What types of tax return I need to file in HK?

There are mainly 3 types af tax returns, you need to file to the IRD: Employer’s Return, Profit Tax Return and Individual Tax return. Each entrepreneur is obligated to file these 3 tax returns each year since the first return is received.

What expenses could be deductible from Assessible Profits?

Generally, all outgoings and expenses, to the extent to which they have been incurred by the taxpayer in the production of chargeable profits, are allowed as deductions.

When do I submit my first audit report to IRD?

If you have formed a HK company, you’ll receive your first Profit Tax Return (PTR) in 18 months after the date of incorporation. Thus you’ll need to well prepare your accounting records and submit your first audit report together with the completed tax return to the IRD.

Do I need to file tax return to the HK Govt for my offshore business?

For those companies registered in offshore jurisdictions but having profit derived from HK, they are still liable to HK Profit Tax. It means these businesses need to file the Profit Tax Return to the IRDRead more: Hong Kong offshore tax exemption

Do I need to audit the accounts if my Hong Kong company is inactive or the turnover is small?

The requirement to audit the accounts of the company is set down by the Companies Ordinance. The Ordinance does not provide any conditions under which no audit is required.

In which case will Hong Kong company be exempt from Profits Tax?

If the corporate profits do not derived from Hong Kong, and the company has not set up an office in Hong Kong nor hired any Hong Kong employees, its earned profits will be exempt from Profits Tax. But the Company should apply for the offshore claim exemption position from IRD.

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Related FAQs

1. What types of tax return I need to file in HK?
2. When do I submit my first audit report to IRD?
3. What expenses could be deductible from Assessible Profits?
4. Do I need to file tax return to the HK Govt for my offshore business?
5. Do I need to audit the accounts if my Hong Kong company is inactive or the turnover is small?
6. What is the tax rate of profits tax?
7. How to manage the Profit Tax Return if it is received in the taxing period before the business of the limited company commence?
8. Do I need to do accounting for my offshore company in Hong Kong?
9. How to submit the Profit Tax Return for a limited company in Hong Kong?
10. What are tax exemptions for offshore companies in Hong Kong?
11. What will be the consequence of not submitting a Profit Tax Return Hong Kong?

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In which case will Hong Kong company be exempt from Profits Tax?

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