With the upcoming statutory time bar for the year of assessment 2015/16, the Inland Revenue Department (“IRD”) has started to issue protective assessments and open new tax audit cases covering years as far back as 2015/16. Given the enormous deficit of the Government, we also expect IRD to take a more stringent approach in conducting tax audits. Under such environment, business leaders should be more vigilant in the day to day handling of their tax matters, especially in Tax Audit.
In this webinar, the speakers will cover the latest developments on tax audit cases in Hong Kong and provide insight on the approach recently adopted by the IRD in resolving tax audits. Highlights of the webinar include:
• What is a tax audit and how is it different from handling an enquiry letter?
• Recent common areas and circumstances triggering a tax audit
• Protective assessment – what it is and what to do?
• Observations on recent development in IRD’s approach to tax audits
• Practical ways to resolve tax audits including how to speed up the resolution
• Case sharing
• Interactive Q&A session
Mr. Philip Hung, Director, Tax Controversy Services, PwC Hong Kong
Philip is a Director in PricewaterhouseCoopers Ltd. He has over 35 years’ experience in Hong Kong taxation with six years in IRD. He is a well-known expert in the tax field and investigation specialty. After he left the IRD, Philip concentrated in assisting clients in handling tax investigation and field audit cases. Philip is the first to set up a specialized team to handle the IRD’s tax investigation and field audit cases for clients in the industry. His clients include SME, listed companies and various MNC, involving complicated cases such as worldwide onshore/offshore claim, disputes on contracting processing and import processing arrangements, transfer pricing adjustments, etc.
Philip is a regular speaker on tax audit and frequently contributes newspaper and magazines articles on the related topics.
Mr. Felix Tsang, Senior Manager, Tax Controversy Services, PwC Hong Kong
Felix has over 15 years of experience in resolving tax audits, tax investigation and other tax disputes for multinational corporations and local SMEs in different industries including manufacturing, services, fund management and charitable institutions, involving a diverse range of issues such as offshore claims, cross-border transactions, contract / import processing arrangements, anti-avoidance, transfer pricing, tax exemption claims and Board of Review proceedings.
With insights in tax dispute resolution, Felix also has comprehensive experience in providing practical tax and business advice from a dispute prevention angle, including tax health check, defence file building, post-audit restructuring, tax due diligence, fee structure for fund management, and charity set up.
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