6 September 2022 - Charities and NGOs - Bookkeeping and tax considerations
Sep 6, 2022
With evolving social environment resulting in new service needs, charities should set up or update their bookkeeping and accounting systems to fit their latest mode of operations. This is important not only for meeting the latest accounting standards but also for satisfying the different reporting requirements of various sponsors and Government departments. Meanwhile, the Inland Revenue Department’s (“IRD”) practice in review charities’ tax exemption status is evolving. A tax-exempt charity is not automatically exempt from tax for all its income, so it should pay attention to its tax obligations.