Tax Filing

1. Profits Tax Return

First Profits Tax Return of the company will be issued by the Inland Revenue Department (IRD) approximately after 18 months of incorporation. The company is required to complete and submit the Profits Tax Return together with a set of audited account to the IRD in order to determine the amount of tax required to pay in respect of the basis period. Generally, first year accounting and auditing will take a longer time to complete. And according to the Hong Kong Companies Ordinance, the annual financial statements of all Hong Kong Limited Companies must be audited by Certified Public Accountant (CPA) for submission, it is recommended to arrange an accountant as soon as possible. Once the Profits Tax Return is submitted, it is difficult to change afterward.

2. Employer's Return

Every first week of April, the Inland Revenue Department will issue an Employer's Return (IR56A&B) to the company. The employer has obligation to and MUST complete and submit the Employer's Return within 1 month regardless of whether the company has hired the employee or not. Delay will attract fine.

Filing Estimated Chargeable Income (ECI):

ECI is an estimate of the company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA)

Filing of Income Tax return:

Services fee

Our corporate tax services include:

• Assisting with the submission of Estimated Chargeable Income (ECI)
• Corporate tax computation and tax return (Form C/C-S)

(*) From YA 2017, companies will qualify to file Form C-S if they meet all of the following conditions:

• The company must be incorporated in Singapore;
• The company must have an annual revenue of $5 million or below
• The company only derives income taxable at the prevailing corporate tax rate of 17%; and
• The company is not claiming any of the following in the YA:
  • Carry-back of Current Year Capital Allowances/ Losses
  • Group Relief
  • Investment Allowance
  • Foreign Tax Credit and Tax Deducted at Source