Recently, I heard from customers/friends that many of their friends have received tax inquiries or tax investigation letters from the tax bureau. There are so many cases that it can be said that there is one nearby.
I don't know if it's because the national treasury is empty, or the tax bureau is going to step up its efforts to pursue tax inspections and investigate cases. Indeed, it has increased significantly since last year.
In any case, tax evasion and tax fraud are illegal and criminal offences, with serious consequences. Once convicted, the maximum penalty for each charge is imprisonment for 3 years and a fine of HK$50,000, plus a fine equivalent to three times the amount of tax under-collected, with a retroactive period of 7 years. For underreporting caused by fraud or deliberate tax evasion, the retrospective period can be as long as 10 years.
The best (and only) way to avoid tax investigations or inquiries is to do your tax return every year and not take it lightly. But more importantly, it is to find a licensed accountant who has experience and sincerely wants to help you. He can advise the most appropriate tax declaration and tax payment plan according to the different situations of the client; instead of filing taxes indiscriminately or not paying taxes.
Our company is a licensed accounting firm in Hong Kong, with more than 30 years of experience in handling various taxation. Our aim is to "To grow together with our business partners and to enjoy the results'.
Homepage
Company Profile
