My company received tax assessment as following:
Year of assessment 2004/05
Profit per return $4,984,310
Tax on @17.5 $872,254
and assessor's note: As the assessment for the year of assessment 2004/05 will become statutorily time-barred, notice of assessment is issued to disallow loss claims for back years.
My company should has tax loss brought forward from 2003/04 $16,500,000.
Why tax department not allow to offset the loss from previous year? And what should I do.
Tax queries
2011-03-17 7:36 am
回答 (2)
2011-03-17 5:07 pm
✔ 最佳答案
My company should has a tax loss brought forward from 2003/04 $16,500,000 if this was agreed by Inland Revenue Department ? If agreed, there should be a Statement of Loss issued by IRD for 2003/04 to be carried forward to set off against future profits. In this case, you can use this loss to off-set the assessable profits for 2004/05.If not, you can raise an objection to the assessment in 2004/05 and claiming back the loss to be offset to the profits therefrom. A notice of objection must filed with the IRD within 1 month from the date of issue of the Tax Demand Note.
Please consult your auditor or the tax representative, if any, as stated in the profits tax return of 2004/05.
2011-03-17 4:50 pm
The question with the current tax administration is that they intend to tax without following discipline. The obvious fact is they are paid monthly but they can refuse to assess companies with losses! The reason why they reject your claim is unknown as we are not your tax representatives.
Please seek advise from your accountants.
For reference only!
Please seek advise from your accountants.
For reference only!
收錄日期: 2021-04-23 23:41:12
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