Tax-exempt charities are facing more stringent regular review by the Inland Revenue Department (IRD) on their charitable status. As spelled out in the updated “Tax Guide for Charitable Institutions and Trusts of a Public Character” released earlier, it is the duty of charitable organizations to inform IRD the chargeability to tax for a year of assessment if they have commenced to derive chargeable profits, other than profits which were exempted under the proviso to section 88 of the Inland Revenue Ordinance (S88 of IRO).
To facilitate the compliance of S88 of IRO by our agency members, the Council has collaborated with EY Tax Controversy Services Team to arrange two rounds of pro bono consultation sessions in the second half of 2020. Each successfully enrolled agency can meet with the pro bono consultant to seek advice on tax matters.
Details of the 2nd round are as follows:
Date: 3 November (Tuesday) & 2 December 2020 (Wednesday)
Time: 2:00 – 6:00pm (around an hour for each session)
Venue: EY’s office at 22/F CITIC Tower or via Online Video Conferencing
Actual meeting time will be assigned by EY. Successful applicants may be required to provide related information to EY for the consultation.
- Regular review by the IRD
- Trading or carrying on business
- Business income
- Rental income
- Return on investment
- Disposal of a property
- Tax compliance obligations
Target organizations: Agency members that are tax exempted charities under S88 of IRO
Quota: 8 agencies
Interested agencies please register online on or before 19 October 2020 (Monday). Successful registrants will be notified by email by 21 October 2020 (Wednesday).
For enquiries, please contact the Project team at 2922 9255.