FAQ

A : Every limited company will receive a profits tax return form from the Hong Kong Inland Revenue Department approximately 18 months after its establishment. Unless an extension is granted by the tax bureau, tax returns must be filed three months after receiving the tax form.
Failure to file your tax return by the specified deadline is an offense and may result in penalties. The first financial statement of the newly established company can choose to have an 18-month financial year, and then every 12-month financial year, and the date of the selected financial year cannot exceed 18 months.
You should complete your company’s accounting records as early as possible before receiving the tax return and have it reviewed by a certified public accountant.

A : It is usually customary to use March 31 or December 31 of each year as the tax base period. The maximum tax base period for a Hong Kong company in the first year is 18 months.
The general legal fiscal year is March 31st, and December 31st is rarely chosen.

When the tax return is submitted to the Inland Revenue Department, the tax assessor will determine the tax to be paid and will issue a tax payment notice. The company must pay the tax according to the specified date.

A : no. Hong Kong law stipulates that all Hong Kong companies have the obligation to report their financial status to the Hong Kong Inland Revenue Department, regardless of whether their business occurs in Hong Kong. If the enterprise’s income does not come from Hong Kong, it can apply to the Inland Revenue Department for tax exemption.

A : We can handle accounting, auditing and tax declaration as an agent, as long as the customer provides relevant information:

• Audit report of previous year
• bank statement
• Sales of goods or income checks
• Purchase, processing fee invoice or receipt
• Expense invoice or receipt
• Invoices or receipts for the purchase or sale of fixed assets, etc.‥‥‥