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

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Correction of error or omission

 

Section 70 of IRO: An assessment is final and conclusive in the following situations:

  1. no valid objection or appeal to Board of Review or to court has been lodged within the time limit;

  2. the objection has been withdrawn or dismissed by Board of Review or by court; or

  3. where a revised assessment has been agreed under Section 64(3);

  4. where an assessment is determined by the Board of Review which refuses to refer the case to court on a question of law. 

Nevertheless, Section 60 empowers an Assessor to make additional assessment within 6 years  after the end of the year of assessment on matters that have not been determined under the objection. This 6-year time limit is extended to 10 year in case of fraud or willful evasion. Besides, Section 70A allows the Commissioner to revise the assessment to correct an error or omission within 6 years after the end of the year of assessment, even though the assessment has become final and conclusive under section 70.

 

In the Board of Review case No. 108/03, the time limit for application for correction of error under Section 70A is discussed. Press here for details.

 

Section 70 is only applicable to an 'assessment'. A statement of loss as agreed by the taxpayer with the Assessor is not final and conclusive under section 70 because it is not an 'assessment' - CIR v Yau Lai Man trading as L. M. Yau & company.

 

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