Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department 前稅局評稅主任楊輝洪

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Commissions, rebates and discounts expenditure 

The Revenue requires separate disclosure of the above items when the taxpayer files its tax return. The separate disclosure should be made in a schedule annexed to the tax computation. Small businesses are however exempted from such disclosure although they are still required to keep such information as the Revenue may require the information within seven years of such payments. 

Below are the Revenue's requirements as stated in Departmental Interpretation and Practice Note No. 12:   

"Instead of showing the income net of commissions, rebates and discounts, taxpayers should return the gross income and clearly distinguish the payment of commissions, rebates and discounts in the accounts and tax computations submitted in support of profits tax returns; (b) the following information should be disclosed for each payment:

(i) full name, address and identity card number or business registration number of the recipient;

(ii) whether the recipient has any relationship with the taxpayer;

(iii) amount of the payment;

(iv) details of services rendered; and preferably

(v) evidence of payment."

Failure to meet the requirements may give rise to disallowance of the expenditure or penalty for not keeping sufficient business record. Besides, the Revenue may seek to assess the taxpayer on the payments as it he were the “agent” of recipient. Furthermore, in the Departmental Note, the Revenue issues the following warning:

"Where taxpayers have made commission, rebate and discount payments without proper disclosure and caused loss to the revenue, they are advised to take advantage of the statement of practice relating to voluntary disclosure contained in Departmental Interpretation & Practice Notes No. 11 (Elements of Tax Investigation). Taxpayers who do not would run a grave risk of prosecution under the Inland Revenue Ordinance when, as a result of Departmental enquiries, evidence of concealed commissions is obtained. In addition, the auditor responsible may also be liable to prosecution under sections 80 and 82 of the Ordinance."

 

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