Filing Profit Tax Return is mandatory for Hong Kong businesses
Profits Tax Return refers to the income tax that is levied on any profits made by a business in Hong Kong.
Companies that operate or have a presence in Hong Kong are subject to this regulation.
Newly registered businesses must file Profit Tax Returns 21 months following their start date or incorporation date. All corporations are required to submit audited financial statements along with BIR51.
Failure to comply with requirements can lead to legal consequences, including fines, and potential damage to a company’s reputation.