Unit 1B - THE UNIVERSITY OF HONG KONG SCHOOL OF BUSINESS...

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1 THE UNIVERSITY OF HONG KONG SCHOOL OF BUSINESS BUSI 0018 – Hong Kong Taxation Unit 1B – Hong Kong Tax Administration Coverage 1 Assessments (Part X) 2 Payment and recovery of tax (Part XII) 3 Repayment of tax (Part XIII) 4 Objections and appeals (Part XI) 5 Correction of errors (S.70A) Learning Objectives After completing this unit, you should be able to: explain how and when the IRD raises assessment and additional assessments describe how the IRD recovers tax, and how a taxpayer claims a refund of tax paid describe the avenue to lodge an objection or appeal against a tax assessment explain when a tax assessment becomes final and conclusive and the grounds for re- opening a final and conclusive tax assessment 1 ASSESSMENTS 1.1 When to Make Assessments (S.59) Assessor may raise an assessment any time after the time limit for submission of returns upon receipt of returns filed by taxpayer, or any time if it is expedient to do so Assessor may raise an estimated assessment when the return filed is unacceptable in the absence of return, or when books are not kept in satisfactory form 1.2 When not to Make Assessments Assessor is refrained from raising Property Tax assessment (S.59(1A)) if election of Personal Assessment is made by an individual (the owner), and this results in full refund of Property Tax paid Assessor is refrained from raising Profits Tax assessment (S. 59(1B)) if taxpayer is eligible to elect Personal Assessment, assessable profits do not exceed total allowances entitled, and there is no other source of chargeable income
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2 1.3 Additional Assessments (S.60) Raised when taxpayer is non-assessed or under-assessed; or tax is repaid by mistake, not by determination of objection or appeal Raised within 6 years after the end of the Y/A concerned; or 10 years after the end of the Y/A concerned in case of fraud or wilful evasion; or 1.4 Notice of Assessment (S.62) Issued by Commissioner of Inland Revenue giving details of amount assessed amount of tax charged due date of payment Assessment can be served personally or by mail to the taxpayer’s last known address, to any address at which he was, during the year to which the notice relates, employed or carrying on business, or for property tax, to the land or buildings which are the subject of the tax Assessment is final and conclusive when (S.70) no valid objection/appeal is lodged objection/appeal is withdrawn/dismissed assessment is agreed assessment is determined upon objection/appeal and no further appeal is given Additional assessment may still be raised when assessment is final and conclusive provided that the additional assessment does not re-open the issue determined on objection/appeal
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3 1.5 Provisional Tax Assessment (S.63B to S.63P)
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This note was uploaded on 02/23/2012 for the course BUSI 0018 taught by Professor C.ng during the Spring '11 term at HKU.

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Unit 1B - THE UNIVERSITY OF HONG KONG SCHOOL OF BUSINESS...

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