Guide to Tax Return Individuals

(D)

How to Complete the Return

Part 6

Deemed Assessable Profits under section 20AE, 20AF, 20AX and / or 20AY of the Inland Revenue Ordinance

You are required to tick the box

of paper return and declare the deemed assessable

profits in Section 9 of the Appendix if :

(i)	the assessable profits of a non-resident person / special purpose vehicle beneficially
	owned by a non-resident person are exempt from tax under section 20AC / 20ACA
	of the Inland Revenue Ordinance, and the non-resident person is your associate or
	you, alone or jointly with your associate(s), hold 30% or more of beneficial interest
	in the non-resident person;
(ii)	for the year of assessment 2019/20 and subsequent years, the assessable profits
	of a fund falling within the meaning given by section 20AM of the Inland Revenue Ordinance are exempt from tax under section 20AN of the Inland Revenue
	Ordinance, and during any part of the year the fund is your associate or you (alone or
	jointly with any of your associates) hold a beneficial interest of 30% or more in the fund; or
(iii)	for the year of assessment 2019/20 and subsequent years, the assessable profits of
	a special purpose entity, in which a fund satisfying (ii) above has a beneficial interest,
	are exempt from tax under section 20AO of the Inland Revenue Ordinance.

See Schedule 15, 15A, 15C and / or 15D of the Inland Revenue Ordinance in calculating

the deemed assessable profits and 'Related Tax Rules' in this Department's web site for details.

If you need to report Deemed Assessable Profits of this Part, please complete paper

return. Internet filing is not suitable.