When you receive a notice of assessment (you can tell whether it is a “normal assessment”, “estimated assessment” or “additional assessment” by referring to the small print on the “assessor’s notes” at the back of the notice of assessment) and do not agree to the amount assessed, you must lodge an objection in accordance with section 64 of the Inland Revenue Ordinance within one month after the date of the notice; Otherwise, the assessment will most likely becomes “final and conclusive”, i.e. you have to pay the amount assessed even it turns out that you would not have been liable to tax if a proper objection has been lodged. Sounds harsh? It can be. The IRD may even issue further assessments if you do not lodge any objection at all.
We advise you to contact us or the IRD as soon as you receive an assessment and do not know what to do about it.