Taxation And Tax Planning 21st Edition Patrick Kin-wai Ho; Kelvin Po-lung Mak - Solutions

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Mr. Goh is a Singaporean and he is the Far East Regional Marketing Director of a Hong Kong company. The company has subsidiaries in each Asian country. Mr. Goh has to travel very frequently to monitor and coordinate the marketing activities in each country. Mr. Goh received the following income
Mr. Yip is an engineer working in Tai Man Ltd., a Hong Kong company. On 1 September 2021, the company seconded Mr. Yip to work in its subsidiary in Shanghai. Mr. Yip returned to Hong Kong for 15 days during Chinese New Year in 2022 and 2023. He did not render any services during the 15 days in Hong
Mr. Smith executed an instrument of transfer for 10,000 shares in Kowloon Bank Ltd. (a Hong Kong registered company) to Mrs. Smith. Mr. Smith forgot to submit the instrument of transfer to the Stamp Office for stamping. Four months later, Mr. Smith discovered the incident. REQUIRED: Explain to Mr.
Your client recently acquired all the issued shares of another company. Your client's accounting date closes at 30 September while the newly acquired subsidiary closes its accounts on 31 December. Your client wishes to have a uniform accounting date for the group and asks for your advice on the tax
choi Mr. Dai wishes to purchase a flat and prepares to let it out for rental income. He asks you whether it is good for him to purchase the flat in the name of himself or a company owned by him. REQUIRED: Explain to Mr. Dai the benefits of acquiring the flat in his name or in the name of a company
Good Days Ltd. usually closes its accounts on 30 November each year. A director of the company asks you that the company wishes to change its accounting date to comply with that of the parent company which closes its accounts on 31 March. He wants to know whether there will be any adverse effect on
Precision Ltd. has been carrying on business for some years and incurred capital expenditure during the year ended 31 December 2022 as follows:a. $5,000,000 for the purchase of a new industrial flat and half is the cost of land (first-hand user);b. $1,500,000 on decoration of the new flat; C.
$ moitas Poor Ltd. pays the following interest expenses during the year ended 31 March 2023:a. $1,000,000 to its parent company, Rich Ltd., which is incorporated in British Virgin Island carrying on business in Hong Kong;b. $50,000 to Bank of New York in the US without any security in the form of a
During the year of assessment 2022/23, a Hong Kong music company arranged an overseas band to have a concert in Hong Kong. The company incurs the following expenses:a. Fee of $500,000 payable to local musicians who assist in the stage performance.b. Fee of $6,000,000 to members of the band (who are
In January 2020, Red Ltd. moved into a new office and incurred capital expenditure of $1,000,000 in decorating the office. In November 2021, the company incurred capital expenditure of $600,000 to refurbish the office. In December 2023, the company moved to another new office as the landlord did
Mr. Lam owns a house which consists of three floors with equal area in each floor. Each floor is a separate rating unit. The use of the house is as follows:a. The ground floor is used for his retail business.b. The first floor is used as the residence of his family.c. The second floor is let at a
During the year of assessment 2022/23, Mr. Liu made the following payments:a. an entrance fee of $5,000 to a professional engineer institute in Hong Kong;b. an annual subscription fee of $2,000 to the same professional body in "a" above;c. purchase of a motor car partly for business use and partly
ites Mr. Mean was investigated by the Inland Revenue Department (IRD) and received an additional assessment on his understated business profits for the year of assessment 2020/21 in July 2023, and he paid the tax in August 2023. In October 2023, he received a Section 82A(4) notice from a Deputy
Mr. Wealth sold a luxury flat and made a profit of $5,000,000. A profits tax assessment was issued to him. He lodged an objection to the assessment on the ground that the property was purchased as a long-term investment. The profit on sale was a capital gain which should be exempt from profits tax.
Your client approaches you, saying that he heard about the Inland Revenue Department's assessing procedure called "Assess First Audit Later" (AFAL). There is something like desk audit and field audit. He wishes to know what they are about. REQUIRED: Explain to your client what the AFAL assessing
Mr. Hu carries on a sole-proprietorship trading business. Three months ago, he received a s. Three months ago statement of loss for the year of assessment 2022/23 as follows:$ Loss per return (300,000) se, say 200,000 Add: Expenses attributable to private use, say attributa Loss for the year and
Mr. Pur, the director of Busy Limited, is very busy and forgets to file the profits tax return. The company closes its accounts on 31 March each year. Today, he receives an estimated assessment under Section 59(3) for the year of assessment 2022/23 from the Inland Revenue Department (IRD).
Explain the possible penalty for transfer pricing activities.
Explain what an advance pricing agreement is.
Explain the need of transfer pricing documentation.
Explain the five different transfer pricing methodologies.
Explain what the arm's length principle is.
Explain briefly the relief from tax which may be obtained for juridical double taxation.
Contrast economic double taxation with juridical double taxation.
