09_ Returns Info Obligations - s

09_ Returns Info Obligations - s - Units 9 Returns,...

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1 Returns, Information, Obligations of Taxpayers & Employers, Persons responsible for compliance Units 9
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2 LEARNING OBJECTIVES After this lecture, you should be able to: explain the powers of the assessor to obtain returns and further returns explain the powers of assessor/inspector to obtain information identify the persons responsible for compliance with tax law
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3 Powers of IRD to obtain Returns ( )Information An assessor is empowered to give written notice to any person requiring him to complete and submit a return within a reasonable time In general, it is one month from the date the return is issued
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4 Powers to obtain returns Assessor( )can require a TP to furnish a return (prescribed by the BIR) within a specified time limit (usu. 1 month): s.51(1) Different types of return: - separate returns for property tax, profits tax (corporations, partnerships) - individual tax returns for property tax, salaries tax & profits tax: s.51(1)(b) – can be used to elect PA
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5 Power to obtain further( ) returns After a return has been submitted If an assessor thinks it is necessary, he can require a taxpayer to supply further or fuller return in support of his return: s.51(3)
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6 Proper( ) returns If a return does not contain the required information, - it will be treated by IRD as if no return has ever been submitted ( CIR v. Mayland Woven Label Factory Ltd (1975) 1 HKTC 627). A company incorporated in HK has to submit Auditor’s reports and audited accounts together with its profits tax return. A sole proprietor has to submit certified profit and loss account and balance sheet.
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7 Assessor’s Powers to obtain information: S.51 (4)(a) Assessor or inspector can give written notice to a person - to obtain information or documents affecting the tax liability, responsibility / obligations of any person from - the taxpayer or a 3 rd person - whom the assessor / inspector considers may be in possession ( ) of such information / documents
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8 Assessor To obtain information - requiring him/her/it within a reasonable time stated to: - furnish such information in his possession; and/or - produce for examination such documents considered to be relevant: s.51(4)(a). see papa. 15, p. 149
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9 Possession Possession is not limited to physical ( ) possession: CIR v Mui Y F (1975) 1 HKTC 632
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10 Solicitor’s account A solicitor, when required to produce an account kept by him & relating to the affairs of his client(s), - can produce a certified true copy of the account containing all relevant entries therein as sufficient compliance to the s.51(4)(a) notice: s.51(1)(a) proviso
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09_ Returns Info Obligations - s - Units 9 Returns,...

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