Important deadlines on profits tax filing in Hong Kong

30 April 2013

IMPORTANT DEADLINES ON PROFITS TAX FILING IN HONG KONG

Filing of profits tax returns which are issued in bulk in early April:

Accounting year end dates		Deadline
1 April - 30 November		Within one month from date of issue
1 December - 31 December		15 August
1 January - 31 March		15 November
1 January - 31 March and with adjusted loss after tax adjustments		end of Jan or early Feb of the year following the year of issue (by application)

Filing of profits tax returns which are not issued in bulk (non-bulk issue):

Accounting year end dates		Deadline
First profits tax return since incorporation		Within 3 months from date of issue or corresponding deadlines according to year end dates shown above (by application), whichever is later
Other than the above		Within one month from date of issue or corresponding deadline according to year end dates shown above (by application), whichever is later

Notification of tax chargeability:

Apply to inactive categories of corporations or partnership businesses (with IRD file number prefixes 22 or 95).

Obligation to notify the IRD in writing of tax chargeability within 4 months after the end of the basis period for the year of assessment.

Examples:

Accounting year end date is 31 December 2012 and derived chargeable profits for 2012/13 assessment year		Inform tax chargeability by 30 April 2013
Accounting year-end date is 31 March 2013 and derived chargeable profits for 2012/13 assessment year		Inform tax chargeability by 31 July 2013

In view of the above, it is recommended that audited accounts should be prepared annually and the audit should be conducted right after the accounting and books being closed, in order to ascertain whether the company has any tax chargeability as well as the obligation to notify the IRD.

Failure to meet the tax deadlines:

Fail to file profits tax return or inform the IRD about the tax chargeability on time

Subject to a maximum fine of HK$10,000 plus treble the amount of tax undercharged

Should you require any assistance in relation to filing of Hong Kong tax return, please do not hesitate to contact us.

CONTACT PERSON

Zita Ng
zita@alcpa.com.hk
(852) 2574 8289 (Ext. 117)

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