Unit 4 of the Inland Revenue Department (“IRD”) has become more and more active in lodging field audits and tax investigations on businesses and individuals, aiming at recovering more tax revenues for the Government. In 2022/23, the IRD has prosecuted three tax evasion cases. Criminal prosecution is not a mystery now.

The following persons are: 
1. Owners of sole proprietor No profit and loss account have been prepared 
2. Cash revenues business / Personal accounts to collect revenues (e.g., retail business, beauty shop, online shop) -> Under-statements of revenues 
3. Commission business (Insurance agents / securities broker) -> Over-claiming of private expenses and lots of payment on behalf of clients / team members 
4. Qualified Opinion / Disclaimer opinion in audited report

There are a number of methods to reach settlement proposal with the IRD, while the speed to handle the case is the key to success. Work on the solution to the best interests of your client.

After this seminar, you will be able to understand the following information: 
1. IRD Penalty Scale 
2. How to collaborate to reduce penalties from the IRD 
3. Latest IRD prosecution cases of tax evasion 
4. Case Study