Description
Small and medium-sized enterprises (“SMEs”) may encounter tax audit conducted by the Inland Revenue Department (“IRD”). Hence, the common approaches in handling tax audit on SMEs including formulation of settlement basis and negotiation tactics would be an important agenda of SMEs. In this connection, the tax reporting obligations, filing procedures and penalty provisions of the Inland Revenue Ordinance will also be essential for SMEs. At the end, there is a case sharing section to pinpoint what has been explained during the seminar.
The purpose of this seminar is to provide insights on the tax audit issues for SMEs and an understanding on how can better prevent and manage the tax controversy risks.
Content outline
1. A brief introduction about tax audit conducted by the Field Audit and Investigation Section of the IRD and the tax audit process
2. An analysis of tax audit on SMEs and the possible ways of settlement
3. Tax reporting obligations and filing procedures of SMEs
4. Penalty provision and consideration
5. Case sharing
6. Q&A session
