Profits Tax Return filing

 Here is an example of filing the first Profits Tax Return (PTR) of company incorporated in Hong Kong.

1. PTR is received

2. PTR must be filed within 3 months after the date of issue, i.e. PTR received on July 19th, 2015 – deadline for PTR will be on the 19th of October.

3. All accounting records must be prepared

4. Financial statements must be audited

5. PTR is filed together with the audited financial statements

6. Normally, Inland Revenue Department will isue profits tax assesment in a few months from the PTR submission date. Please bear in mind, that IRD may issue tax query letter to enquire for operating status of the company. 

7. If your company has resulting profit, you can take profit from the company and transfer money to your personal account by declaring dividend or by treating the amount as amount drawing/repayment to you.

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