The IRD would issue the very first Profit tax return (PTR) of the company approximately 18 months of incorporation. the next Profit Tax Returns would be issued every 12 months then. the company is obligated to fill and submit the Profit tax return.
The PTR is generally issued in April or May after the financial year in Hong Kong (31st of March) has concluded, and is due within one month after issuance. This will be extended up to six months upon request by the company to the IRD.
Even if the company conducts business outside of Hong Kong, it still must provide its accounts to be submitted to the Hong Kong Government, and request for a profits tax exemption. This Hong Kong Tax filing is given with a group of audits to the IRD to work out the amount of tax necessary to pay in respect of the basis period.
Each company is responsible to submit the accounts accurately and during a timely fashion. there'll be penalties for the late submission of penalties. within the case the PTR isn't filled for an extended amount of your time, there could also be further penalties and court summons for the company for this non-submission of the PTR.
If you need assistance in filing the Profits tax return for your company, we can help with the method and filings of the PTR. We offer professional bookkeeping and taxation services. Contact us for more information or consultation with our staff for your company.