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20211028 New tax controversy issues arising from digital economy and how to handle

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Programme Code:
20211028
Date:
28 十月 2021 (Thursday)
Time:
6:30 pm - 8:00 pm
Speakers:

Mr Ivan Wong, Senior Consultant, Tax Controversy Services, PwC

Mr Felix Tsang, Senior Manager, Tax Controversy Services, PwC

Mr Philip Hung, Director, Tax Controversy Services, PwC

Language:
Cantonese
Venue:
Live webinar
Proficiency Level:
Intermediate Level
Fee:
$150 – $200
CPD Hours:
1.5
Seat:
100
Event Categories:
,
Application Form:
20211028 flyer

Description

Digital technology has undeniably transformed the commercial landscape. In addition to online sales of physical goods and services, in-game virtual items like loot boxes can also be sold through microtransactions. On the other hand, KOLs (Key Opinion Leaders) can capitalize on their influence and derive income from different social media. Businesses can also access markets across borders without establishing a physical presence. These new creations of the digital economy have brought new issues of disputes between taxpayers and the Hong Kong Inland Revenue Department (“IRD”), and require novel approaches to handle.

Meanwhile, the OECD has recently released the “Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalisation of the Economy” summarizing the key components of Pillar One and Pillar Two of the Base Erosion and Profit Shifting (“BEPS”) 2.0 Project on 1 July 2021.The Statement indicates that a detailed implementation plan will be finalised by October 2021 and come into effect in 2023. It is expected that the Hong Kong government will consider the most appropriate response measures required to maintain the competitiveness of Hong Kong.

In this upcoming webinar, the speakers will share with you the IRD’s latest practice in handling the tax disputes arising from digital transactions, and their observations the latest global development for taxing the digital economy as well as its potential impact on Hong Kong tax system.

Highlights of the webinar include:

· Recap of Hong Kong tax rules governing e-commerce business

· New issues of tax disputes arising from digital economy

· Outline of global tax development in digital economy

· Potential impact of BEPS 2.0 on Hong Kong tax system

· Illustrative examples

· Real-time Q&A session

Speaker Profile

Mr Ivan Wong, Senior Consultant, Tax Controversy Services, PwC

Ivan has over 5 years of experience in providing Hong Kong tax compliance and consulting services, business regulatory advisory services, tax audit and dispute resolution services as well as tax health checks. He has extensive experience in providing tax and business consulting services to local and multinational clients from different industries such as trading, manufacturing, construction, social media platform production services, online game services and non-profit organisations, etc. Ivan has also handled cases with companies and individuals involving tax issues such as offshore claim, cross-border transactions, charitable tax exemption status, etc.

Mr Felix Tsang, Senior Manager, Tax Controversy Services, PwC

Felix has over 15 years of experience in resolving tax audits, tax investigation and other tax disputes for multinational corporations and local SMEs in different industries including manufacturing, services, fund management and charitable institutions, involving a diverse range of issues such as offshore claims, cross-border transactions, contract / import processing arrangements, anti-avoidance, transfer pricing, tax exemption for charities and Board of Review proceedings. With insights in tax dispute resolution, Felix also has ample experience in providing practical tax and business advice from a dispute prevention angle, including tax health check, defence file building, post-audit restructuring, tax due diligence, fee structure for fund management, and charity set up.

Mr Philip Hung, Director, Tax Controversy Services, PwC

Philip has over 30 years’ experience in Hong Kong taxation with six years in IRD.He is a well-known expert in the tax field and investigation specialty. After he left the IRD, Philip concentrated in assisting clients in handling tax investigation and field audit cases. He is the first to set up a specialized team to handle the IRD’s tax investigation and field audit cases for clients in the industry.

Philip’s clients include charitable institutions, fund managers, SME, listed companies and various MNC. He assisted in handling complicated cases such as the IRD’s review on major charitable institutions, worldwide onshore/offshore claim, disputes on contracting processing and import processing arrangements, offshore claim for Macao Offshore Company, IRD prosecution case and transfer pricing adjustments.

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