Welcome to our site About usServicesContact usJoin usDisclaimer中文
AMAX & CO.
AMAX & Co.
Audit and Assurance
Tax Advisory
Accounting and Bookkeeping
Management Advisory
Secretarial and Administrative Supports
Tax Advisory

We are tax planners – not tax return preparers.

While tax compliance and return preparation is a necessary requirement under the Inland Revenue Ordinance in Hong Kong, this is not where your tax planning or strategizing should occur.

 

We proactively work with our clients to plan and structure tax solutions that add value, long before the tax return ever gets prepared. Adding value can mean different things to different people. For some it may mean reducing an overall tax burden today. For others it may mean adequately planning for the future, such as a tax effective transition of a business to another generation or key employees.


What is the deadline to submit the tax return?
 

In general the Inland Revenue Department ("IRD") will issue the tax returns to Individuals and companies ( the “Taxpayer”) in Hong Kong in April or May each year. Upon receipt of the relevant tax returns, taxpayers are required to submit respective tax returns to the IRD of Hong Kong within one month from the date of issuing such tax return so as to allow the government to assess the taxable income earned by the taxpayer. The deadline for submission the profits tax return will be extended to three months for those companies that are submitting their first profits tax returns. Therefore, an accurate and timely prepared tax return together with the appropriate record keeping requirement are required to submit to the tax authority.

For those newly incorporated company, the profits tax return is usually issued by the IRD within 18 months from the date of its incorporation. In case of not receiving such tax return within this period, please notify the IRD voluntarily.

Any taxpayer who without reasonable excuse fails to comply with the requirements of section 51C shall be guilty of any offence: Penalty a fine at level 6 and the court may order the person convicted within a time specified in the order to do the act which he has failed to do. To lessen your burden of this timely tax administration procedure, Amax & Co. is devoted to help and free you with a peace of mind to handle other business affairs. Click her for a quote of filing of tax retrun


What kind of tax services do Amax provide?

At Amax & Co. we provide reviews and compilations of financial statements, and prepare income tax returns on your behalf. But this is only the beginning of our financial services. Since the business world is constantly changing, especially in the area of tax legislation. It is essential that you have skilled, informed advisors who have sound knowledge of your business and recognize the needs of your business. At Amax & Co. our tax professional always keep abreast of tax law changes throughout the year to ensure that you are taking advantage of all tax incentives to save unnecessary tax expenditure. Click her for a quote of tax advisory services

                                                                                                                                                                                                 To the Top

The scope of our taxation services includes: 

Ø Personal income and business tax planning

Ø Representation of tax examinations

Ø Responding queries from the tax authority on your behalf

Ø Preparation of tax computation on your behalf

Ø Assist in handling tax field audits and investigations

Ø Preparation of tax return for Individual, incorporated and unincorporated corporation


Tax Tips:

In accordance with the Departmental Interpretation and Practice Notes No. 21 (Revised) issued by the Inland Revenue Department in December 2009, a person is to be chargeable to profits tax only when that person carries on a trade, profession or business in Hong Kong; the profits to be charged must be from such trade, profession or business carried on by the person in Hong Kong; and profits must be profits arising in or derived from Hong Kong. In other words, only Onshore profits are chargeable to profits tax in Hong Kong. (Section 14 of Inland Revenue Ordinance “IRO”)) In additions, there is no Capital Gain Tax (Sec. 14 of IRO), Value Added Tax (VAT), Sales Tax nor Dividend Tax (Sec. 26(a) of IRO) in Hong Kong. Interest income earned from deposit with a financial institution is also exempted from the HK Profits Tax. For more information, please see “ A Simple Guide on The Territorial Source Principle of Taxationissued by the Inland Revenue Department in February 1998.


Useful information:

The Financial Secretary proposed a number of tax measures in his 2017-18 Budget, the relevant legislation for the following measures was passed and gazetted on 25 May 2017 and 2 June 2017 respectively :-

 

Ø  An one-off reduction of profits tax, salaries tax and tax under persoanl assessment for the year of assessment 2016-17 by 75%, but capped at $20,000 per case. Such reduction is not applicable to profit assessed under property tax. 

For those individual taxpayers who are having business profits or rental income, can also enjoy the reduction by electing the Personal Assessment (the "PA"), if eligible. Under the PA, they will enjoy a reduction of 75% of final tax, capped at $20,000 per case for the Y/A 2016/17. Married couples must make their PA election together and the ceiling will therefore apply to each election.
   

  

Ø  Increasing the width of marginal tax bands from $40,000 to $45,000 commencing from the year of assessment 2017/18 .


Ø  Increasing disabled dependant allowance from $66,000 to $75,000 and Dependant brother and sister allowance from $33,000 to $37,500 effective from the year of assessment 2017/18.
 

Ø  Raising the deduction ceiling for self education expenses from $80,000 to $100,000 commencing from the year of assessment 2017/18. 

 

 

Ø  Extending the entitlement period for home loan interest deduction from 15 years to 20 years while the deduction ceiling of $100,000 remains unchanged. 

