01 Intro to HK taxation system-2014 - s

Commissioner of inland revenue is the ex officio 29 1

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Unformatted text preview: sioner secretary of Inland Revenue (DCIR) of Quorum ( Decisions: Majority Votes Operates independently from IRD ): 3 Members 30 Power/Duties of BIR (Ss.85,86) To prescribe forms / returns and their To contents contents To prescribe what is or is deemed to be To included in, or excluded from, the expression “machinery or plant” and the expression “implement, utensil or articles” ( ) 31 To make and review Inland Revenue Rules To (Subject to Legislative Council’s approval), including rates of depreciation annual allowance for plant and machinery ( ) To prescribe procedures for IRD on To application for refunds and relief ( ), appeals, and miscellaneous as authorized authorized To prescribe any procedure to be followed To in relation to all appeal to the Board of Review (from 13 June 1997) Review 32 Board of Review (BoR) To hear appeals against tax To assessments upon CIR’s determination (appeal vs objection) (appeal To hear appeals to section 82A To additional tax (a penalty for tax evasion) evasion) 33 To deal with CIR’s application for To approval to request for a statement of assets and liabilities assets Doctrine of precedent i.e. decision is Doctrine deemed to be binding unless higher level court decision is made to the contrary contrary Decision is to be published Case is not heard in public 34 Proceeding( ) is bilingual Constitution: 1 Chairman 10 deputy chairmen Not more than 150 other members 1 clerk to BOR Quorum: >=3 members Decisions: Majority vote Remuneration: Determined by Chief Executive 35 Year of assessment (Y/A) Year ( ) A year which starts on 1 April in year the year and ends on 31 March in the following year. E.g. year of assessment 2011/12: E.g. from 1 April 2011 to 31 March 2012 2012 36 Basis period ( 評評評評 ) Basis The period used for computing the The period used for computing the The The assessable income or profits in respect of the assessable income or profits in respect of the year of assessment concerned. year of assessment concerned. year year E.g. If a company has year ended on 31 E.g. If a company has year ended on 31 E.g. E.g. Dec...
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This document was uploaded on 03/16/2014.

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