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20220726 Digital economy and e-commerce – virtual world but real tax controversies

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Programme Code:
20220726
Date:
26 July 2022 (Tuesday)
Time:
6:30 pm - 8:00 pm
Speakers:

Mr Ivan Wong, Senior Consultant, Tax Controversy Services, PwC

Mr Philip Hung, Director, Tax Controversy Services, PwC

Mr Felix Tsang, Senior Manager, Tax Controversy Services, PwC

Language:
Cantonese
Venue:
Live webinar
Proficiency Level:
Intermediate Level
Fee:
$150 – $200
CPD Hours:
1.5
Seat:
100
Event Categories:
,
Application Form:
20220726 enrollment form

Description

As the economy increasingly shifts to the virtual world, new business models continue to flourish. In addition to online sales of physical goods and services, in-game virtual items like loot boxes can also be sold through microtransactions. KOLs (Key Opinion Leaders) can capitalize on their influence and derive income from different social media. Businesses can also access markets across borders without establishing a physical presence. Cryptocurrencies and other digital assets like non-fungible tokens (NFTs) are also increasingly common. These new creations of the digital economy have brought new issues of disputes between taxpayers and the Hong Kong Inland Revenue Department (“IRD”), and require novel approaches to handle.

Meanwhile, amid the rapid evolution in business models in the digital economy, certain tax issues remain uncertain in different practical situations despite the updates in the IRD’s Departmental Interpretation and Practice Notes No. 39 in 2020. Such uncertainties also lead to new areas of potential tax disputes.

In this live webinar, the speakers will:

  • Recap the IRD’s latest views on the taxation of digital economy, e-commerce business and digital assets
  • Illustrate new issues of tax dispute arising from the digital economy
  • Highlight the potential tax issues of transactions in digital assets
  • Share some recent practical cases

Speaker Profile

Mr Ivan Wong, Senior Consultant, Tax Controversy Services, PwC

Ivan has over 6 years of experience in providing Hong Kong tax compliance and consulting services, business regulatory advisory services, tax audit and dispute resolution services as well as tax health checks. He has extensive experience in providing tax and business consulting services to local and multinational clients from different industries such as trading, manufacturing, construction, social media platform production services, online game services and non-profit organisations, etc. Ivan has also handled cases with companies and individuals involving tax issues such as offshore claim, cross-border transactions, charitable tax exemption status, etc.

Mr Philip Hung, Director, Tax Controversy Services, PwC

Philip has over 30 years’ experience in Hong Kong taxation with six years in IRD. He is a well-known expert in the tax field and investigation specialty. After he left the IRD, Philip concentrated in assisting clients in handling tax investigation and field audit cases. He is the first to set up a specialized team to handle the IRD’s tax investigation and field audit cases for clients in the industry.

Philip’s clients include charitable institutions, fund managers, SME, listed companies and various MNC. He assisted in handling complicated cases such as the IRD’s review on major charitable institutions, worldwide onshore/offshore claim, disputes on contract processing and import processing arrangements, offshore claim for Macao Offshore Company, IRD prosecution case and transfer pricing adjustments.

Mr Felix Tsang, Senior Manager, Tax Controversy Services, PwC

Felix has over 15 years of experience in resolving tax audits, tax investigation and other tax disputes for multinational corporations and local SMEs in different industries including manufacturing, services, fund management and charitable institutions, involving a diverse range of issues such as offshore claims, cross-border transactions, contract / import processing arrangements, anti-avoidance carried interest; transfer pricing, tax exemption for charities and Board of Review proceedings. With insights in tax dispute resolution, Felix also has ample experience in providing practical tax and business advice from a dispute prevention angle, including tax health check, defence file building, post-audit restructuring, tax due diligence, fee structure for fund management, and charity set up.

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