What types of tax return I need to file in HK?

There are mainly 3 types af tax returns, you need to file to the IRD: Employer’s Return, Profit Tax Return and Individual Tax return. Each entrepreneur is obligated to file these 3 tax returns each year since the first return is received.

When do I submit my first audit report to IRD?

If you have formed a HK company, you’ll receive your first Profit Tax Return (PTR) in 18 months after the date of incorporation. Thus you’ll need to well prepare your accounting records and submit your first audit report together with the completed tax return to the IRD.

What expenses could be deductible from Assessible Profits?

Generally, all outgoings and expenses, to the extent to which they have been incurred by the taxpayer in the production of chargeable profits, are allowed as deductions.

Do I need to file tax return to the HK Govt for my offshore business?

For those companies registered in offshore jurisdictions but having profit derived from HK, they are still liable to HK Profit Tax. It means these businesses need to file the Profit Tax Return to the IRDRead more: Hong Kong offshore tax exemption

Do I need to audit the accounts if my Hong Kong company is inactive or the turnover is small?

The requirement to audit the accounts of the company is set down by the Companies Ordinance. The Ordinance does not provide any conditions under which no audit is required.

Hong Kong Offshore Tax Exemption - How to be qualified?

Generally, offshore companies are free from tax liabilities, all foreign-sourced incomes are tax exempted for companies incorporated in Hong Kong. To be qualified for Hong Kong offshore tax exemption, companies need to be assessed by the Inland Revenue Department (IRD) of Hong Kong.

According to IRD, the following are excluded from the assessable profits:

dividends received from a corporation which is subject to Hong Kong Profits Tax;
amounts already included in the assessable profits of other persons chargeable to Profits Tax;
interest on Tax Reserve Certificates;
interest on, and any profit made in respect of a bond issued under the Loans Ordinance or the Government Bonds, or an Exchange Fund debt instrument or a Hong Kong dollar-denominated multilateral agency debt instrument;
interest income and trading profits derived from long term debt instruments;
interest, profits or gains from qualifying debt instruments (issued on or after 1 April 2018) exempted from payment of Profits Tax; and
amounts received or accrued of a specified investment scheme by or to one person

If you still want to know more information about tax exemptions for Hong Kong offshore companies, you can contact our consulting team via email: [email protected]

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What are tax exemptions for offshore companies in Hong Kong?

According to IRD, the following are excluded from the assessable profits:

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