A Hong Kong limited company will usually receive its first Profits Tax Return from the Inland Revenue Department ("IRD") in around the eighteenth month from its incorporation.
However, you are encouraged to have your company’s accounting records prepared and finalized much earlier than the Profits Tax Return is to be issued because you should allow some time to have the accounts audited by a practising accounting firm. Hong Kong companies are required to submit audited accounts with their Profits Tax Returns.
The IRD will usually issue a tax demand note a few weeks after the Profits Tax Return is submitted.We can act as our clients' Tax Representative and to assist clients to observe and comply all tax regulations, obtain the maximum tax benefits and allowances.
Field audit and tax investigation usually take months, or years to settle. If you have received any protective assessments or interview request from the IRD, you should seek professional advices. We can provide assistance in simple field audit cases, and usually refer complicated cases to tax experts.
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