Are you prepared for the recent changes in the Inland Revenue Department (IRD)'s approach to assessing profits tax?
To align with legislative amendments, court decisions and changes in accounting standards, the IRD has revised its Departmental Interpretation and Practice Notes (DIPNs) on various matters such as the taxation of royalties and computation of assessable profits, among others. The rise of e-commerce and developments in international tax rules have also led to changes in the IRD's assessment of digital businesses. Given such substantive changes, it is important that businesses equip themselves with a better understanding of the implications these developments may have on their profits tax position.
We are therefore pleased to have invited Gwenda Ho and Ricky Chow, both Partners at PwC Hong Kong, to provide an overview of the following practice notes on profits tax and their insights on tax issues that may arise from the revisions.
● DIPN No. 1 – Computing assessable profits, revenue recognition and measurement of inventories or stock
● DIPN No. 22 – Taxation of royalties and other income from intellectual properties
● DIPN No. 39 – Digital economy, electronic commerce and digital assets
● DIPN No. 42 – Taxation on financial instruments and foreign exchange differences
● DPIN No. 49 – Profits tax deduction of capital expenditure on patent rights, rights to know-how and specified intellectual property rights
Please refer to the following on the virtual seminar:
- Upon successful registration of the event, a unique webinar link will be sent to your registered email 2 days before the event. Please refer to the troubleshooting guide here should you experience any issues in locating the webinar link.
- Instructions on downloading Zoom and joining a webinar can be found here. We suggest that you familiarize yourself with the software in advance of the webinar.
- Please log in 15 minutes (at 1:45 pm) before the event begins, through the link that will be sent to your registered email.