|
Hong Kong Tax Filing Deadlines
2008/09
Issue 28 -
February 2009
Tax
notes
The Commissioner of Inland Revenue has the power to impose penalties on Hong Kong taxpayers who are late in filing their Hong Kong tax returns. The Commissioner will continue to use her powers to impose penalties under Section 82A of the Inland Revenue Ordinance (IRO) to enforce timely filing of tax returns for the Year of Assessment 2008/09.
The Year of Assessment 2008/09 will end on 31 March 2009. The Hong Kong tax filing season will commence on 1 April 2009 with the bulk issue of Profits Tax Returns and
Employer's Returns. This will be followed on 4 May 2009 by a bulk issue of Individual Tax Returns.
The important filing dates for 2008/09 are set out overleaf.
In the case of companies a valid Profits Tax Return must be accompanied by signed audited accounts for the relevant basis period unless the company is a
"small company", as defined, or the Inland Revenue Department (IRD) will reject the Return.
Although small companies are not required to file their audited accounts, those accounts will be the basis for the Profits Tax Return. All companies should therefore ensure that their accounts are audited within sufficient time to allow their Profits Tax Return to be submitted to the IRD by the relevant filing date.
Where a taxpayer is late in filing the relevant tax return, the Commissioner may issue an estimated assessment and/or impose penalties.
The maximum penalties under Section 82A IRO can be 300% of the tax due. In practice, penalties for late submission of a tax return are normally charged in the range of 10% to 50% of the tax undercharged.
Taxpayers should therefore take all possible steps to meet the relevant tax filing deadline particularly if they have been late in filing in previous years.
Taxpayers with a history of late filing are particularly at risk and will face penalty action if they are late in filing their 2008/09 tax returns.
Important dates
Filing
deadlines
| 4 May 2009 |
─ |
Salaries Tax |
|
|
The filing deadline for Employer's
Annual Returns of Remuneration and Pensions for the year ended 31
March 2009. |
|
|
|
|
|
Profits Tax - Group N |
|
|
The filing deadline for Profits Tax Returns with supporting computation and audited accounts for all companies whose fiscal year end is between 1 April 2008 and 30 November 2008
(Group N companies). |
|
|
|
|
|
This deadline also applies to Group N partnerships but not sole proprietors (see below). |
|
|
|
| 3 June 2009 |
─ |
Individual Tax Returns |
|
|
The filing deadline for individuals who do not have a tax representative and who do not operate a sole proprietorship (see below). |
|
|
|
| 30 June 2009 |
─ |
Individual Tax Returns |
|
|
The extended filing deadline for individuals who are currently using Grant Thornton to prepare their returns and who do not operate a sole proprietorship business (see below). |
|
|
|
| 31 July 2009 |
─ |
Individual Tax Returns |
|
|
The extended filing deadline for individuals who operate a sole proprietorship but do not have an authorised tax representative. |
|
|
|
| 15 August 2009 |
─ |
Profits Tax Returns - Group D |
|
|
The extended filing deadline for Profits Tax Returns with supporting computation and audited accounts for companies with fiscal years which end in the month of December 2008 who use Grant Thornton to submit their Profits Tax Returns (Group D companies). |
|
|
|
|
|
This also applies to Group D
partnerships but not sole proprietors (as below). |
|
|
|
| 30 September 2009 |
─ |
Individual Tax Returns |
|
|
The extended filing deadline for individuals who operate a sole proprietorship and who use the tax services of Grant Thornton. |
|
|
|
| 16 November 2009 |
─ |
Profits Tax Returns - Group M |
|
|
The extended filing deadline for Profits
Tax Returns with supporting computation and audited accounts for
companies with fiscal years which end during the period 1 January 2009
to 31 March 2009 who use Grant Thornton to submit their Profits Tax
Returns. (Group M companies). |
|
|
|
|
|
This also applies to Group M partnerships but not sole proprietors (see above). |
|
|
|
| 1 February 2010 |
─ |
Profits Tax Returns - Group M Loss
Cases |
|
|
The extended deadline for Profits Tax
Returns where a Group M taxpayer has a tax loss for 2008/09 and an
application is made for this extension by 31 October 2009. |
|
|
|
All
other Returns have to be submitted within one month of issue
(or such shorter period as may
be indicated on the Return.) The above deadlines will not apply to
our clients for whom we have obtained
an exemption from filing Profits Tax Returns on an annual basis. |
Contact
Information
Paul
Chow
T +852 2218 3188
E paul.chow@gthk.com.hk
Gary
James
T +852 2218 3137
E gary.james@gthk.com.hk
David
Southwood
T +852 2218 3103
E david.southwood@gthk.com.hk
Brenda
Cheung
T +852 2218 3136
E brenda.cheung@gthk.com.hk
Mary
Ho
T +852 2218 3040
E mary.ho@gthk.com.hk
Daisy
Ip
T +852 2218 3168
E daisy.ip@gthk.com.hk
Winnie
Tsui
T +852 2218 3280
E winnie.wy.tsui@gthk.com.hk
About Tax notes
Tax notes are issued in summary form exclusively for the information of
clients and staff of Grant Thornton and should not be used or relied upon as a
substitute for detailed advice. Accordingly Grant Thornton accepts no
responsibility for any loss that occurs to any party who acts on the
information contained herein without further consultation with ourselves.
Published by Grant Thornton
Main
|
