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TA1 - BUSI 0018 Hong Kong Taxation Tutorial Questions Unit...

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TA_U1_TaxAdmin_0809 1 BUSI 0018 – Hong Kong Taxation Tutorial Questions Unit 1 – Hong Kong Tax System and Administration Answer 1 This is an open ended question. Main points for discussion include: Some requirements of a Tax System Generate sufficient recurrent revenue Neutral Consistent with changing commercial practices Simple and easy Equitable Non-fiscal objectives Legal aspect Article 18 “laws in force in the HK SAR shall be this Law, the laws previously in force in HK as provided for in Article 8 of this Law, and the laws enacted by the legislature of the Region.” Article 106 “HK SAR shall have independent finances, shall use its financial revenues exclusively for its own purposes, and they shall not be handed over to the Central People’s Government, and Central People’s Government shall not levy taxes in the HK SAR.” Article 108 “HK SAR shall practice an independent taxation system, shall, taking the low tax policy previously pursued in HK as reference, enact laws on its own concerning types of taxes, tax rates, tax reductions, allowances and exemptions and other matters of taxation.” Students are also expected to have a discussion about the proposed Goods and Services Tax (GST), including its advantages and disadvantages. Answer 2 Mr. Wong should observe the following obligations (S.51): (a) To notify the Inland Revenue Department that he is liable to pay Salaries Tax, within 4 months after the end of the year of assessment in which he commenced his employment unless he is required to submit a Salaries Tax Return before that date.
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