01Introduction to HK taxation system -s

G assessors can require return in specified assessors

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Unformatted text preview: in specified Assessors form to be filed within the prescribed time (s.51(1), s51(2A)). Separate returns for each tax (s.51(1)(a)), or Composite tax return to individual for property tax, salaries tax and profits tax (s.51(1)(b)). salaries 44 44 If not satisfied with the return, Assessors If can require fuller & further information (s.51(3)) (s.51(3)) Assessors can require information from Assessors any person which may affect any liability of any persons, and Assistant commissioners can summon any person to attend interview at prescribed time and place (s.51(4a)) place 45 45 Assessors can require information Assessors relating to particular land or property particular transactions (s51(4A)) - no professional privilege privilege With the consent of BoR, CIR can With obtain a statement of assets and liabilities, and of expenditure and receipt from suspected taxpayer (s51A) receipt 46 46 CIR can apply for a search warrant ( CIR ) to enter premises and seize books/ records from suspected taxpayer (s51B) taxpayer Taxpayer is required to keep books Taxpayer and records for not less than 7 years (s51C) (s51C) CIR can Request information from CIR other Government departments or public bodies or employers (s52) public 47 47 Year of assessment (Y/A) Year ( ) A year which starts on 1 April in year the year and ends on 31 March in the following year. E.g. year of assessment 2004/05: from 1 April 2004 to 31 March 2005 April 48 48 Basis period ( Basis ) The period used for computing The the assessable income or profits in respect of the year of assessment concerned. assessment 49 49 Person( ) Section 2(1) – includes a corporation ( Section ), partnership ( ), trustee ( ), ) or a body of persons ( ) A body of persons – include any body company, fraternity, fellowship or society of persons whether corporate or not corporate. corporate. 50 50 Tax rates ( Tax ) 1989/90 to 2002/2003: standard rate: 1989/90 15% 15% 2003/04: 15.5% 2004/05, 05/06, 06/07 07/08: 16% corporation profits tax rate – 1998/99 to corporation 2002/03: 16%; 2003/04 to 2007/2008: 17.5% 17.5% 51 51 Progressive Tax Rates 01/02 % First $35,000 Next $35,000 Next $35,000 Remainder 2 7 12 12 17 98/99 to 00/01 & 02/03 02/03 % 2 7 12 12 17 In 01/02 all taxpayers liable to salaries tax and personal In assessment will receive a refund of 50% of the tax payable, subject to a cap of $3,000 per case. payable, 52 52 Progressive Tax Rates 2003/04 2003/04 First Next Next Remaining $32,500 2% 2004/05 $30,000 2% $30,000 14% 20% $32,500 7.5% $30,000 8% $32,500 13% 18.5% For update information, pls. refer to textbook page xvi. 53 53...
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This note was uploaded on 03/21/2011 for the course ACCOUNTING 110 taught by Professor Mcwilliams during the Spring '09 term at San Jose State.

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