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Auditing Services

Compass Services

Accounting & Auditing Services

We have extensive experience in taxation. As professionals, we can help clients minimize tax liabilities through proactive tax planning. We are committed to providing high-quality tax services to help clients avoid unnecessary costs.
We offer the following practical tax solutions and services for your reference:
  • Provide tax planning and consulting
  • Act as tax representative
  • Tax calculation advice
  • Submit profit tax returns
  • Submit employer and employee tax returns
  • Apply for extension of tax filing deadline
  • Assist in handling inquiries from the Inland Revenue Department
  • Object to improper tax estimates/assessments
  • Apply for tax payment extension/instalment payment/tax refund
  • Handle inquiries, appeals or objections from the Inland Revenue Department
  • Provide free tax consulting services for clients
Unlimited Company / Personal Tax Filing

The Inland Revenue Department generally sends tax returns to taxpayers in May each year. In addition to employees and self-employed individuals who need to fill out tax returns, sole proprietorship unlimited companies are also required to declare the company’s business status in the personal tax return.

Our service fee starts from HK$ 500 (for individuals) or HK$2,000 (for unlimited companies). Our accountants will provide corresponding suggestions based on the actual situation of clients, helping reduce tax expenses on a legal and compliant basis.

Service Inquiry & Quotation

Tel：+852 6882 6593
Or Email：info@compass-cs.com

One price with absolutely no hidden fees

FAQ of Tax Consultation
 Q: What tax does Hong Kong Company need to pay every year?

The profits tax rate for the first $2 million of profits of corporations will be lowered to 8.25 per cent. Profits above that amount will continue to be subject to the tax rate of 16.5 per cent.For unincorporated businesses (i.e. partnerships and sole proprietorships), the two-tiered tax rates will correspondingly be set at 7.5 per cent and 15 per cent. The company without profits needs to pay no Profits Tax.

Q: What’s the year end of Hong Kong Company?

It is generally 31 March to 31 December of each year for the basis period of taxation according to custom. Hong Kong Company has maximum 18 months for the first year’s basis period of taxation.

Q: Does Hong Kong imported/exported commodities need to pay tariff?

Generally imported/exported commodities need not pay tariff, except tobacco, liquor and petroleum. But import/export commodities must be declared at customs.

Q: Can Proficient Merit provide services of Hong Kong accounting and tariff declaration?

Yes. You need only to provide relevant information, and then we can process accounting, auditing and tariff declaration and other service on your behalf, at expenses to be determined by actual workload. For details, please contact us.

Q: What are the items of Hong Kong taxation?

There are three kinds of Hong Kong taxation: Profits Tax, Salaries Tax and Property Tax. Profits Tax shall be 16.5% (2007/08:17.5%) of the taxable profits of the company; Salaries Tax shall be calculated by salary income at progressive tax rate, and paid up to 15% (2007/08:16%) of total salary income; Property Tax 15% (2007/08:16%) of the net rent income earned from owning properties after deduction of 20% standard tax relief for renovation and expenditure.

Q: How is the accounting year (base period of assessment) determined?

The bas is period of assessment shall be one of the following periods:
– The year ended on 31 March or 31 December commonly
– The year ended by the end of other month as permitted

Q: What restriction will Inland Revenue Ordinance have on deduction for donation?

Donation granted to recognizable charitable organization is permitted to be deducted, but total donation as required shall not be less than $100 and not more than 35% (2007/08:25%) of assessable profits.

 Q: Can the profits of Hong Kong Company offset the losses of previous year?

Losses incurred in a taxable year can be carried forward and used to offset the profits of the company in subsequent years.

Q: What’s Provisional Profits Tax payable?

Profits Tax shall be levied according to the actual profits of the taxable year. Since the profits of one year shall be determined only after the end of year, Inland Revenue Department will levy provisional tax before the end of that year. After the profits of relevant year are assessed in the following year, the provisional tax already paid can be deducted from the Profits Tax payable of this year.

Q: In which case will Hong Kong Company be free from Profits Tax?

If corporate profits do not arise from Hong Kong, and the company has not set up an office in Hong Kong nor hired Hong Kong employees, then its earned profits will be exempt from Profits Tax.

Q: My Hong Kong Company only opens account at bank, to collect and pay bills for other China Company, then does this Hong Kong Company need to process accounting, auditing and tax declaration?

Yes. Because company incorporation is profit-oriented, even if Hong Kong only performs the role of collecting and paying for others, the company shall be deemed as agency service business, and the income shall be the commission for collection and payment for others.

Q: My Company only opens an account at a foreign bank in China and does not open account in Hong Kong; shall the business conducted by my Company be free from tax declaration?

No. According to Hong Kong laws, every Hong Kong Company has the obligation to declare its financial condition to Inland Revenue Department, whether its business takes place in Hong Kong or not. If this Company does not have its source of income in Hong Kong, it can apply to Inland Revenue Department for exemption from taxation.

Source: Government Website

USEFUL INFORMATION

Consequences of Not Paying Tax On Time

Section 71(1) of the Inland Revenue Ordinance (Cap. 112) provides that tax charged under the provisions of this Ordinance shall be paid in the manner directed in Fthe notice of assessment on or before a date specified in such notice. Any tax not so paid shall be deemed to be in default.

If the first instalment is not paid by the date specified on the notice of assessment, the second instalment will become immediately due. The entire balance of the total tax payable in the notice of assessment remaining unpaid shall be deemed to be in default and will be immediately recoverable.

The Commissioner of Inland Revenue will initiate recovery actions [including imposition of 5% surcharge on the entire balance of the demand notice, issue of recovery notice to third party and initiation of legal action, etc.] as authorized by Part XII of the Inland Revenue Ordinance for recovering the total outstanding amount.

Sources: Inland Revenue Department

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