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Hong Kong Profits Tax Return Filing

Updated:2018-11-16 12:20:06    Source:www.tannet-group.comViews:1722

Hong Kong profits tax return should be filed timely as required. If you carry on a trade, profession or business in form of a corporation, partnership business or if a non-resident person is chargeable to profits tax in your name, you should complete the profits tax return and file it to the Inland Revenue Department (IRD) by the due date. Details on profits tax returns are as follows.

Types of Profits Tax Returns
Profits tax returns are issued to Corporations and Partnership Businesses for profits tax purposes. Profits from the carrying on of sole proprietorship business should be reported in Tax Return - Individuals (BIR60). There are 3 series of profits tax return forms.

Profits Tax Return - Corporations (BIR51);
Profits Tax Return - Persons Other Than Corporations (BIR52);
Profits Tax Return - In Respect Of Non-Resident Persons (BIR54).

Who Should File
1. Newly Registered Business
Generally, a newly registered business will receive its first profits tax return some 18 months after the date of commencement of business or the date of incorporation.

2. Continuing Business
The annual exercise to issue profits tax returns in bulk takes place on the first working day of April each year.

It is the practice of IRD not to call for the annual submission of profits tax returns in instances where the trade, profession or business carried on does not give rise to assessable profits or where the trade, profession or business has not commenced or has ceased and not recommenced. However, upon receipt of a profits tax return which may be issued from time to time in the course of reviewing your future tax potential, the requirement to lodge the return form must still be complied with.

When to File
Generally, profits tax return should be filed within 1 month from the date of issue. The compliance date of submission is specified on the profits tax return. To promote electronic filing, the Department will grant, on application, a further extension of 2 weeks after the normal due date subject to the condition that Small Corporations and Small Partnership Businesses will file the profits tax returns through the Internet. 

Failure to Submit Tax Return
In all cases if you cannot lodge a tax return by the due date or the extended due date, estimated assessment will be issued and you may be required to pay more tax. You may also be subject to penalty proceedings which include payment of penalty, or even prosecuted.

Founded in Hong Kong in 1999, Tannet can help you incorporate a HK company, we also provide followup services, including bank account opening, accounting, tax return and annual return filing, auditing, intellectual property protection, barcodes registration, logistics and warehousing, etc. We help you ease your business in Hong Kong.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to 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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