The Financial Secretary proposed the following tax relief measures :-

 

Ø  An one-off reduction of profits tax, salaries tax and tax under persoanl assessment for the year of assessment 2016-17 by 75%, but capped at $20,000 per case. Such reduction is not applicable to profit assessed under property tax. 

For those individual taxpayers who are having business profits or rental income, can also enjoy the reduction by electing the Personal Assessment (the "PA"), if eligible. Under the PA, they will enjoy a reduction of 75% of final tax, capped at $20,000 per case for the Y/A 2016/17. Married couples must make their PA election together and the ceiling will therefore apply to each election.
   

 

The Financial Secretary proposed the following tax relief measures :-

 

Ø  An one-off reduction of profits tax, salaries tax and tax under persoanl assessment for the year of assessment 2014/15 by 75%, but capped at $20,000 per case. Such reduction is not applicable to profit assessed under property tax. 

For those individual taxpayers who are having business profits or rental income, can also enjoy the reduction by electing the Personal Assessment (the "PA"), if eligible. Under the PA, they will enjoy a reduction of 75% of final tax, capped at $20,000 per case for the Y/A 2015/16. Married couples must make their PA election together and the ceiling will therefore apply to each election.
   

 

Ø  To increase both the child allowance and the additional one-off child allowance for children born in the Year of Assessment (the "Y/A") 2015/16 by around 43 per cent from the present $70,000 to $100,000 respectively for each child.  


The Financial Secretary proposed the following tax relief measures :-

 

Ø  To increase the Dependent Parent/Grandparent Allowance by 20 per cent. The allowance for maintaining dependent parents/grandparents with the ages from 55 to 59 and 60 or above will be increased from the preset $15,000 to $18,000 and $30,000 to $60,000 respectively. The additional allowance for taxpayers residing with these parents/grandparents aged 55 to 59 and 60 or above throughout the year will also be increased from the current $15,000 to $18,000.$30,000 to $36,000 respectively.     

 

Ø To increase the deduction ceiling of elderly residential care expenses for those taxpayers whose parents/grandparents are admitted to a residential care home form the present $60,000 to $72,000.

 

Ø  To increase both the child allowance and the additional one-off child allowance for children born in the Year of Assessment (the "Y/A") 2011/12 by 20 per cent from the present $50,000 to $60,000 respectively for each child.

 

Ø  The Financial Secretary has further announced adjustments to the 2011-12 Budget on 2 March 2011, including the proposal of a one-off tax reduction of 75% in respect of salaries tax and tax under personal assessment; subject to a ceiling of $6,000 for the Y/A 2010/11. Under salaries tax, individual taxpayer can also enjoy the reduction at a ceiling of $6,000 per case. For couples who are electing to be assessed jointly, the one-off 75% reduction, capped at $6,000 is applied on each couple.

For those individual taxpayers who are having business profits or rental income, can also enjoy the reduction by electing the Personal Assessment (the "PA"), if eligible. Under the PA, they will enjoy a reduction of 75% of final tax, capped at $6,000 per case for the Y/A 2010/11. Married couples must make their PA election together and the ceiling will therefore apply to each election.


  • Tax rates for the latest 7 years
                                                                     
                                                                                                                               

                                                                                                                                                                                            To the Top 

  • Tax deadline for those who are not represented:- 
     

    Filing Deadlines:-
-        Profits tax return (B.I.R. 51 and 52)  
 
Within ONE month from the date of the Notice.
-        First Profits tax return 
 
Within THREE months from the date of the Notice.
-        Individual not involving sole-proprietorship business 
 
2 June 2017
-        Individual involving sole-proprietorship business
 
2 August 2017

  • Tax deadline for individuals who are represented to be extended as follows:-

         
   
Extended due dates:-
-        Individual not involving sole-proprietorship business 
 
3 July 2017
-        Individual involving sole-proprietorship business
 
3 October 2017

     
         Tax deadline for taxpayers who are represented to be extended as follows:-

 
Accounting dates:-   Extended due dates
 - 1 April 2016 to 30 November 2016
   ("N" code)
   
 
No extension, follow the date as specified in the notice on page 1 of the 2016/17 Profits Tax return
- 1 December 2016 to 31 December
   2016   ("D" code)
   
 
15 August 2017
- 1 January 2017 to 31 March 2017
("M" code)
                                                        
 
15 November 2017
-  Current year loss cases with "M"
   code accounts
 
31 January 2018

To the Top



Enquiry
First name
Last name  *
Vistor's E-mail  *
Telephone  *
Enquiry
* Required fields

 







Amax & Co. Certified Public Accountants (Practising)

Email address: info@amaxcpa.com.hk    Web site: www.amaxcpa.com.hk

 

Address: Suite 1102, 11/F., Morrison Plaza, 80-82 Morrison Hill Road, WanchaiHong Kong.

Telephone: (852) 2815 1108 or (852) 2815 0383       Facsimile: (852) 2815 2608 


© Copyright: Amax & Co. 2008-2017 All rights reserved 


Welcome to our site About usServicesContact usJoin usDisclaimer中文
Amax & Co. Certified Public Accountants