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What risks do Hong Kong companies face in unpaid taxes?

Released Date: Feb 22,2024 Article Source: HUANZE
What are the risks of a Hong Kong company that has not paid tax?

       What are the risks of a Hong Kong company that has not paid tax? If a company applies for bankruptcy on its own, the balance sheet of the company must be net assets, and the assets of the company must be used for tax payment in either way. Secondly, for unpaid taxes, the IRD will add a late fee of 5% on top of the outstanding amount, and then add another 5%, that is, a total of 10% late fee. If the tax is still unpaid, the IRD will send letters to the accountant, the tax representative and the company secretary, asking for the customer's information, and then freeze the customer's bank account, and of course, the most serious is the court application for bankruptcy of the company.

        We advise our clients to manage Hong Kong companies in a standardized manner and fulfill relevant responsibilities. If you receive the tax notice issued by the tax bureau, you should pay the appropriate fine within the time limit specified in the tax notice, so as to avoid the delay resulting in late payment fee, which will eventually affect the reputation of the company and individuals, and if the circumstances are serious, you will be investigated for criminal responsibility.


 

Keywords: Hong Kong company

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