- https://www.legco.gov.hk/yr16-17/english/counmtg/hansard/cm20170628-translate-e.pdf under section 60 of the Inland Revenue Ordinance ("IRO"), the Inland Revenue Department ("IRD") may, within a year of assessment or within six years after the expiration thereof ("the retrospective period"), assess any person who has not been assessed for that year of assessment, and make additional assessment of any person who has been assessed at less than the proper amount. Where the discrepancies are due to fraud or wilful evasion, the retrospective period is 10 years. Under section 51C of IRO, a business operator shall keep sufficient records of his income and expenditure for a period of not less than seven years, so as to enable the assessable profits of such business to be readily ascertained. IRD has also advised that it is a good idea for a business operator to keep the business records for a year of assessment in which losses were recorded to facilitate the losses to be set off against the assessable profits for the various years of assessment thereafter. As such, a business operator often needs to keep his business records for more than seven years.
IRD-related
- regular meeting with CIR
- https://www.google.com.hk/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=taxation+institute+of+hong+kong+regular+meeting+with+cir&start=0
- Taxation Institute of HK also has regular meetings with CIR
- hkej article 24jan15 b12
Qualifications
- http://www.hkeaa.edu.hk/en/ipe/fullexamlist.html?cat&pv&1533
Journals
- asia pacific journal of taxation http://hkjo.lib.hku.hk/exhibits/show/hkjo/browseIssue?book=b36373217
News
- Swiss bankers set up Hong Kong firms to help clients dodge US tax
http://www.scmp.com/business/banking-finance/article/1435866/swiss-bankers-set-hong-kong-firms-help-clients-dodge-us-tax
Swiss bankers set up Hong Kong firms to help clients dodge US tax
PUBLISHED : Thursday, 27 February, 2014, 1:34am
UPDATED : Thursday, 27 February, 2014, 1:34am
Credit Suisse Group CEO Brady Dougan testifies before the Senate Homeland Security and Governmental Affairs subcommittee hearing on 'Offshore Tax Evasion - The Effort to Collect Billions in Unpaid Taxes on Hidden Offshore Accounts'. Photo: EPA
Hong Kong companies were used by Credit Suisse to help US taxpayers avoid taxes, a report by the US Senate's Permanent Subcommittee on Investigations found.
The bank discovered its Swiss-based bankers "were well aware that some US clients wanted to conceal their accounts from US authorities, and either turned a blind eye to the accounts' undeclared status, or actively assisted those account holders to hide assets from US authorities", the report said.
Credit Suisse said it acknowledged misconduct "centred on a small group of Swiss-based private bankers". "While that employee misconduct was unknown to our executive management, we accept responsibility for and deeply regret these employees' actions," it said.
The Senate report pointed to the case of a former Credit Suisse US account holder, Jacques Wajsfelner, who used a trust expert of the bank, Beda Singenberger, to form a Hong Kong company, Ample Lion, in 2006, with Wajsfelner as the sole beneficial owner and Singenberger as the nominal corporate director. Singenberger assisted Wajsfelner in opening an Ample Lion bank account at Credit Suisse that contained nearly US$5.7 million at the end of 2007.
Wajsfelner was sentenced to six months' probation for failing to file information on his Swiss bank accounts to the US Internal Revenue Service (IRS) and was also ordered to pay US$74 million to the US government.
"By opening the Ample Lion account at Credit Suisse, Wajsfelner was attempting to obscure his ownership of the assets in the account from the IRS," the US Department of Justice said.
The bank discovered its Swiss-based bankers "were well aware that some US clients wanted to conceal their accounts from US authorities, and either turned a blind eye to the accounts' undeclared status, or actively assisted those account holders to hide assets from US authorities", the report said.
Credit Suisse said it acknowledged misconduct "centred on a small group of Swiss-based private bankers". "While that employee misconduct was unknown to our executive management, we accept responsibility for and deeply regret these employees' actions," it said.
We accept responsibility for and deeply regret these … actions
The bank said it had provided US client information to the US authorities "to the full extent allowed by Swiss law", and was ready to provide more information but was unable to do so, because the US Senate had not ratified a double-taxation treaty between Switzerland and the US.The Senate report pointed to the case of a former Credit Suisse US account holder, Jacques Wajsfelner, who used a trust expert of the bank, Beda Singenberger, to form a Hong Kong company, Ample Lion, in 2006, with Wajsfelner as the sole beneficial owner and Singenberger as the nominal corporate director. Singenberger assisted Wajsfelner in opening an Ample Lion bank account at Credit Suisse that contained nearly US$5.7 million at the end of 2007.
Wajsfelner was sentenced to six months' probation for failing to file information on his Swiss bank accounts to the US Internal Revenue Service (IRS) and was also ordered to pay US$74 million to the US government.
"By opening the Ample Lion account at Credit Suisse, Wajsfelner was attempting to obscure his ownership of the assets in the account from the IRS," the US Department of Justice said.
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