Kristine

IRD Tax Evasion Ruling: Businessman Sentenced to 5 Months’ Imprisonment

Tax

On 26 October 2026, a local businessman was sentenced to 5 months’ imprisonment and fined HK$60,000 by the District Court following an Inland Revenue Department (IRD) prosecution for tax evasion. The case underscores that the IRD actively pursues custodial sentences for intentional tax omissions and fraud—not just monetary penalties. Under the Inland Revenue Ordinance, tax

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Prepare for the Revised HKFRS for Private Entities Accounting Standard

Accounting

The Hong Kong Institute of Certified Public Accountants (“HKICPA”) has issued the revised HKFRS for Private Entities Accounting Standard (“HKFRS for PE”), following the publication of the third edition of the IFRS for SMEs Accounting Standard by the International Accounting Standards Board (“IASB”). The revised standard becomes effective for annual periods beginning on or after

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