Get the free Profits Tax Return and Supplementary Form to Profits ... - GovHK

Hong Kong Tax Alert 18 March 2019 2019 Issue No. 62018/19 profits tax filing season will commence soon On 1 April 2019, the Inland Revenue Department (IRD) will issue bulk profits tax returns to taxpayers

How to fill out profits tax return and

How to fill out profits tax return and

1. To fill out a profits tax return, follow these steps:
2. Gather all your financial records and documents related to your business income and expenses.
3. Determine your assessable profits by subtracting your deductible expenses from your gross income.
4. Complete the profits tax return form, providing accurate information about your business income and expenses.
5. Calculate the tax payable by applying the appropriate tax rate to your assessable profits.
6. Include any profits tax already paid during the year and adjust the tax payable accordingly.
7. Attach all supporting documents, such as receipts and invoices, to validate your income and expenses.
8. Double-check all the information provided and make sure it is accurate and complete.
9. Submit the completed profits tax return form along with the supporting documents to the relevant tax authority.
10. Keep copies of all documents for your records.
11. Pay any outstanding tax amount within the specified deadline.

Who needs profits tax return and?

1. Profits tax return needs to be filled by individuals, partnerships, and corporations that generate assessable profits in a particular tax year.
2. Business owners, self-employed individuals, freelancers, and companies engaged in trade, profession, or business are required to file a profits tax return.
3. However, there may be certain exemptions or special rules depending on the jurisdiction and the specific circumstances of the individual or entity.

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What is profits tax return?

Profits tax return is a tax form filed by companies to report their taxable profits to the tax authorities.

Who is required to file profits tax return?

Companies or entities that generate profits are required to file profits tax return.

How to fill out profits tax return?

Profits tax return can be filled out by providing information on the company's income, expenses, and deductions.

What is the purpose of profits tax return?

The purpose of profits tax return is to calculate the amount of tax a company owes based on its taxable profits.

What information must be reported on profits tax return?

Information such as income, expenses, deductions, and taxable profits must be reported on profits tax return.