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Hong Kong Tax Controversy Insight 2020 Issue No. 2 - Common issues under tax audit by the Inland Revenue Department (IRD) – Deductibility of expenses
One would reasonably expect tax will only be imposed on profits earned. However, not all expenses incurred by a taxpayer can be claimed as tax deductible and hence reduce the amount of profits and tax thereon. If there is no tax deduction on the expenses incurred, that would mean that tax is imposed on the gross income. In some situations, the disallowance of expenses could result in double taxation. In this insight, we will look at the rules for allowing expenses deduction.
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