Annual Tax Return Submission to Inland Revenue Department
In Hong Kong, both locally incorporated and foreign companies (an incorporated subsidiary or registered branch) are required to file annual return with the Inland Revenue Department (“IRD”).
The Annual Filing Requirements of a Hong Kong Private Limited Company
Filing of Annual Tax Return with Inland Revenue Department (IRD)
a. What is it?
Hong Kong Company’s law has stipulated that every company incorporated in Hong Kong, must file a Tax Return (it is also known as Profits Tax Return in Hong Kong) together with its audited accounts on a yearly basis with the Inland Revenue Department of Hong Kong (“IRD”).
b. Prescribed Time Period
IRD will issue Tax Return filing notifications to companies on the 1st of April every year. For the newly incorporated companies, they will be notified on the 18th month of the incorporation date. Companies are mandated to file their Tax Return within one month from the date of notification. Companies can request for a submission extension (if needed).
c. Late Submission
Late submission (failure to adhere to the deadline) means you might face the penalty in the form of penalty fines or even prosecution.
d. Supporting Documents Needed
- The company’s balance sheet,
- Auditor’s report
- Profit & Loss Account relating to the basis period
- A tax computation that indicates how the amount of assessable of profits (or adjusted losses) was done
3E Accounting will help you to take care of all the statutory annual filings where we will remind you in advance before the due dates. Long story short, we help you to stay compliant with the on-going compliance requirements in Hong Kong.