What is profit tax return Hong Kong?

What is profit tax return Hong Kong?

Profits Tax Return refers to income tax that is chargeable to all profits a company has made within Hong Kong. It is also chargeable to all persons, professions or businesses in Hong Kong, except for the profits from the sale of capital assets. In this case, her income will be taxable.

How do I complete a tax return in Hong Kong?

To submit tax return, please send to us by post to GPO Box 132, Hong Kong or submit in person during office hours to our office (Revenue Tower, 5 Gloucester Road, Wanchai). You may also use our return envelope to send back your tax return.

Does Hong Kong have tax return?

The tax year is different than in the United States. The Hong Kong tax year starts April 1 each year and ends on March 31 the next year. You’ll need to file your taxes within one month after the Inland Revenue Department issues your individual tax return, which is usually in early May.

How do I download a tax form?

Get the current filing year’s forms, instructions, and publications for free from the Internal Revenue Service (IRS).

1. Download them from IRS.gov.
2. Order by phone at 1-800-TAX-FORM (1-800-829-3676)

Is tax on profit or revenue?

Income taxes are based on the gross profit that your business earns after subtracting operating expenses from gross revenue. You must pay federal income tax on the profit that your business earns by April 15 of the year following the year in which you earned the income.

How do you calculate profit tax?

It’s computed by getting the total sales revenue and then subtracting the cost of goods sold, operating expenses, and interest expense. If Company XYZ reported an interest expense of $30,000, the final profit before tax would be: $1,000,000 – $30,000 = $70,000.

How do I fill in a tax return online?

2. Online: Enter the relevant data directly online at e-filing portal and submit it. Taxpayer can file ITR 1 and ITR 4 online.

1. PAN will be auto-populated.
2. Select ‘Assessment Year’
3. Select ‘ITR Form Number’
4. Select ‘Filing Type’ as ‘Original/Revised Return’
5. Select ‘Submission Mode’ as ‘Prepare and Submit Online’

How do I write a tax return check?

Make sure your check or money order includes the following information:

1. Your name and address.
2. Daytime phone number.
3. Social Security number (the SSN shown first if it’s a joint return) or employer identification number.
4. Tax year.
5. Related tax form or notice number.

Do I need to pay income tax in Hong Kong?

Hong Kong follows a territorial principle of taxation. Individuals are taxed only on income that has been “earned in Hong Kong”. Under personal assessment, tax is calculated at progressive tax rates on the aggregated income from all sources.

Are you only taxed on profit?

Under current federal tax policy, the capital gains tax rate applies only to profits from the sale of assets held for more than a year, referred to as “long-term capital gains.” The rates are 0%, 15%, or 20%, depending on the taxpayer’s tax bracket for that year.

How to submit tax return to Hong Kong?

To submit tax return, please send to us by post to GPO Box 132, Hong Kong or submit in person during office hours to our office (Revenue Tower, 5 Gloucester Road, Wanchai). You may also use our return envelope to send back your tax return.

How often are profits tax returns issued in Hong Kong?

The subsequent Profits Tax Returns would be issued every 12 months after that. The company is obligated to fill and submit the Profits Tax Return. The PTR is normally issued in April or May after the fiscal year in Hong Kong (31st of March) has concluded, and is due within one month after issuance.

What is the profits tax return (PTR)?

The Profits Tax Return is the tax form for companies in Hong Kong. The IRD would issue the very first Profits Tax Return (PTR) of the company approximately after 18 months of incorporation. The subsequent Profits Tax Returns would be issued every 12 months after that. The company is obligated to fill and submit the Profits Tax Return.

How do I complete and submit my profits tax return?

If you are NOT required to submit any supplementary form, you can access the “Completion of Profits Tax Return” service directly for completion of the Profits Tax Return, followed by submission through the “Submission of Profits Tax Return” service. eTAX provides the following four services relating to the Internet filing of Profits Tax Return: