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

Released Date: Dec 15,2021 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 Hong Kong Inland Revenue Department 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. You can see it clearlyHong Kong corporate auditThe calculation of profits tax in the report is very important. Moreover, when the Hong Kong auditor calculates the profits tax, it is based on the total profits in the audit report, and after tax adjustment, it is multiplied by the tax rate to get the profits tax that Hong Kong company needs to pay in the current year.

For example:Hong Kong corporate auditThe report shows an enterprise2020/2021Profit earned in the year of assessment100Ten thousand Hong Kong dollars, all of which came from within Hong Kong. The Hong Kong company needs to pay profits tax in Hong Kong.

According to Hong Kong's tax policy,200Click within HK $10,0008.25%Is subject to profits tax at the rate of the Hong Kong company2020/2021It is payable in the year of assessment16.5Hk $10,000 profit tax payable in advance2021/2022Profits tax16.5Ten thousand Hong Kong dollars, total profit tax3310,000 Hong Kong dollars.

Hong Kong companies need to fully understand their business model in actual operation. Whether it involves all onshore trade, all offshore trade or both onshore and offshore trade, different business models may have differences in the calculation of profits tax. So find a professional secretarial company to doHong Kong corporate auditIs crucial.

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

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