Taxation Tutorial 2011/12

CC3155 Taxation Tutorial 1 (2009/10 Semester 1) Suggested Answers to Tutorial Questions (Lecture 1) Overview of the Hong Kong Tax System and Administration A) Quiz 1. 2. 3. 4. 5. 6. 7. 8. F T T T F T E The chargeable person a) Salaries tax: person who has income from employment, office or pension deriving from HK, b) Property tax: owner of land/buildings in HK, and c) Profits tax: person who carries on a trade, profession or business in HK. 9. April 1st, March 31st, April 1st 2008, March 31st 2009. 0. (a & b) 2007/08; (c & d) 2008/09. B) Essay Questions 1. The characteristics (features) of Hong Kong tax system are: • Territorial Source Concept • Schedular tax system • Direct assessment • Limitation to the standard rate • Low tax rates • No capital gains tax • No tax on dividend income 2. The following bodies are involved in the administration of income taxes in Hong Kong: • Inland Revenue Department (IRD) • Board of Inland Revenue (BIR) • Board of Review (BoR) 3.

The source of Hong Kong tax law comprises: • Statute law • Case law 1 CC3155 Taxation ______________ 4. Tutorial Answer 1 (2008/09 Semester 1) Composition BIR: consists the Financial Secretary and 4 other members, appointed by the Chief Executive. The CIR is one of the members and a DCIR is the secretary of the BIR. BoR: consists of a chairman and a number of deputy chairman and not more than 150 other members, all of whom are appointed by the Chief Executive (s65). Functions BIR: To make rules called Inland Revenue Rules (IRR) • To specify the forms (e. g. composite tax return) which are necessary for carrying out the provisions of the IRO • To prescribe the procedure to be followed when appealing to the BoR with effect from Jun13,1997 BoR: • To hear taxpayers’ appeals against the CIR’s or DCIR’s determination, s82A additional tax and penalty • To approve CIR’s application for the taxpayer to file a statement of assets and liabilities under s51A(1). 2

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more