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20220905 Potential Pitfalls in the Latest Profits Tax Return and How to Avoid
Description
Tax returns are the first document from which Inland Revenue Department (“IRD”) obtains information about a taxpayer and from which issues requiring further queries or even tax audits are identified. In almost every year including 2021/22, the IRD adds new questions to the tax return, and the additions may give hints on the IRD’s new focus of review. Whether a question in a tax return is new or old, taxpayers should be careful in responding to each item, bearing in mind whether any additional information should be submitted together with the tax return to avoid misunderstanding, what further queries this may lead to, what supporting documents you should get prepared for, and how your tax affairs should be planned for future years. Taxpayers should also stay alert to new developments in Hong Kong taxation, e.g. taxation on foreign source passive income.
In this webinar, the speakers will cover the above in more details. Highlights of the webinar include:
• Changes in the 2021/22 tax returns for companies and individuals, and what the implications are
• Potential pitfalls in completing tax returns and questions these may lead to
• Recent developments in topics vulnerable to tax disputes
• New proposal on taxation on foreign source passive income and potential impact
• Case sharing
• Interactive Q&A session
