Mr Lee Is a Citizen and Resident of Hong Kong

question 26

Essay

Mr. Lee is a citizen and resident of Hong Kong, while Mr. Anderson is a citizen and resident of the U.S. In the taxation of income, Hong Kong uses a territorial approach, while the U.S. follows the global system. In terms of effect, explain what this means to Mr. Lee and Mr. Anderson.

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Definitions:

Workflow

The sequence of processes through which a piece of work passes from initiation to completion, often involving multiple steps and stakeholders.

Process Reengineering

A basic revision and profound transformation of company procedures to secure substantial gains in key performance indicators like cost, quality, service, and speed.

Michael Hammer

An American engineer, management author, and business consultant known for his work on reengineering business processes.

Break Even

The point at which total cost and total revenue are equal, resulting in no net loss or gain.