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HK TAX
Filing
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Filling of HK Tax Return
Profits Tax Return
Employers' Return
Individual Tax Return
Property Tax Return
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To Arrange on Behalf of the Employer
- Update the Inland Revenue Dept (IRD)
Update the Immigration Dept
- Update the MPF Service Provider
- Update the Employee Compensation Services Provider
To Arrange on Behalf of the Employee
Documents for Tax Clearance with the IRD
- Update the MPF Service Provider
Arrange Declaration for Departure
- Arrange Bank-in of MPF Refund Cheque Value-Added Services
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CERTIFICATE OF
Resident Status
HK Residents are able to claim tax benefits under the Comprehensive Double Taxation Agreements / Arrangement (DTAs) by applying this Certificate toward corresponding authority in HK.
To Process Application with the HK Competent Authority
To Act as the Authorized Representative in Following up with the HK Govt
Required Completion of Personal Tax or Profits Tax Before Application
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Front-End Financial Reporting
- Audit Arrangement
- Filing of Profits Tax Return
- Tax Computation
Tax Review on Your Tax Liability
To Lodge an Offshore Claim to the IRD If Suitable
To Act as the Authorized Tax Representative in Following up with the IRD (e.g. Query Letter)
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* Service charges will vary based on different case scenarios, therefore it is suggested to talk with our advisors first to consult and learn more.
DID YOU KNOW HK TAX RATE?
| Profits Tax | 2018/2019 |
| Companies: 2018/19 onwards | 8.25% on assessable profits up to $2,000,000; and 16.5% on any part of assessable profits over $2,000,000 |
| Unincorporated Businesses: 2018/19 Onwards | 7.5% on assessable profits up to $2,000,000; and 15% on any part of assessable profits over $2,000,000 |
| Property Tax | 2018/2019 |
| Standard Rate: 2008/09 Onwards | 15% |
| Salaries Tax | 2018/2019 |
| First HK$50,000: 2018/19 Onwards | 2% |
| Next HK$50,000: 2018/19 Onwards | 6% |
| Next HK$50,000: 2018/19 Onwards | 10% |
| Next HK$50,000: 2018/19 Onwards | 14% |
| On the Remainder: 2018/19 Onwards | 17% |
| Standard Rate: 2013/14 Onwards | 15% |
| Personal Allowances | 2018/2019 |
| Basic Allowance | HK$132,000 |
| Married Person's Allowance | HK$264,000 |
| Child Allowance | |
| Each Child (1st to 9th) | |
| - Year of Birth | HK$240,000 |
| - Other Years | HK$120,000 |
| Dependent Parent / Grandparent Allowance | |
| Aged 60 or Above | |
| - Not Residing with Taxpayer | HK$50,000 |
| - Residing with Taxpayer Throughout the Year | HK$100,000 |
| Aged 55 to 59 | |
| - Not Residing with Taxpayer | HK$25,000 |
| - Residing with Taxpayer Throughout the Year | HK$50,000 |
| Dependent Brother / Sister Allowance | |
| - For Whom No Child Allowance Has Been Claimed | HK$37,500 |
| Single Parent Allowance | HK$132,000 |
| Personal Disability Allowance | HK$75,000 |
| Disabled Dependant Allowance | HK$75,000 |
| Maximum Deduction for Expenses | 2018/2019 |
| Self-Education Expenses | HK$100,000 |
| Charitable Donations | 35% of assessable income |
| Contributions to Recognised Retirement Schemes | HK$18,000 |
| Elderly Residential Care Expenses | HK$100,000 |
| Home Loan Interest | HK$100,000 |
* Legislative amendments are required for implementing the tax measures as proposed by the Financial Secretary in the 2019-20 Budget.
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GOT A QUESTION?
Hot query
If I’m the ONLY staff of my own co., do I need to file Employer’s Return?
- According to the Companies Ordinance, even if your company does not have any paid staff during the fiscal year, it is still mandatory to file the Employer's Return within the indicated time (normally about 30 days) when it is received.
- If your identity is a Director, then you are entitled to either one of these remunerations: Director’s fees or Director’s salary. Both are taxable.
- Thus, even if you did not hire any other staff in your company, as an active Director of the business, you ought to report your remunerations to the Inland Revenue Dept (IRD) through the filing of Employer’s Return.
What types of tax returns I’ll need to file in HK?
- There are mainly 3 types of tax returns you will need to file to the IRD: Employer's Return, Profits Tax Returns and Individual Tax Return. Each entrepreneur is obligated to file these 3 tax returns each year ever since the first return is received.
- Typically both Employer's Return and Profits Tax Return will be issued on the first working day of April each year from the IRD; while the Individual Tax Return will be issed on the first working day of May each year. You ought to complete your tax filing within 30 days from the date of issue, or there could be penalties or even prosecution against you.
Do I need to file tax returns to the HK Govt for my offshore business?
- One of the key factors for this question is whether your company truly owns a complete offshore business. For those companies registered in offshore jurisdictions but having profits derived from HK, they are still liable to HK Profits Tax, which means these businesses still need to file the Profits Tax Return to the IRD of HK.
- On the contrary, if your business does not have any profits arising in or derived from HK, no matter where the company is registered (in HK or offshore jurisdictions), it is possible that your company can be claimed as an 'offshore business'. Certain criteria need to be met to qualify for such definition, e.g. the terms of purchase / sales are negotiated and concluded outside HK, etc.
- To prove your profits are not liable to HK tax, it is advised to plan properly with a skillful specialist at the initial stage.
Someone told me I can skip my Profits Tax Return if no income. Is that true?
- The answer is a big 'No'. In any case, you as a HK limited company owner are obligated to file the Profits Tax Return along with well-prepared audit reports and tax computation to the IRD, even if your company is not generating any profits.
- Yet, it is possible that after a few years of unprofitable performance, your company may stop receiving the Profits Tax Return. Under this situation, the company is not required to contact the IRD again unless it starts earning profits in the current fiscal year. Then, you are obligated to notify the IRD of its tax chargeability within 4 months after the end of the profit-making year.
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