Are you also juggling your company taxes and accounting? Well, we all can agree it’s a total headache to balance your newly formed business alongside taxes and accounting. So here is an article on Tax and Accounting Services in Hong Kong.
In Hong Kong, it is a must for every corporate to follow Hongkong company’s ordinance. Your business should sustain proper records and records of accounts and comply with the statutory audit requirements annually. Businesses are required to report their taxes and auditing to the Inland revenue department.
Taxation and Auditing Businesses in Hongkong
Taxes and auditing are crucial for your business in Hong Kong. Here is a quick guide for you look after.
Taxes In Hong Kong
Hong Kong offers investors a beneficial and extremely supportive environment for all international businesses. Their healthy business ambiance has got the eyes of many international investors. Moreover, they have low rates and relaxed laws making them special, and especially in the commercial sector, all of these favors have made quite a roar.
The Taxation Process In Hong Kong
Whether local or international, once you are registered here in Hongkong, you can file the taxes. And for that, businesses are required to pay their taxes and file their return and profit with the Inland revenue department (IRD).
Next, IRD will issue your first PTR a year after the firm is authoritatively incorporated. Moving on, now your company should provide profit return tax to IRD within the next three months. The PTR covers the first 18 months of incorporation.
Musts For Hong Kong-Registered Organization
Any organization that is in Hong Kong should have accounting books along with their receipts and payment. And the proof of the entries in these accounting books. They include receipts, bank statements, vouchers, and other relevant papers. But, above all, they should have a balance sheet of business income and expenditure centering on the assets and liabilities.
Auditing Your Business In Hongkong
In HongKong, all the business are liable to sustain accounting records to comply with the statutory requirements. Therefore, maintaining statutory requirements in hong kong is crucial for your business. A certified public accountant should get hired to auditing Hong Kong incorporated company’s annual financial statements.
The Auditing Process
The auditing statement gets shared during the Annual General Meeting to the company’s shareholders. And it is submitted to the Inland Revenue Department at last.
Need For Company’s Account Book
Any corporation working in Hong Kong should maintain an account book to assist with their financial planning. In addition, they help in the reduction of audit and compliance costs. Besides that, they represent the company’s proficiency before investors, partners, and suppliers. And help with timely submission of accurate tax returns.
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