Explain how double taxation arrangements signed may assist the Inland Revenue Department in handling transfer pricing activities.
Explain briefly the weapons often used by the Hong Kong Inland Revenue Department to tackle transfer pricing activities.
Explain the two types of transfer pricing activities carried out in Hong Kong.
Explain the general principles for transfer pricing operation.
Explain what transfer pricing is.
Explain the mechanism for exchange of information under the DTA.
Explain the methods for elimination of double taxation.
Explain the tax relief available to income derived by students.
Explain the tax relief available to income from government services.
Explain the tax relief available to pension income.
g. Explain the tax chargeable on artistes and sportspersons. n.
f. Explain the concept of the 183-day rule. L Explain the tax relief available to income from directors' fee.
e. Explain the tax relief available to income from an employment.
d. Explain the tax liability on transfer pricing. Explain the tax relief available to income of dividend, interest, royalty and capital gain. h. i. j.
c. Explain the tax relief available to income from shipping, air and land transport.
Explain the tax relief available to income from business profits. Explain the concept of the 6-month rule.
Explain the concept of a permanent establishment. Explain the tax relief available to income from immovable property.
Explain the concept of a resident individual and a resident company. C.d. e. f.
Explain the scope of the Double Taxation Arrangement (DTA) signed in 2006.
Explain different types of real estate tax. ATC ow
Explain consumption tax.
Explain business tax and its role before 1 May 2016. god good at bac
Explain value added tax.
Explain the corporate income tax. owlod tabingnank" as beagle Cand
Explain the individual income tax. bas Cansinist) and to banner
Explain the major types of tax levied in the Mainland of China.
Explain the differences between the tax systems in the Mainland of China and in Hong Kong.
Explain the role of a financial planner in an estate planning. Entit
Explain the operation of a life insurance.
Explain the operation of an estate trust.
Explain the law of commorientes and how it is applicable to a husband and a wife.
Explain the rule of distribution of estates of an intestate.
Explain the rule of intestacy.
Explain the meaning of intestacy.
Explain what a letter of administration is. 1.Explain the probate process.
Explain what probate is.
Explain the formality of a valid will. i. Explain when a will can be altered. stats
Explain the law of succession.f. Explain what a will is. 7151 g. Explain the parties to a will.
Explain the tools used in an estate planning. PD Explain the process of an estate planning. d.
Explain the objectives of an estate planning.
Explain the need for an estate planning.
Explain the life cycle of a trust and its relationship to stamp duty.
Explain how a trust may be terminated.
Explain what is a statutory trust.
Distinguish a private trust from a public trust.
Distinguish a fixed trust from a discretionary trust.
Explain the parties to a trust.
Explain the essential elements of a trust.
Explain the purposes of setting up a trust.
Explain the nature of a trust.
Explain the concept of a trust.
Explain the procedures required to use a group relief under Section 45.
Explain how stamp duty liability on a lease may be reduced by applying the contingency principle.
List the methods available to reduce stamp duty liability when there is a transfer of Hong Kong stock.
Explain how stamp duty may be reduced by an exchange of immovable property. C.
Explain how acquiring immovable property through a corporation, instead of an individual, can reduce stamp duty liability.
Explain in what situation adjudication is compulsory under the Stamp Duty Ordinance.
Explain why adjudication is important in the operation of the Stamp Duty Ordinance.
Explain what adjudication is under the Stamp Duty Ordinance.
Explain how outstanding stamp duty can be recovered by the Collector. h. i.
List the possible offences under the Stamp Duty Ordinance.
Explain why full facts have to be disclosed in a stampable instrument.
Explain the appeal procedures applicable to a stamp duty assessment.
Explain the consequences of not stamping a stampable instrument with examples.
List the different penalty levels imposed for late stamping.
Explain when stamp duty is collected without the issue of a stamp duty assessment, and when a notice of assessment is required in the collection of stamp duty.
Explain the stamp relief for the operation of an alternative bond scheme.
Explain when stamp duty may be remitted.
Explain when the relief under Section 27(5) may operate. 799
Explain group relief under Section 45 is available to a stampable instrument. Explain how marriage consideration operates in a stampable transaction.
Explain when a stampable instrument made to a charitable institution may be exempt from stampe. f. duty.
Explain when a lease may be exempt from 50% stamp duty.
Explain in what situations government bodies or incorporated public officers are not exempt from stamp duty. C.
Explain when conveyance in connection with the government bodies and consular are exempt from stamp duty.
Explain how duplicates and counterparts of stampable instruments are chargeable with stamp duty.
Explain how Hong Kong bearer instrument is chargeable with stamp duty. g.

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Taxation And Tax Planning 21st Edition Patrick Kin-wai Ho; Kelvin Po-lung Mak - Solutions

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