Are Internal Audit and External Audit Functions Complementary? How are they different?

Internal audit and external audit are often heard, although you may not know that the two-need close cooperation and are complementary in function, in fact, their purpose and practice focus are different. What is the difference between the two? Just know that they are very important to the risk governance of the enterprise/group and the … Read more

What are the consequences of violating the Inland Revenue Ordinance? What is the penalty for assessing additional tax?

It is the basic responsibility of taxpayers in Hong Kong to submit tax returns on time and without errors. However, whether it is due to momentary negligence or deliberately defrauding the Inland Revenue Department, falsely reporting tax information, and other violations of the Inland Revenue Ordinance, you may be prosecuted and fined. The investigation will … Read more

The sequence of the tax deduction for voluntary contributions and annuity premiums

Employees and self-employed persons are required to make mandatory contributions under the Mandatory Provident Fund Schemes Ordinance. To give planners more options when they retire, they can also make additional tax-deductible voluntary contributions directly to the trustee. Employees and self-employed persons can claim a tax deduction of up to $18,000 per annum on their former … Read more

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