{"id":4745,"date":"2025-04-01T11:51:14","date_gmt":"2025-04-01T03:51:14","guid":{"rendered":"https:\/\/reaphk.com\/unlimited-company-filing-tax-office\/"},"modified":"2025-12-05T17:41:59","modified_gmt":"2025-12-05T09:41:59","slug":"unlimited-company-filing-tax-office","status":"publish","type":"post","link":"https:\/\/reaphk.com\/en\/unlimited-company-filing-tax-office\/","title":{"rendered":"Unlimited Company Filing Tax Office"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4745\" class=\"elementor elementor-4745 elementor-3994\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-961c1bb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"961c1bb\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2ef8d69\" data-id=\"2ef8d69\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-add42e2 elementor-widget elementor-widget-text-editor\" data-id=\"add42e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ol><li><strong>Opening in the first year<\/strong><ul><li>Your <strong>business<\/strong> commenced in <strong>November<\/strong> <strong>2024<\/strong> for the <strong>year of assessment<\/strong> <strong>2024\/25<\/strong> (1 April 2024 &#8211; 31 March 2025).<\/li><li><strong>If the first year-end date falls<\/strong> <strong>after<\/strong> <strong>31<\/strong> <strong>March<\/strong> 2025 (e.g. 31 December 2025), there is normally no tax for 2024\/25 (as the depreciation allowance may offset the profits).<\/li><\/ul><\/li><li><strong>The Inland Revenue Department issues tax returns<\/strong><ul><li>If you receive <strong>BIR60<\/strong> <strong>tax return<\/strong> every year, report the profit\/loss of your business directly in the return.<\/li><li><strong>If you do not receive your tax return every year<\/strong>: The Inland Revenue Department (IRD) may issue the first BIR60 within <strong>18<\/strong> <strong>months<\/strong> after you commence business (around May 2026).<\/li><\/ul><\/li><li><strong>Cases that require proactive notification<\/strong><ul><li>If <strong>there are assessable profits<\/strong> for <strong>2024\/25<\/strong> (after deducting depreciation allowances), the Inland Revenue Department (IRD) must <strong>notify the Inland<\/strong> Revenue Department in writing before <strong>31<\/strong> <strong>July<\/strong> <strong>2025<\/strong> for the issuance of a tax return.<\/li><li>Failure to notify on time may result in fines.<\/li><\/ul><\/li><\/ol><p><strong>Filing steps<\/strong><\/p><ol><li><strong>Preparation of accounts<\/strong><ul><li><strong>Record all business income, expenses, and draw up a year-end date for the first year (we are advised to do so).<\/strong><\/li><li>Maintain receipts and financial records for at least 7 years.<\/li><\/ul><\/li><li><strong>Complete BIR60<\/strong> <strong>tax return<\/strong><ul><li>Fill in the profit\/loss in the sole proprietorship section (calculate the assessable profits according to the IRD guidelines).<\/li><li><strong>Attach financial statements such as profit and loss statement, balance sheet, etc. (as required by the tax office).<\/strong><\/li><\/ul><\/li><li><strong>Submission Deadline<\/strong><ul><li>Once the tax return is received, it needs to be filed within <strong>1<\/strong> <strong>month<\/strong> (e-filing can be extended to 3 months).<\/li><\/ul><\/li><\/ol><p><strong>Precautions<\/strong><\/p><ul><li><strong>High tax allowance in the first year<\/strong>: New business may not need to pay tax in the first year due to tax exemptions such as equipment depreciation, but it still needs to be declared.<\/li><li><strong>Provisional tax payment mechanism<\/strong>: If there is tax payable, the tax bureau will collect the provisional tax for the next year in advance based on the profit of the current year.<\/li><li><strong>Late Penalty<\/strong>: Failure to file or notify on time is subject to a penalty of up to $10,000 plus a penalty of 3 times the amount of tax owed.<\/li><\/ul><p>Inland Revenue <a href=\"https:\/\/www.ird.gov.hk\/chi\/tax\/ind_ctr.htm\" target=\"_blank\" rel=\"noopener\">https:\/\/www.ird.gov.hk\/chi\/tax\/ind_ctr.htm<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Opening in the first year Your business commenced in November 2024 for the year of assessment 2024\/25 (1 April 2024 &#8211; 31 March 2025). If the first year-end date falls after 31 March 2025 (e.g. 31 December 2025), there is normally no tax for 2024\/25 (as the depreciation allowance may offset the profits). The Inland &hellip;<\/p>\n","protected":false},"author":9,"featured_media":4658,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[53,55],"tags":[],"class_list":["post-4745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-tax-returns","category-incorporation-of-unlimited-companies"],"_links":{"self":[{"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/posts\/4745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/comments?post=4745"}],"version-history":[{"count":1,"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/posts\/4745\/revisions"}],"predecessor-version":[{"id":4746,"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/posts\/4745\/revisions\/4746"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/media\/4658"}],"wp:attachment":[{"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/media?parent=4745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/categories?post=4745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/reaphk.com\/en\/wp-json\/wp\/v2\/tags?post=4745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}