A: In Hong Kong, any month can be used as the end of the fiscal year, and Hong Kong company has maximum 18 months for the first year's basis period of taxation.
A: the profit tax rate is as follows:
A: According to Hong Kong Company Ordinance, whether all limited company has operation or suffer from profit or loss, it has the obligation to prepare for the accounting, auditing as well as declare its financial condition to Inland Revenue Department, whether its business takes place in Hong Kong or not.
A: Losses incurred in a taxable year can be carried forward and used to offset the profits of the company in subsequent years. There is no time limit for utilizing the tax losses.
A: If the 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. it can apply to Inland Revenue Department for exemption from taxation.