Like other developed cities, Hong Kong will be temporarily in economic difficulties due to COVID-19 in 2020 . If you are full of entrepreneurial ideals, or have tried to cry for the first time, will you be discouraged by the epidemic, abandon setting up a company or end in a hurry? No matter whether you are struggling or trying to change , Sforzando will always walk with you on the road to entrepreneurship . At the time of the profits tax filing season, you who are new to the road have to be busy with the company's funds, but also have to worry about starting a tax filing .
In the end Internet filing and electronic filing respectively do?
How to fill out the tax return ?
What is the tax refund procedure?
The following Sforzando has specially sorted out the top ten common problems of Hong Kong profits tax to alleviate your business troubles.
Sforzando Profits Tax FAQ 1
How is the Year of Assessment for Profits Tax calculated?
Under the Hong Kong tax system, whether it is salaries tax, personal assessment or profits tax , the tax year refers to the 12 months between April 1 and March 31 of the following year.
Sforzando Profits Tax FAQ 2
Annual corporate tax (Profits Tax) of tax returns ( Tax the Return ) when issued?
Inland Revenue Department ( of the Inland Revenue Department / short IRD) will be issued annually in April and the first working day after a large number of individuals and organizations associated tax profits tax returns , which the tax return were BIR51 (corporation), BIR52 (OCs People outside of Hong Kong) or BIR54 (for people who do not live in Hong Kong).
Attention: Due to the impact of the new crown pneumonia epidemic, the profits tax return for the previous year of assessment ( 2019/20) that the Inland Revenue Department should issue in April this year has been issued on May 4, 2020.
Sforzando Profits Tax FAQ 3
When should I submit the profits tax return ?
Generally speaking, the Inland Revenue Department requires that the Profits Tax Return and any required supplementary forms should be returned to the Inland Revenue Department within 1 month from the date of issuance . The submission deadline is set out on page 1 of the profits tax return . If small corporations or small partnerships use electronic tax filing , the Inland Revenue Department will allow an extension of two weeks longer than the normal period. Taxpayers or groups may consider applying for an additional extension.
Sforzando Profits Tax FAQ 4
Is there any difference between online tax filing and electronic filing of profits tax ?
No. Whether online tax ( Filing through the Return of Profits Tax at The Internet) , or electronic filing (eTax), refer taxpayers to complete and submit via the Internet Profits Tax Return , but slightly different wording. As long as taxpayers, under the corporate secretary or business, or even a tax representative , with or without the "e-Tax" accounts, can "fill in through the Profits Tax Return " service for taxpayers or groups fill in the online tax return . As for the "Submission of Profits Tax Return " service, which means signing and submitting the Profits Tax Return via the Internet , (A) the director, secretary and manager of the corporation; (B) the first partner of the partnership business; (C) The proprietor of a sole proprietorship business (only in the case of a transition from a partnership to a sole proprietorship within the relevant tax year) can be executed.
Sforzando Profits Tax FAQ 5
Can any company use the online tax return service to fill out and submit profits tax returns?
It's not. At present, only small corporations and small partnerships can fill out and submit profits tax returns through online tax returns . Included in the conditions for small corporations and small partnership businesses that are applicable to online tax returns are mainly focused on the income, business scale and business area during the relevant tax year, such as:
The total income for the year of assessment does not exceed HKD$2 million;
Failure to declare deductions for R&D expenditures or intellectual property rights generated by R&D activities for income or sales gains;
Failure to declare deductions for energy-efficient building installation expenses;
Did not apply for tax relief for avoidance of double taxation arrangements;
Have not obtained any advance rulings on tax matters;
No need to submit any supplementary forms (S1 to S10);
The partnership business cannot have more than 6 partners (including those who have withdrawn).
Sforzando Profits Tax FAQ 6
If I want to submit a profits tax return for the company through the online tax return service , does the company need to open an "e-tax" account?
Currently, "eTax" accounts only provide personal identity opening services. If you want to file an online tax return for your company , you must have the company’s director, secretary, or manager who has a personal "eTax" account to sign and submit the company's tax return online . Even without the "e-Tax" account, as long as the tax return of the " tax table number," can "fill in through the Profits Tax Return " service for taxpayers and groups on the Internet to fill in tax returns .
Sforzando Profits Tax FAQ 7
If the company has already submitted profits tax returns via the Internet through relevant parties , is it still necessary to submit an audit report?
need. Because after submitting the profits tax return , the Inland Revenue Department may still request supporting documents such as the audit report from the company. It is estimated that you still need to hire a professional auditor for the company to write the audit report and retain other relevant financial supporting documents.
