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How to calculate profit tax in accounting audit of Hong Kong company?

Released Date: Jul 03,2021 Article Source: HUANZE

In the process of accounting and auditing of Hong Kong companies, everyone should be most concerned about whether to pay tax this year, how much to pay and how to calculate? How is the sharing tax calculated?

Accounting and accounting in Hong KongHong Kong corporate auditWhat we are most concerned about is whether we need to pay tax this year, how much and how to calculate it? How is the sharing tax calculated?

inHong Kong corporate audit, the Inland Revenue Department of Hong Kong authorizes audit firms to calculate profits tax in the audit report. The Inland Revenue Department will issue tax advice based on the tax calculated in the audit report. visibilityHong Kong corporate auditThe tax calculation in the report is particularly important.

In the calculation of profits tax, the Hong Kong auditor shall, on the basis of the total profits in the accounting, multiply the amount of taxable income confirmed after tax adjustment by the corresponding rate of profits tax to calculate the amount of profits tax payable.

For example: enterprise2020/2021Profit earned in the year of assessment100Hk $10,000. If the profit is derived from outside Hong Kong, how much profit tax should be paid this year?

In calculating the taxable income of the current year, it is necessary to100Tax deduction for HK $10,000 profit (profit originating outside Hong Kong, no need to pay profits tax). After adjustment, there is no taxable income in this year, so no need to pay profits tax in Hong Kong this year.

Only by fully understanding the tax calculation of the audit report can we know how much tax the enterprise needs to pay in that year and arrange funds reasonably.

How to calculate profit tax in accounting audit of Hong Kong company?

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