Ricky Cheung

Profits Tax Return

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A taxpayer who files an “incorrect return” – by omitting or understating anything which the Inland Revenue Ordinance requires to be stated – without “reasonable excuses” commits an offence. The Commissioner of the Inland Revenue Department has the power to levy an assessment of additional tax or prosecuting the taxpayer for such offence.

Taxpayers are advised to contact their tax representatives as soon as they receive any tax returns from the IRD so as to have them prepared and submitted promptly.  Late filings may attract a heavy penalty, estimated assessment, or court summons.

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