powerpoint%20Chapter%2001%20-%20introduction

powerpoint%20Chapter%2001%20-%20introduction - 1 Taxation...

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Unformatted text preview: 1 Taxation and tax planning By K S Kwong Year 2010/11 (year 11/12) 14 th edition 2 Chapter 1 Introduction Key points:- 1.Describe the characteristics of HK Tax system 2.Explain some basic terms (briefly) 3.Describe the functions of IRD,BIR & BOR 4.Describe the sources of tax law 5.Charitable organizations (year 11/12) 14 th edition 3 Fiscal Policy of HK 1. HKSAR shall have independent finances 2. Central Government shall not levy taxes in HK 3. HKSAR shall practice an independent taxation system 4. HKSAR shall take low tax policy 5. Legislative council of HKSAR shall approve taxation (year 11/12) 14 th edition 4 Features of HK taxation (I) 1. Territorial source concept - the residence status of a taxpayer does NOT normally affect his tax liability 2. Schedular system tax is levied under separate headings 3. Direct assessment Directly assessed & demanded from the taxpayer concerned (year 11/12) 14 th edition 5 Features of HK taxation (II) 4. Limitation to standard rate overall tax cannot exceed the standard rate 5. Low tax rates compared with developed countries 6. No capital gain tax 7. No tax on dividend income (year 11/12) 14 th edition 6 Basic terms in the IRO (I) Year of assessment (y.a.) 1 April each year to 31 March following year Basic period- the period on the income for that year falls to be computed Chargeable persons (including corporation, partnership, trustee or a body of person) Personal allowances...
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powerpoint%20Chapter%2001%20-%20introduction - 1 Taxation...

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