Proper Tax Filing in Hong Kong FAQ
FAQ 1. What is the Hong Kong Tax Year?
Hong Kong Tax year runs from 1 April to 31 March of the following year.
FAQ 2. How many types of Tax Returns in Hong Kong?
Generally, the Inland Revenue Department (“IRD”) will issue 3 types of tax return to taxpayer every year. (1) Employer’s Return (2) Profits Tax Return and (3) Individual Tax Return.
The IRD will issue the Employer’s Return and Profits Tax Return around the beginning of April in each year, and issue Individual Tax Return to each individual employee around the beginning of May in each year.
FAQ 3. Do I need to file the Employer’s Return if my company has 1 director but no employee?
When you receive the Employer’s Return, you must complete and submit the Employer’s Return with Inland Revenue Department within 1 month even if no staff hired.
Company Directors are to be considered as employees because the director will receive remuneration for their service through Director’s fees or Director’s Salary. Hence, you need to report this in the Employer’s Return form.
FAQ 4. I need more time to complete the Profits Tax Return. Is it possible to extend the submission deadline?
Generally, you are required to file the Profits Tax Return to Inland Revenue Department within 1 month from the date of issue.
The filing date for the Return bulk issued in the beginning of April can be extended around 8 months from the end of the company’s financial year.
FAQ 5. I have no income to report, but I have received an Individual Tax Return. Do I have to complete it?
Upon receipt of the return, you are required to complete and send it back to the Inland Revenue Department within the time limit specified in the return so that the Inland Revenue Department can assess whether or not you are liable to tax for that year of assessment.
More detailed services and information related to Hong Kong tax can be found and inquired through the PREMIA TNC website.
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