and join them in mourning this great loss. K .F. was
instrumental in raising the Institute’s global profile and members of the profession
are grateful for his contribution,” says Susanna Chiu, the Institute’s president.
Before joining the Institute, Lee served in the admin
istrative ser vice of the
Hong Kong government for more than 20 years until 1999.
A funeral service will be held on 17 March at the Universal Funeral Parlour at
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