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20240820 New Tax Pitfalls Facing Tax Exempt Charities and How to Mitigate

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Programme Code:
20240820
Date:
20 August 2024 (Tuesday)
Time:
6:30 pm - 8:00 pm
Speakers:

Mr. Philip Hung, Director, Tax Controversy Services, PwC Hong Kong

Mr. Felix Tsang, Associate Director, Tax Controversy Services, PwC Hong Kong

Ms Chloris Lo, Senior Consultant, Tax Controversy Services, PwC Hong Kong

Language:
Cantonese
Venue:
ET 2101-2, 21/F, Edinburgh Tower The Landmark 15 Queen’s Road Central, Central Hong Kong
Proficiency Level:
Intermediate level
Fee:
$150 – $200
CPD Hours:
1.5
Seat:
75
Event Categories:
,
Application Form:
20240820 enrolment form

Description

The Inland Revenue Department’s (IRD) practice in administering tax exemption for charities is evolving. It is important for existing and prospective charities to understand the requirements to qualify for and maintain their tax exempt status.  However, many tax-exempt charities are not aware that, for example, the exemption does not mean that all their income are automatically exempt from tax, and does not mean all obligations under the Inland Revenue Ordinance are waived. As a result, many charities may overlook certain reporting or withholding obligations. Meanwhile, the IRD is stepping up its efforts in reviewing charities’ tax exempt status. Different types of charities and different types of issues are coming under the spotlight in turn. Charities that no longer meet the public benefit requirement may lose their tax-exempt status.

Against the above background, tax-exempt charities should stay alert to the IRD’s latest practices.

In this seminar, the speakers will cover:

  • IRD’s latest focus of challenges on charities ·
  • Charities’ common tax pitfalls  ·
  • Practical solutions for common charity-related tax issues·
  • Other new developments·
  • Sharing of real cases

Speaker Profile

Mr. Philip Hung, Director, Tax Controversy Services, PwC Hong Kong

Philip has over 30 years’ experience in Hong Kong taxation with six years in IRD. He is a well-known expert in the tax audit and investigation specialty. After he left the IRD, Philip concentrated in assisting clients in handling tax investigation and field audit cases. Philip 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. His clients include fund managers, SME, listed companies and various MNC. He assisted in handling complicated cases such as 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.

Mr. Felix Tsang, Associate Director, Tax Controversy Services, PwC Hong Kong

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.

Ms Chloris Lo, Senior Consultant, Tax Controversy Services, PwC Hong Kong

Chloris has over 4 years of experience in the field of Hong Kong taxation.  She has extensive experience in providing Hong Kong tax compliance and consulting services as well as tax health checks to local and multinational clients from different industries.  She has also handled with s.88 tax exemption application, s.87 petition and tax health check for local charitable institutions.