| Tax loss
case for 2010/11 with accounts made up to 31 March
2011 can apply for extension of submission to IRD till 31 January
2012. But client should ascertain the tax loss status with
management accounts for our reference in
applciation before 31 October 2011.
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Many companies' the first Profits Tax instalment will be payable
commencing from November 2011. If any company hopes to
hold over the
provisional tax amount, it needs to apply 28 days before the payment
due date. |
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Profits Tax Return 2010/11 submission deadline is coming at
15 November 2011
for financial statements with year ended 31 March
2011. Tax payer need to have its audited accounts ready to support
the tax computation for the Tax Return.
|
Sole proprietorship business should submit individual tax return
before the extended due date 3 October 2011. |
Residential property acquired on or after
20 November 2010, either by an indiviaual or a company , and
resold
within 24 months, would be subject to the imposition of
Special
Stamp Duty 5% to 15% on market value.
|
Business registration charge is increased
from HK$450 to HK$2,450 with effect from 1 August 2011 |
Clients may note
that their accounting result is
normally different from the tax result.
The accounting profit or loss is not equal to the tax assessable
profits or adjusted loss. It is because that in tax computation
there is a different set of regulations to recognise the
chargability and deductibility of income and expenditure items, and
depreciation allowance calculation.
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