What are the consequences of not submitting a Hong Kong Profit Tax Return?

The consequences of not submitting a Hong Kong Profit Tax Return can be severe. Here are some of the potential consequences:  

1. Fines: You may be fined up to HK$10,000 for failing to submit your tax return on time.  
2. Additional Taxes: You may be assessed an additional tax penalty of up to three times the amount of unpaid tax.   
3. Higher Estimated Tax: If you fail to submit your tax return on time, the Inland Revenue Department (IRD) may estimate your tax based on limited information, which could result in you paying more tax than you actually owe.  
4. Prosecution: In some cases, you may be prosecuted for failing to submit your tax return. This could result in a criminal record and a jail sentence. 

It is important to note that the specific consequences of not submitting a Hong Kong Profit Tax Return will vary depending on the circumstances. If you are concerned about the consequences of not submitting your tax return, you should speak to a tax advisor.

Source:

1. https://www.ird.gov.hk/eng/pol/ppo.htm

2. https://www.gov.hk/en/residents/taxes/taxfiling/filing/completion.htm