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Self-testMC_0708_ans - BUSI 0018 Hong Kong Taxation Self...

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1 BUSI 0018 – Hong Kong Taxation Self Test Multiple Choice Questions – Units 1 to 6 Suggested Answers Question 1 Which of the following statements in respect of the Board of Review are correct? I Decisions of the Board are published without mentioning the taxpayers’ names. II The Board issues Departmental Interpretation and Practice Notes to govern the practice of the Inland Revenue Department. III The Board hears objection against tax assessments lodged by the taxpayers. A I only B II only C I and II D I and III Question 2 The current Financial Secretary of Hong Kong is: A Alice Lau B John Tsang C Henry Tang D Frederick Ma Question 3 Thomas Liu is a permanent resident in Hong Kong. During the year of assessment 2006/07, he received the following income: 1. salaries of $360,000; and 2. rental income from a property in Quarry Bay of $90,000. Mortgage interest paid on a loan used to finance the purchase of the property was $55,000. Mrs. Liu operated a sole proprietorship business and the loss agreed with the Assessor was $70,000 for the year ended 31 March 2007. She has donated $20,000 to the Hong Kong Polytechnic University during the year.
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