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Do Hong Kong companies have to pay tax after filing?

Released Date: Oct 18,2021 Article Source: HUANZE

Hong Kong companies do not need to pay tax after filing their tax returns. They only need to pay tax if they generate profits originating in Hong Kong, and they need to pay tax after receiving the tax notice.

Hong Kong company tax returnIt is not necessary to pay tax. It is only chargeable if the profit is derived from Hong Kong. It is chargeable after receipt of the tax notice.

Upon receipt of the tax notice, it contains not only the tax due for the specified year, but also the tax advance for the following year. Hesitate to implement the advance tax system in Hong Kong, which requires the payment of the next year's advance tax based on the amount of the current year's tax payable after the calculation of the current year's tax payable. For example, the tax payable by a Hong Kong company in the current year is1If it is the first time for the Hong Kong company to pay the tax, the Hong Kong company shall pay the current tax to the Hong Kong Tax Bureau1Hk $10,000+Advance tax1Ten thousand Hong Kong dollars in total2Ten thousand Hong Kong dollars tax. The tax payable by the Hong Kong company will be deducted from the advance tax from the following year.

Again, assume that the Hong Kong company has paid tax in advance1Ten thousand Hong Kong dollars. However, due to poor management in the second year, the tax payable was reduced to9Thousand Hong Kong dollars, the Hong Kong company does not have to pay tax for the current period (tax is paid in advance from the previous year1Hk $10,000), but still based on the current tax (9Hk $1,000) in advance of the tax payable for the next fiscal year.

Conversely, if the company does well the following year, the tax payable rises to1.1Hk $10,000, then the Hong Kong company only needs to make up1Thousands of Hong Kong dollars (tax deduction in advance1Hk $10,000) plus the tax payable in advance for the following year (1.1Hk $10,000), the total amount to be paid by the Hong Kong company1.2Hk $10,000 to the tax office.

Do Hong Kong companies have to pay tax after filing?

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