Newly established company
According to the Hong Kong Companies Ordinance and the Inland Revenue Ordinance, a newly registered Hong Kong company will receive its first profits tax return from the Inland Revenue Department within 18 months after its establishment. The company is required to complete the audit and tax return within 3 months after receipt of the tax return.
Non-newly established companies
For companies that do not file tax returns for the first time, the audit should be conducted according to the financial year end date set by the company. Under normal circumstances, the company needs to complete the audit and tax return within one month after the financial year.
Audit delay
If the company's annual settlement date is set on March 31 or December 31 of the year, it can apply to the tax Bureau for an extension of the audit and tax return, which can be delayed for up to 8 months. Enterprises should reasonably arrange audit time to avoid fines or other adverse consequences caused by overdue.
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