Question 2 (20 marks) Mr. Zhang carries on a trading business in Hong Kong and his business is being investigated by the Inland Revenue Department. Recently, he received a notice of profits tax assessment in respect of his business for the year of assessment 2019/2020 with assessable profit of $200,000 and provisional tax assessment 2020/2021 with estimated profit of $210,000. Mr. Zhang intended to make objection and appointed you as his tax representative and approached you for advice. Mr. Zhang said that he did not have sufficient fund to settle the tax demand. Required: (i) What are the requirements of a valid objection as provided under the Inland Revenue Ordinance? (5 marks) (ii) Please advise ONE ground on which Mr. Zhang may apply for holding over provisional tax based on the above situation. (3 marks) (iii) What orders may the Commissioner of Inland Revenue make in relation to the payment of tax in dispute under objection? (8 marks) (iv) What is the rate of surcharge that may be added to the tax in default by the Commissioner of Inland Revenue? (4 marks)