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20220106 The Inland Revenue Department’s eTAX Journey

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Programme Code:
20220106
Date:
06 January 2022 (Thursday)
Time:
6:30 pm - 8:00 pm
Speakers:

Mr. LEUNG Kin-wa, JP, Deputy Commissioner (Operations), the Inland Revenue Department

Mr. Desmond Wong, Partner, Tax Services, PwC Hong Kong

Language:
Cantonese
Venue:
Live webinar
Proficiency Level:
Intermediate Level
Fee:
Free
CPD Hours:
1.5
Seat:
300
Event Categories:
,
Application Form:
20220106 flyer

Description

**Free of charge**

*TIHK members only*

The Inland Revenue Department (IRD) has been working at full steam to take forward a project on electronic filing (e-filing) of profits tax returns which will be implemented by two phases. In the first phase, the existing eTax Portal will be enhanced by 2023, to enable more businesses to voluntarily e-file profits tax returns, together with their financial statements and tax computations in inline eXtensible Business Reporting Language (iXBRL) format. In the second phase, a new Business Tax Portal will be rolled-out by 2025 to replace the existing eTax Portal and facilitate e-filing of profits tax returns by businesses.

In the first quarter of 2021, the IRD conducted a consultation to seek views from interested parties on the proposed IRD Taxonomy Package aimed at facilitating the e-filing of financial statements and tax computations in iXBRL format. In June 2021, the Inland Revenue (Amendment) (Miscellaneous Provisions) Ordinance 2021 was enacted, among other things, to enhance the mechanism for furnishing tax returns.

On 4 November 2021, the IRD issued a consultation paper setting out proposals for taking forward the e-filing project. The IRD would like to conduct a consultation session to brief the TIHK members and interested parties on the proposals for taking forward the e-filing project and address the questions and concerns that stakeholders may have.

Speaker Profile

Mr. LEUNG Kin-wa, JP, Deputy Commissioner (Operations), the Inland Revenue Department

Mr. LEUNG is the Deputy Commissioner (Operations) of the IRD. His present portfolio in the Department includes information technology, taxpayers’ services, field audit and investigation, collection enforcement, business registration, stamp duties, training and administration.He is a member of HKICPA and ACCA.

Mr. Desmond Wong, Partner, Tax Services, PwC Hong Kong

Desmond joined PwC Hong Kong in 2007 and is a Partner of PwC Hong Kong’s corporate tax practice, leading Hong Kong corporate tax in the Technology, Media and Telecommunications (TMT) sector.

In 2012, Desmond was selected for a three-year secondment programme with PwC US, where he worked in the Los Angeles and Atlanta offices. His responsibilities included US tax accounting and international tax projects.

Desmond possesses extensive experience in providing Hong Kong and international tax services to multinational clients across various sectors, including TMT, Industrial/Consumer Products, Private Equity funds, as well as investment sectors. His involvement has spanned tax investigations, corporate restructuring, cross-border tax advisory projects, tax due diligence, tax and debt structuring, tax ruling applications, stamp duty, and IPO projects. He has also served as the regional tax coordinator for numerous PwC clients with a global presence.

In recent years, Desmond has provided tax advice and tax location studies to several promising startups, participating in business development activities organised by government agencies and quasi-governmental organisations. He has supported TMT enterprises in establishing or expanding their business presence in Hong Kong and international markets.

With the evolving corporate tax landscape, Desmond has engaged in transformational tax projects, advising the government and business sectors on Hong Kong’s electronic tax filing initiatives. He also contributed to the development of a digital tax platform for PwC internal and external use. He is now significantly involved in studying and acting as the central team on deployment for Harvey AI on tax, enhancing efficiency in delivering the client services.

Desmond is a frequent speaker on tax-related topics at seminars organised by PwC, business associations, and government bodies.

Desmond completed the PwC US Tax Immersion Programme, a fast-track course to the Master of Business Taxation co-organised by the University of Southern California. He also holds a Bachelor’s Degree on Finance and Economics from Macquarie University. Desmond currently serves as the Chairman of the Professional Standards Committee and is a Council Member of The Taxation Institute of Hong Kong. Additionally, he is a member of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants.

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