ACCT3161_ass1_1011_2nd_Answer

ACCT3161_ass1_1011_2nd_Answer - THE CHINESE UNIVERSITY OF...

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THE CHINESE UNIVERSITY OF HONG KONG School of Accountancy ACCT 3161 – Taxation (2 nd Term, 2010-2011) Assignment 1 Solution Question 1 (a) The Board of Inland Revenue is constituted under section 3 of the Inland Revenue Ordinance (Cap.112). It has the Financial Secretary as its Chairman and four other appointed members, of which only one can be a government official. Its Secretary is a Deputy Commissioner of Inland Revenue. The Board operates independently of the Inland Revenue Department. The functions of the Board of Inland Revenue are to prescribe: a. Returns to be used for property tax, salaries tax, profits tax and personal assessment or the form of the returns; b. Rates of annual allowance for depreciation on machinery and plant; and c. Procedures relating to applications for refunds and relief, appeals procedures, and miscellaneous matters as authorised. (b) The Board of Review (Inland Revenue Ordinance) is an independent statutory body constituted since 1947 under section 65 of the Inland Revenue Ordinance to determine tax appeals. The law provides
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ACCT3161_ass1_1011_2nd_Answer - THE CHINESE UNIVERSITY OF...

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