The voluntary disclosure process is a means by which deficiencies in income tax returns can be corrected without penalty or fear of prosecution. Global CPA have assisted many voluntary disclosure cases, and understand the Tax Authority of Hong Kong practices and procedures.
Global CPA can
• determine the most appropriate filing position for reporting previously undisclosed income;
• investigate possible tax strategies to minimize the taxes involved;
• present the situation to the Tax Authority of Hong Kong on a “no names basis,” and attempt to negotiate a favorable settlement before revealing the identity of the client;
• negotiate a waiver of interest in certain extraordinary circumstances; and
• negotiate payment terms over an extended period of time if necessary.
Global CPA normally undertakes this work only on a retainer basis.