Hong Kong profits tax return instruction?

This is general information about Hong Kong profits tax returns, but please note that specific instructions and requirements may change over time. It’s important to refer to the most up-to-date guidance provided by the Hong Kong Inland Revenue Department (IRD) or consult with a tax professional for the latest information. Hong Kong profits tax return instructions are as follows:

1. Who Should File: Any person, including a corporation, partnership, or individual, that carries on a business in Hong Kong is required to file a profits tax return if they earn assessable profits.
2. Filing Deadline: The filing deadline for a Hong Kong profits tax return is typically within 1 month from the date of issue, which is usually April 1st each year. The exact deadline can change, so it’s crucial to check with the IRD for the current year’s deadline.
3. Form BIR60: The standard form used for filing a profits tax return is BIR60. You can obtain this form from the IRD’s website or at their offices.
4. Taxable Period: The taxable period for profits tax in Hong Kong is typically the fiscal year ending on the 31st of March.
5. Tax Rates: As of my last update, the corporate profits tax rate in Hong Kong is 16.5% on assessable profits. Individuals are subject to progressive tax rates on their income.
6. Documents and Records: You should maintain proper accounting records and supporting documents to substantiate the figures in your tax return. The IRD may request these documents for review.
7. E-filing: The IRD encourages electronic filing (e-filing) of profits tax returns, which can be done through their website.
8. Payment: Ensure you make the appropriate tax payments by the deadline. Late payment may result in penalties and interest charges.
9. Tax Advisor: Consider seeking the assistance of a tax advisor or consultant who is knowledgeable about Hong Kong tax regulations to ensure compliance and optimize your tax position.
10. Obtaining Assistance: If you have specific questions or need guidance on completing your profits tax return, you can contact the IRD’s helpdesk or visit their website for detailed instructions and resources.

Please note that tax laws and regulations can change, and the above information may no longer be accurate or current. Always refer to the latest guidelines provided by the Hong Kong Inland Revenue Department or consult with a tax professional for the most up-to-date information and assistance with your tax return.