Completion of Profits Tax Return
Advantages of Internet filing
- A secure service operating day and night
- An additional extension of 2 weeks upon application
- Neat and convenient completion of return
- Integrity and confidentiality of data preserved
- Instant transmission of data and no queuing or postage required
- Immediate acknowledgement of receipt to you and others nominated by you
- Efficient processing of returns
The return that is suitable for Internet filing
Only Profits Tax Return for any year of assessment from 2011/12 to 2016/17 issued to a corporation/partnership can be filed through the Internet. In addition, the corporation/partnership must satisfy all the conditions specified by the Commissioner of Inland Revenue.
A corporation must satisfy the following conditions in the relevant year:
- Its gross income does not exceed HK$2,000,000;
- It does not have any deemed assessable profits pursuant to section 20AE and/or 20AF of the Inland Revenue Ordinance;
- Its Assessable Profits / Adjusted Loss does not include any interest, profits / loss arising from "short term debt instruments" or "medium term debt instruments" as defined in section 14A(4) of the Inland Revenue Ordinance nor include any qualifying profits of a qualifying corporate treasury centre as defined in section 14C of the Inland Revenue Ordinance, which is assessable at one-half of the tax rate;
- It does not claim any tax relief pursuant to an arrangement for avoidance of double taxation specified under section 49(1) or 49(1A) of the Inland Revenue Ordinance;
- It has not obtained an advance ruling on any of its tax matter in relation to that year of assessment;
- It has not paid or accrued to a non-resident person any sum for the use of intellectual property specified in section 15(1)(a), (b) or (ba) of the Inland Revenue Ordinance;
- It does not claim debt treatment for an arrangement as "an originator" or "a bond-issuer" of a specified alternative bond scheme under section 40AB and Schedule 17A of the Inland Revenue Ordinance; and
- It does not claim deduction for distribution arising from regulatory capital securities for the relevant year.
A partnership must satisfy the conditions above. In addition,
- It cannot have more than 6 partners during the basis period for that year of assessment (including those partners who retired); and
- All of its partners are individuals.
Profits Tax Returns that can be filed through the Internet have been specified by the Commissioner of Inland Revenue and published in Government Gazette.
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