With our in-depth knowledge in Hong Kong tax laws and regulations, our clients are assured that their tax filing obligations and compliance requirements are managed effectively, timely at reasonable price.
A year of assessment runs from 1 April to 31 March of the subsequent year. The Inland Revenue Department (IRD) issues profits tax returns annually, usually on the first working day of April each year. For a newly registered business, it will receive its first profits tax return about 18 months after the date of commencement of business or the date of incorporation.
The profits tax return must be filed within the prescribed time limit. The month in which the accounting period ends generally determines the deadline of filing tax return:
| Block Extension Filing Due Date | |
| For N Code Returns (Accounting Date between 1 April to 30 November) | 30 April of subsequent year |
| For D Code Returns (Accounting Date between 1 to 31 December) | 15 August of subsequent year |
| For M Code Returns (Accounting Date between 1 January to 31 March) | 15 November of the same year |
Fail to lodge a tax return by the due date will trigger penal actions from the IRD, including estimated assessment, penalty, additional tax up to treble the amount of tax undercharged, court proceedings.
An employer is obliged to report remuneration paid to each employee during the period from 1 April to 31 March of the subsequent year by filing the Employer’s Returns. In addition, each employee is required to complete an individual tax return covering the same period.
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