As said, in this world, nothing can be said to be certain, except death and taxes.
The annual Hong Kong company tax season is approaching. The accounting year of Hong Kong companies is generally from April 1 to March 31 of the next year. It is now the middle of March, are your accounting and audit ready?
There are two types of Hong Kong companies' declarations.
A newly established Hong Kong company generally receives its first profit tax return about the 18th month after the registration date. It needs to determine the company's annual financial closing date, finish the accounting and auditing, and fill in the tax return within 3 months from the date of issuance of the tax return.
Non-first-time declaration
The Hong Kong Inland Revenue Department usually issues profit tax returns on the first working day of April each year, and the company needs to complete the return within 1 month.
Generally, we will suggest that it is better to set the annual financial closing date on March 31 and December 31, which can extend the tax filing period by 8 months and give you more time to prepare documents. If it is set on March 31, you can apply for an extension to November 15 of the same year; if it is set on December 31, and you can also apply for an extension to August 15 of the next year.
Of course, you can also choose to customize the annual financial closing date according to your personal needs.
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