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Amendment To Tax Law Gazetted In HK,
by Mary Swire, Tax-News.com, Hong Kong
Monday, June 15, 2009
Hong Kong's Inland Revenue (Amendment) (No 2) Bill 2009, which aims to smooth
the Board of Review's operation and improve the Inland Revenue Ordinance's administration,
has been gazetted.
The bill, to be introduced into the Legislative Council on June 24, introduces
some technical amendments to the ordinance and consequential amendments to the
Tax Reserve Certificates Ordinance.
A number of minor textual amendments to the Inland Revenue Ordinance have
also been proposed to achieve consistency or remove spent provisions.
To smooth the board's operation, it is empowered to correct clerical mistakes
in its written decisions on tax appeals. The chairman of the board - rather
than the Chief Secretary - is to nominate members of its hearing panels, to
reflect its independence.
A retired member of the board will be allowed to handle a case that he or
she has handled before in certain circumstances.
If an appeal is heard by both the chairman and a deputy chairman of the board,
it is stated clearly that only the presiding officer, either the chairman or deputy
chairman, has the casting vote.
Administrative enhancements
The bill also proposes other technical amendments to improve the ordinance's
administration. For profits tax, interest payment on capital expenditure incurred
in purchasing machinery for research and development, prescribed fixed assets
or environmental protection machinery will be allowed to be explicitly deductible
under profits tax.
For salaries tax and tax under personal assessment, the Inland Revenue Department
is empowered to make additional assessments on salaries tax and tax under personal
assessment, within two years after the revocation of the home loan interest
deduction claims if the revocation is made after the six-year statutory period.
For property tax, the department is empowered to make a property tax assessment
on a person who receives rent on any common parts of any land or building.
The bill also states the period within which prosecution of the department's
staff breaching secrecy provisions may be made is to be extended from six months
to six years.
Further, it also enables the department to refund to a taxpayer the balance
remaining in his tax reserve certificates account without requiring the taxpayer
to return the tax reserve certificate.
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