I have said it many times, don't use illegal way to save taxes.
2024-3-28
Please forward this article to your friends, customers, and business partners. They will definitely be very grateful to you and will become your better friends, better customers, and better business partners, because you can help them avoid duplication. Repeated mistakes avoid financial losses and mental stress. But they may also have a negative reaction: "Why didn't you tell me earlier?"
Last week, the Hong Kong Inland Revenue Department announced that a 65-year-old taxpayer concealed and under-reported his rental income, thinking that he could hide it by using other people's bank accounts to collect rent; he also falsely reported the tax deduction for residence interest; when the Inland Revenue Department made inquiries, he even provided False declaration, prosecuted by the tax bureau. In the end, the court ruled that he was guilty and is now awaiting sentencing.
Tax evasion and tax concealment are both illegal and criminal offenses with serious consequences. Upon conviction, each charge carries a maximum penalty of three years' imprisonment and a fine of HK$50,000, plus a fine equal to three times the amount of tax undercharged, with a retrospective period of seven years. For underreporting caused by fraud or deliberate tax evasion, the retrospective period can be as long as 10 years.
There are many ways to save taxes, but you must abide by the following tax-saving tips: 1. Doing business is long-term, and you must file taxes in a legal and reasonable way; 2. Recognize that paying taxes is the responsibility of citizens and they must pay appropriate taxes; 3. Find a qualified accountant to assist with tax preparation.
Our company is a licensed accounting firm in Hong Kong with more than 30 years of experience in handling various tax matters. Our aim is to "grow together with our customers and share results".
If you have any tax issues, please feel free to contact our company.
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