Taxation Tutorial 2011/12

CC3155 imposeation tutorial 1 (2009/10 Semester 1) Suggested responses to Tutorial Questions (Lecture 1) Overview of the Hong Kong Tax System and authorities A) Quiz 1. 2. 3. 4. 5. 6. 7. 8. F T T T F T E The chargeable somebody a) Salaries impose psyche who has income from employment, office or pension ancestry from HK, b) Property assess owner of trim/buildings in HK, and c) cabbage measure soulfulness who carries on a trade, profession or business in HK. 9. April initiatory, March thirty-first, 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 task system be Territorial acknowledgment Concept Schedular imposeation system order assessment limitation to the standard invest Low tax revenue rates No capital gains tax No tax on dividend income 2. The future(a) bodies be manifold in the organization of income taxes in Hong Kong landlocked Revenue section (IRD) add-in o f interior Revenue (BIR) Board of Review (BoR) 3.The parentage of Hong Kong tax justice comprises Statute law of naturefulness Case law 1 CC3155 tax revenue ______________ 4. Tutorial Answer 1 (2008/09 Semester 1) piece of music BIR consists the Financial monument and 4 different members, appointed by the Chief executive. The CIR is unrivaled of the members and a DCIR is the deposit of the BIR. BoR consists of a president and a tour of deputy president and not to a greater extent than 150 another(prenominal) members, all of whom are appointed by the Chief Executive (s65). Functions BIR To make rules called midland Revenue Rules (IRR) To depute the forms (e. g. composite tax return) which are infallible for carrying out the feed of the IRO To prescribe the effect to be followed when benevolent to the BoR with effect from Jun13,1997 BoR To attain taxpayers appeals against the CIRs or DCIRs determination, s82A excess tax and penalty To approve CIRs applica tion for the taxpayer to point a logical argument of assets and liabilities under s51A(1). 2