Hong Kong Standard Please

Question 1 1 pts Who can elect for personal assessment? (Select the most correct answer). Individuals only Married persons only Corporations only Individuals and married persons, but not corporations Individuals, married persons, and corporations Question 2 1 pts Select the most correct from the following statements We always must use personal assessment if we have salaries, profits, and property income. We only elect for personal assessment if it results in higher taxes than separately calculating salaries tax, profits tax, and property tax. Personal assessment always results in lower taxes than separately calculating salaries tax, profits tax, and property tax. Personal assessment is likely beneficial to landlords who pay a lot of mortgage interest on their rental properties. Question 3 1 pts How long does the Inland Revenue Department have to audit and assess additional taxes? (Assume no fraud nor willful evasion.) Six years from the end of the year of assessment Ninety days from the end of the year of assessment. Three years from the end of the year of assessment There is no time limit for the IRD to assess additional tax. Question 4 1 pts One of the following statements is false. Which of the statements is FALSE? Taxpayers can object to a notice of assessment The IRD cannot assess tax against a taxpayer if the taxpayer does not file a tax return. Taxpayers must generally keep business records for seven years. If a taxpayer does not pay tax by the due date, surcharges may be added. Question 5 1 pts Companies that do not engage in tax avoidance will generally have a more difficult time competing against companies who do engage in tax avoidance. True False