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20220412 IRD’s on Reviews on Charitable Organisations – Latest Development
Description
The Inland Revenue Department’s (“IRD”) has continued to step up its efforts in reviewing charitable organisations’ tax exemption status and income generated. Different types of charities and different types of issues are coming under the spotlight by turns. However, many tax-exempt charities are not aware that some of their income is not automatically tax-exempt under Section 88 of the Inland Revenue Ordinance, and may overlook and their reporting and withholding obligations. Any non-compliance with tax obligations may result in penalties even for charities. The IRD is also updating its charity tax guide more frequently, with the latest version updated in September 2021.
In view of such trend, Mr. Philip Hung and Mr. Felix Tsang will share their experience with recent case studies in tackling tax problems for charities, including:-
- Update on IRD’s latest focus of review on charities
- Charities’ common misunderstanding about tax
- Practical solutions for charities’ common tax issues reviewed by the IRD
- Real life case sharing