taxation

2)

Mr. Kwan owned three properties in Flat A, C and D of 15^th Floor in Hoi Kwong Mansion of Taikoo Shing. Flat A was his residential home while Flat C and D were let out to Mr Tam and ABC Limited respectively. How many property tax assessments will Mr Kwan receive?

(3)

(a) Beagle Limited owns a floor in a commercial building in Central and received rent in the total amount of $880,000 and paid rates of $120,000 for the 12-month accounting year ended 31 December 2018. The property left vacant after the year end. Compute the property tax liability for the year of assessment 2018/19 if Beagle Limited did not claim the exemption from property tax relief.

(b) If the profits tax liability of Beagle Limited (including the rental income) is assessed to be $36,890. Advise what Beagle Limited should do and the net amount of tax payable or refundable.