Updated Legislation

INTERSHORES I No Income Tax Return Still Needs To Submit Audited Accounts 1 April 2023

 

The Hong Kong Inland Revenue Department issued a circular end Mar 2023 that except for dormant companies and companies with no relevant laws and regulations in the place of registration, "regardless of the amount of total income, all companies and businesses must submit tax return together with supporting documents" .   This new regulation came into  effect on 1 April 2023, which means that the Hong Kong Inland Revenue Department will only accept a declaration of no profit supported by an audited accounts.

 

If the Hong Kong company has no operation, it can apply to become a dormant company according to Article 5 (1) of the Hong Kong "Companies Ordinance" by a Special Resolution. After becoming an inactive company, the company cannot do any business, such as investment, account opening, etc as they incur accounting transaction. If the Hong Kong company does not operate and does not apply for being a dormant company, it is still necessary to submit a non-operational audit report when filing a profit tax return.

 

Do not hesitate to contact us if you need tax compliance arrangement in Hong Kong.

 

Whatsapp : (852) 6499 4686

Phone : (852) 2186 6936

Email : info@intershores.hk

   

Disclaimer:

Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use.  In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.

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