What is the deadline to submit the tax return? 

In general the Inland Revenue Department ("IRD") will issue the tax returns to Individuals and companies ( the “Taxpayer”) in Hong Kong in April or May each year. Upon receipt of the relevant tax returns, taxpayers are required to submit respective tax returns to the IRD of Hong Kong within one month from the date of issuing such tax return so as to allow the government to assess the taxable income earned by the taxpayer. The deadline for submission the profits tax return will be extended to three months for those companies that are submitting their first profits tax returns. Therefore, an accurate and timely prepared tax return together with the appropriate record keeping requirement are required to submit to the tax authority.

For those newly incorporated company, the profits tax return is usually issued by the IRD within 18 months from the date of its incorporation. In case of not receiving such tax return within this period, please notify the IRD voluntarily.

Any taxpayer who without reasonable excuse fails to comply with the requirements of section 51C shall be guilty of any offence: Penalty a fine at level 6 and the court may order the person convicted within a time specified in the order to do the act which he has failed to do. To lessen your burden of this timely tax administration procedure, Amax & Co. is devoted to help and free you with a peace of mind to handle other business affairs. < Want a quote for filing a tax return > 

 

What kind of tax services do Amax provide?

At Amax & Co. we provide reviews and compilations of financial statements, and prepare income tax returns on your behalf. But this is only the beginning of our financial services. Since the business world is constantly changing, especially in the area of tax legislation. It is essential that you have skilled, informed advisors who have sound knowledge of your business and recognize the needs of your business. At Amax & Co. our tax professional always keep abreast of tax law changes throughout the year to ensure that you are taking advantage of all tax incentives to save unnecessary tax expenditure. < Want a quote for tax advisory services > 


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The scope of our taxation services includes:
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• In accordance with the Departmental Interpretation and Practice Notes No. 21 (Revised) issued by the Inland Revenue Department in March 1998, a person is to be chargeable to profits tax only when that person carries on a trade, profession or business in Hong Kong; the profits to be charged must be from such trade, profession or business carried on by the person in Hong Kong; and profits must be profits arising in or derived from Hong Kong. In other words, only “ Onshore profits” are chargeable to profits tax in Hong Kong. (Section 14 of Inland Revenue Ordinance “IRO”)) In additions, there is no Capital Gain Tax (Sec. 14 of IRO), Value Added Tax (VAT), Sales Tax nor Dividend Tax (Sec. 26(a) of IRO) in Hong Kong. Interest income earned from deposit with a financial institution is also exempted from the HK Profits Tax. For more information, please see “ A Simple Guide on The Territorial Source Principle of Taxation” issued by the Inland Revenue Department in February 1998.

 

•  2009-10 Budget - Tax Concessions   

The Financial Secretary proposed a one-off tax reduction of 75% in respect of salaries tax and tax under personal assessment; subject to a ceiling of $6,000 for the Year of Assessment (the "Y/A") 2009/10 on 24 February 2010. Under salaries tax, individual taxpayer can also enjoy the reduction at a ceiling of $6,000 per case. For couples who are electing to be assessed jointly, the one-off 75% reduction, capped at $6,000 is applied on each couple.

 

 

For those individual taxpayers who are having business profits or rental income, can also enjoy the reduction by electing the Personal Assessment (the "PA"), if eligible. Under the PA, they will enjoy a reduction of 75% of final tax, capped at $6,000 per case for the Y/A 2009/10. Married couples must make their PA election together and the ceiling will therefore apply to each election.

• Allowances, Deduction and Tax Rate Table (Salaries Tax/Personal Assessment) 

 

• Tax rates for the latest 7 years
                                                                                                                                                                                              

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• Tax deadline for those who are not represented:- 
  
   

		Filing Deadlines:-
-        Profits tax return (B.I.R. 51 and 52)		Within ONE month from the date of the Notice.
-        First Profits tax return		Within THREE months from the date of the Notice.
-        Individual not involving sole-proprietorship business		3 June 2010
-        Individual involving sole-proprietorship business		3 August 2010

   

• Tax deadline for individuals who are represented to be extended as follows:-

        

		Extended due dates:-
-        Individual not involving sole-proprietorship business		3 July 2010
-        Individual involving sole-proprietorship business		4 October 2010

    

• Tax deadline for taxpayers who are represented to be extended as follows:-

   

Accounting dates:-		Extended due dates
- 1 April 2009 to 30 November 2009    ("N" code)		No extension, follow the date as specified in the notice on page 1 of the 2009/10 Profits Tax return
- 1 December 2009 to 31 December    2009   ("D" code)		16 August 2010
- 1 January 2010 to 31 March 2010 ("M" code)		15 November 2010
-  Current year loss cases with "M"    code accounts		31 January 2011

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