Audit, Assurance & Taxation
Our audit, assurance and taxation practicing are absolutely committed to assist in satisfying the statutory requirements.
In fact, Statutory audit and assurance are a a kind of compulsory required by law. In accordance with Hong Kong “Companies Ordinance”, the limited company registered in Hong Kong shall appoint Certified Public Accountants to conduct auditing every year. They shall also comment on whether the accounting system formulated by the enterprise complies with the Accounting Standards, as well as the consistency of accounting process. Under this circumstances, our audit report not only evaluates financial information, but also considers the potential risks of operating a business.
Actually, the audit and assurance fees are dependent upon the complexity of corporate structure and nature and scope of the audit engagements.
Therefore, please feel free to contact us for a quotation.
Taxation Planning & Advisory
Obviously, develop appropriate tax plans for clients, utilize tax incentives and concessions to enhance company profitability.
Our Services Include:
- Annual profit tax computation and filing HK$1,000 - HK$3,000
- Submission of Employer's Returns (BIR56A/56B/56M) HK$300 each
- Submission of Individual Tax Return (Form BIR60) HK$1,000
- Objection to assessment (Form IR831) Get a fee quote
- Holdover of Provisional tax (Form IR1121) Get a fee quote
- Taxation planning & advisory Get a fee quote
According to Companies Ordinance, a company is required to perform the audit and present the audit report to its AGM annually regardless of the amount of the profit or if it is inactive.
Generally, Inland Revenue Department(“IRD”) requests companies to provide audit reports when they think they may have to pay tax in current year end. However, cost for preparation of more than one year ended will be higher.
In consideration of whether a company is carrying on a business in Hong Kong, the Inland Revenue Department would apply “Six Badges of Trade” as follows:
- Profit-seeking motive at the time of acquisition;
- Subject matter of the commodity disposed;
- Length of ownership;
- Frequency of similar transaction;
- Supplementary work done on the property;
- Circumstances leading to the disposal.
If one of the following conditions is satisfied, the company is not subject to Hong Kong profits tax:
- the company does NOT carry on a trade, a profession or a business in Hong Kong;
- there is NO profits arising in or derived from such a trade, a profession or a business;
- the profits are NOT arising in or derived from Hong Kong.
In case of newly incorporated company, the IRD usually allows the tax payer to file the profits tax return and any required supplementary forms within 3 months from the date of issue.
Audit, Assurance & Taxation