Net worth assessments, also known as Asset Betterment Tests, are a commonly used auditing technique by the Tax Authority of Hong Kong to detect unreported income. However, these assessments can be prone to errors and may result in the imposition of significant penalties. As a result, it is essential for individuals or companies subject to net worth assessments to seek professional assistance to ensure their rights and interests are protected.
Global CPA has extensive experience in handling net worth assessments and has developed proprietary software to replicate the Tax Authority of Hong Kong's net worth calculations and test the assumptions used. Our team of professionals will meet with clients to determine the true facts, review the Tax Authority of Hong Kong's working papers for errors, and negotiate with the Tax Authority to obtain a reasonable settlement of the amount in dispute.
In cases where large amounts are involved or where criminal allegations are made, we may involve legal counsel to assist us. We undertake this work only on a retainer basis, ensuring that our clients receive dedicated attention and personalized services.
At Global CPA, we strive to provide our clients with the highest quality of professional services. Our team of experts is well-equipped to handle complex tax issues and provide effective solutions to help clients navigate the complexities of the Hong Kong tax system. With our extensive experience in handling net worth assessments, clients can trust us to provide reliable advice and guidance to protect their interests and minimize any potential penalties.