Sforzando Profits Tax FAQ 8
If the company has just been established and registered its business, when will it start to file profits tax ?
Generally speaking, the first profits tax return after the company has registered its business will be about 18 days after the business commences or is incorporated, that is, it holds the registration date on the business registration certificate issued by the Business Registration Office (Business Registration Office). It will be issued within a month, and the company or corporation must submit an application for a business registration certificate to the Business Registration Office within 1 month after opening or incorporation.
Sforzando Profits Tax FAQ 9
If my company because of the epidemic sake of business, also need to fill out and submit Profits Tax Return it ?
need. Because in the previous year of assessment (between April 1 of each year and March 31 of the next year), your company still has business operations. As long as there are assessable profits, the income and deductions are deductible in accordance with the Inland Revenue Ordinance According to the requirements of the project, to calculate the profits generated in or derived from Hong Kong, you need to submit a profits tax return .
Sforzando Profits Tax FAQ 10
If my company has just opened, and the settlement time of the accounting accounts is different from the tax year, how should the base period for profits tax be calculated?
Profits Tax There are two ways to calculate the basis period, one is gains tax year of assessment calculated that each year April 1 to March 31 next year; the other is the date when the company's accounting records and settlement gains If the tax year is different, the calculation is based on the company's fiscal year ending within one year from March 31 of the tax year. Assuming that the company’s accounting accounts are set to settle on May 31 each year, the company’s profits tax declaration for the year of assessment 2019/20 should be from June 1, 2019 to May 31, 2020 until. Assuming that your company opened on July 1, 2019, and the accounting accounts are settled on December 31 of each year, the base period for profits tax assessment in 2019/20 will be from July 1, 2019 to December 2019. On the 31st of the month; and in the year of assessment 2020/21, it is from January 1, 2020 to December 31, 2020.
This report studies the Naphtha market, from angles of players, regions, product types and end industries, to analyze the status and the future.Naphtha is a term used to refer to a group of volatile, flammable mixtures of liquid hydrocarbons that are used mainly as solvents, diluents, or raw materials for gasoline conversion.
It is a lightweight Energy & Additives that is separated from crude oil in the fractional distillation process along with kerosene and jet fuel.Download FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/30696/global-naphtha-2025-850 There are many specific types of naphtha that vary in the amounts and types of hydrocarbons contained in their unique blend.
Refineries can produce various forms of naphtha, and each has specific guidelines in how it should be handled and stored.
Generally speaking, the flammability and volatility of naphtha should be taken into consideration as they are significant safety hazards.Asia-Pacific is the leading consumer of Naphtha, the volume of which reached 153402.4 K MT in 2018, accounting for about 38.49% of the total global market.
China, Europe, and Northeast Asia are also important supply region of solvent.Chemicals accounted for the largest market with about 86.10% of the global consumption for Naphtha in 2018, and are anticipated to grow at a CAGR of 2.51%, in terms of consumption, during the forecast period.
With over 13.90% share of in the Naphtha market, Energy & Additives was the second largest application market in 2018, and is anticipated to grow at a CAGR of 1.81%, in terms of consumption, during the forecast period.global naphtha market size will increase to 265220 million us$ by 2025, from 204140 million us$ in 2018, at a cagr of 3.8% during the forecast period.In this study, 2018 has been considered as the base year and 2019 to 2025 as the forecast period to estimate the market size for Naphtha.This report researches the worldwide Naphtha market size (value, capacity, production and consumption) in key regions like United States, Europe, Asia Pacific (China, Japan) and other regions.
Having a standard audit report at the end of an audit has positive impacts on the growth and reputation of a business.
Mobiom compliance audit software is one of the best audit software that helps companies manage their compliance regime and produce robust audit reports.
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Most businesses need additional funds at some time, but generally speaking, there's a lot of difference between short-term lending solutions and long-term financing services, otherwise called long term loans.
Lenders view small business loans as a temporary funding solution, until they have more confidence in the future of the business.The good news is that there are some really good sources for short term business loans.
There are a number of online lenders who offer short term business loans at reasonable interest rates.
The trick is to shop around and get the best possible deal on your financing.
So rather than looking for more long-term financing options, a short term business loan is a great way of getting the cash that will help expand your business.The most important thing to remember about short term business loans is that your cash flow is very important.
You want to make sure that you can pay back this money, or you will only be putting yourself into more debt.
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The GMP Quality Assurance Procedure team will determine whether a supplier site audit is necessary for the delivery of key raw materials.
The frequency of supplier audits is established by the auditor at the end of the audit process and noted on the audit report, depending on the demands in each situation.
