Hong Kong company profits tax is one of the financial services provided by Hong Kong Tannet. Profits tax in Hong Kong can be understood as corporate income tax in mainland China, which is payable by every company carrying on a trade, profession or business in Hong Kong on profits arising in or derived from Hong Kong from that trade, profession or business.
Following incorporation, companies are generally tracked by the tax authority and issued with a tax return for the first anticipated “year of assessment”. Even when no tax return has been issued, however, the company has an obligation to notify the tax authority if assessable profits have arisen.
Typical Deadlines for Filing
A year of assessment runs from 1 April to 31 March. The assessable profits for each year of assessment are computed by adjusting the accounting profit or loss for the financial year ending within that year of assessment according to tax law and regulations. The month in which the accounting period ends generally determines the deadline by which the company must file its tax return and financial statements for each year of assessment.
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Overseas incorporated companies must file tax returns in respect of their Hong Kong branch operations on the same basis as a locally incorporated company, although it is normally sufficient to file branch accounts rather than those of the head office company.
Tannet’s Tax Services
Tannet’s tax and accounting practice offers cost-effective integrated and multilingual services in individual and corporate tax planning. Our tax services are designed to assist your company to comply with the requirements of Hong Kong tax law and include:
(1) Preparing tax computations and filing corporate and personal tax returns with the Inland Revenue Department (IRD);
(2) Advice on the tax system in Hong Kong;
(3) Advice on the offshore profits tax exemption;
(4) Advising on the tax implications of your proposed business activities.
Accounting and tax issues belong to the top challenges for foreign companies operating in China. Professional advice can help you to avoid time-consuming procedures and administrative work. With 19 years of experience in taxation and accounting services in China, Tannet offers one-stop solutions ranging from company incorporation to accounting and tax filing, and other consulting services like payroll & human resources services.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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