Hong Kong's tax system is much simpler than the mainland's tax system. Under normal circumstances, Hong Kong companies doing entrepot trade, the main tax involved in the daily is profits tax (also known as the corporate income tax in mainland China). The mainland's corporate income tax is paid quarterly in advance and settled at the end of the year, while Hong Kong profits tax declaration is declared annually.

Hong Kong's fiscal year is different from the mainland's fiscal year. The Mainland's fiscal year is the natural year, while Hong Kong's fiscal year is from each year4month1From one day to the next3month31Day. The Hong Kong Inland Revenue Department usually meets in the annual4The profits tax return of Hong Kong company for the current year is issued in January. The return is required to start from the date of issue1The audit report (also known as auditor's report) signed by a certified public accountant in Hong Kong is the basis for filling the report. Therefore, under normal circumstances, the audit report of a company in Hong Kong should be prepared in advance. Otherwise, when receiving the profits tax return, it will be too late to fill the report. If it is really too late, you need to apply to the Hong Kong Tax Bureau for an extension of the declaration. How long can the extension be extended? This depends on the closing date of the Hong Kong company, if the closing date of the company is12month31Date, which can be extended to the current year8month15If the company's closing date is3month31Date, which can be extended to the current year11month15Day.

The date of issue of the above tax returns is the normal situation, but we should note that the date of issue of the first profits tax return after the establishment of a Hong Kong company may not be the same4Month, but from the date of incorporation of the company18It will be sent out in about a month. The first profits tax return is required from the date of issue3The application should be completed and submitted within a month, and no extension can be applied. Therefore, after the establishment of the Hong Kong company,12-18To determine the accounting period of the first audit report according to their own situation, and entrust a professional agency like Huanze to complete the audit work in time, and prepare an audit report signed by a certified public accountant in Hong Kong, so that when receiving the first profits tax return, it can be completed on time to avoid unnecessary fines caused by overdue filing.

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