Experts Advise on Best Bookkeeping Practices
Fluctuations in key financial indicators such as gross profit margin and turnover have been identified by tax experts at PwC Hong Kong as among the issues that could trigger enquires from the Inland Revenue Department (IRD).
At a seminar on 25 November, Veronica Tam and Karen Au, both Tax Partners at PwC, provided a number of case studies to help members understand what kind of bookkeeping issues were most likely to catch the eye of IRD. They also gave a number of possible solutions to these situations. They were joined by Joyce Chak and Winky Kan, respectively Manager and Senior Manager with the tax firm, who advised members on how to maintain good bookkeeping practices to keep the IRD happy.
2019/11/25
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How to Handle Offshore Claims Under the New BEPS and Transfer Pricing Law?
Documentation is key to successful offshore claims, tax experts from PwC explained at a seminar on 29 October. Philip Hung and Charles Chan, respectively Director of Hong Kong Tax Controversy Services and Partner of Hong Kong Corporate Tax, said that offshore claims had become more difficult due to recent changes in the global tax landscape and the enactment of Base Erosion and Profit Shifting (BEPS) and Transfer Pricing laws in Hong Kong in July last year. The two speakers shared how these changes affected the approach of the Inland Revenue Department in handling offshore claims. They also provided advice on best practices in dealing with enquires by the tax authorities.
2019/10/29
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Meeting of the Belt and Road Working Group
Belt & Road Series
Jonathan McKinley, Former Deputy Secretary for Home Affairs, spoke on “Tourism on the Modern Silk Road” at a meeting of the Chamber’s Belt and Road Working Group on 6 September.
He introduced his travels on the Silk Road route from China to Central Asia, including his experience of inter-city and inter-country trains, cultural exchanges with local people, and some of the tourist spots he visited. He noted that people in the Central Asia countries are well-educated and have good language skills, and are enthusiastic about Hong Kong. However, they do not have much understanding of the Belt and Road Initiative.
Andrew Wells, Convenor of the Belt and Road Working Group, added that promotion of the Belt and Road to foreign countries will be a very important factor in the success of the initiative.
Also at the meeting, Petrina Tam, Chairman of the Chamber’s China Committee, shared her thoughts on how the professional services sector in Hong Kong could capitalize on the opportunities brought by the Belt and Road Initiative, using a professional accountant as an example. Tam is also Southern China Domestic Markets Leader at PwC Hong Kong.
2019/09/06
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Practical Ways to Resolve Offshore Claim Disputes and other IRD Assessments
The territorial concept is fundamental to the taxation of profits in Hong Kong, but the treatment of source of profits remains one of the most contentious tax issues for companies based here. At a roundtable luncheon on 20 March, Emily Chak and Philip Hung from PwC shared with members effective ways to deal with assessments and investigations by the Inland Revenue Department (IRD), especially where offshore claims were concerned. They also discussed official guidelines on the treatment of the locality of profits, and provided advice on handling IRD enquiries regarding offshore claims disputes.
2019/03/20
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Navigating Tax Disputes – What is the Trend?
The global tax landscape has undergone dramatic changes in recent years as governments seek to protect their tax base. This has resulted in an increase in disputes between taxpayers and tax authorities. Kenneth Wong and Philip Hung from PwC Hong Kong Tax Controversy Services discussed the latest developments in Hong Kong and around the world at a Chamber roundtable on 7 December. They also provided insights on handling tax disputes and audit cases.
2018/12/07
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