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tax reporting errors

Salaries Tax Reporting Errors, Omissions & Corrections

Under the Hong Kong salaries tax system, both employers and employees/directors are obliged to report the employment remuneration/directors’ remuneration to the HK-IRD by filing annual employer’s returns and individual tax returns respectively. Any inconsistency in the remuneration or tax reporting to the HK-IRD might potentially result into enquiries from the HK-IRD and/or unfavourable tax treatments […]

erroneous tax residency - HKWJ Tax Law

Erroneous Tax Residency Risks

Due to global implementation of common reporting standard (CRS) and automatic exchange of information (“AEOI”), financial institutions (“FIs”) are required to conduct due diligence on tax residency certificate holders to ascertain their tax residency, and accordingly whether certain information of the financial accounts of the account holders is required to be exchanged to foreign tax […]