Expert tax advice for Asia-Pacific businesses
BoardRoom’s highly experienced team is available to help you navigate Hong Kong’s intricate tax rules and regulations. We provide specialist knowledge of regional and cross-border tax laws each year, to help hundreds of businesses across the Asia-Pacific region meet their tax filing and payment obligations.
From large multinational corporations to rapidly expanding SMEs, we provide expert tax advice to ensure businesses stay compliant, pay less tax and achieve financial success.
Discover our tax filing and advisory services in Hong Kong, across Asia-Pacific, and worldwide
Regardless of your business type or industry, tax compliance is pertinent for every company and individual in Hong Kong. Our dedicated team of experts are ready to help you navigate complex cross-border tax matters with our range of advisory services and keep you in compliance with tax regulations and filing deadlines. We provide comprehensive tax advisory services, income tax filing services, corporate tax services, and more so you can focus your efforts on growing your business.
Our Hong Kong tax services
Staying tax-compliant is essential for your business. Failing to meet tax compliance in Hong Kong can have a significant impact on the reputation and future of your business. At BoardRoom, we can help you understand the local landscape with tax compliance experts to advise on Hong Kong laws and regulations.
With more than 50 years of experience working with businesses of all sizes across numerous industries, BoardRoom is one of Hong Kong’s most trusted tax advisory firms.
Our team offers a full spectrum of tax advisory and compliance services, which means we can provide personalised, comprehensive corporate solutions for businesses operating in Hong Kong and the wider Asia-Pacific region.
Corporate income tax compliance and filing
The BoardRoom team is highly skilled in managing corporate income tax filing for Hong Kong businesses. We’ll make sure your company is accurately and consistently meeting regional and international tax compliance requirements.
We can help with:
- Meeting statutory tax filing deadlines and payment due dates
- Completing, checking and resolving any issues in tax returns
- Lodging finalised tax returns with the tax authority
- Applying for Hong Kong tax incentives
- Tax clearance applications and tax withholding
Hong Kong tax advisory services
BoardRoom delivers tailored tax advisory services and solutions to optimise your corporate tax strategy. Through a thorough analysis of your business, we identify opportunities for tax efficiency, compliance, and risk management, ensuring long-term growth and maximising available tax benefits.
We can help with:
- Tailored transfer pricing advice and support to align with local and international regulations
- Tax guidance and planning for inbound and outbound investments
- Analysing business operations and contracts
- Tax advisory for group structure and company restructuring
Tax due diligence
Whether you’re looking to navigate Hong Kong’s tax landscape or wish to expand beyond the city’s horizons, BoardRoom offers a comprehensive range of advisory services to ensure that you mitigate unnecessary risks. Our expert team can assist in providing both local tax services as well as cross-border solutions.
We can help with:
- Assessing tax risks to ensure compliance and minimise exposure
- Providing advice on potential tax liabilities
- Conducting thorough evaluations for business mergers and acquisitions
- Offering investment appraisals to guide informed decision-making
Global Mobility Solutions
Managing tax compliance with staff abroad, relocating manpower or handling frequent travel can be complex. Our professional services are designed to help you optimise benefits and manage costs effectively.
We can help with:
- Developing tailored global mobility policies
- Assisting with international tax filing
- Providing tax equalisation advice to ensure fairness and compliance
- Offering strategic support for exit planning
CLIENT TESTIMONIALS
YOUR POINT OF CONTACT
Eunice Hooi
Managing Director Asia, Tax & Accounting
Frequently Asked Questions (FAQs)
1. What is a company tax return?
A company tax return refers to the annual filing of a company’s profit/loss to the Inland Revenue Department (IRD) of Hong Kong. The company tax return is then used to calculate the amount of corporate tax to be paid, determined by the corporate tax rate which the company falls into based on business profitability. All companies are required to pay taxes to the government as the cost to keep their business running in Hong Kong.
2. What is the corporate tax rate in Hong Kong?
Hong Kong has earned itself a reputation for not only being a gateway into business in China but also an incredibly business-friendly city thanks to its low tax rates. Corporations are only required to pay 8.25% tax on assessable profits up to HK$ 2,000,000, or 16.5% on assessable profits over HK$ 2,000,000.
3. How do I file my company tax return in Hong Kong?
Company tax returns can be either prepared manually or with the help of software. In Hong Kong, businesses have the option of submitting their tax returns electronically or in person. After calculating how much tax your company owes, you must then submit your application to the Inland Revenue Department. For more information, as well as profits tax forms and other supplementary documents, refer to the IRD’s website. Filing your company tax returns can be a complicated and stressful process. BoardRoom can help take this pressure off your businesses’ shoulders and ensure complete compliance through efficient and professional services. Please contact us for assistance on your tax filing matters.
4. What is the role of a tax advisor?
Tax advisors are responsible for providing consultation and guidance to companies when it comes to navigating all tax compliance matters. They will help businesses come up with plans to prepare for tax, find out the minimum amount of tax payable while staying completely compliant, and help prepare for your company’s financial future.
5. Is tax compliance important for a business?
Staying tax-compliant is of the utmost importance to your business. Not only can it cause significant trouble, time, and effort in the future, you can incur significant financial losses. Any tax not paid in Hong Kong will be deemed to be in default. The Hong Kong government specifies that if the first instalment is not paid on time, the second instalment will be due immediately. Following this, the Commissioner of Inland Revenue will initiate recovery actions, in which an additional 5% surcharge is added to the entire balance.
6. How do you ensure a business remains tax compliant?
Staying tax compliant is a matter of keeping your finances organised and having a keen understanding of the tax laws and regulations in Hong Kong. This can be both a time-consuming, and stressful task, so many companies prefer to outsource the work to professionals who can ensure zero mistakes are made and that it is done in a timely manner. At BoardRoom, we help countless businesses in all industries and of all sizes stay tax-compliant each financial year. Our team will monitor statutory tax filing deadlines, work closely with you to file them properly, prepare and review tax returns and highlight any potential issues before submitting them. We can also act as tax advisors and help with applications for Hong Kong tax incentives.
7. What is the difference between tax planning and tax compliance?
Tax compliance refers to the act of following tax regulations and laws in your country. Any company that does not follow tax compliance steps is at risk of breaking the law, which can be disastrous for the success of your company. Tax planning, on the other hand, refers to the act of analysing your company’s finances in order to ensure that you are tax compliant and that you pay the lowest amount of tax legally possible to maximise profits.
8. What tax credits and incentives are available for Hong Kong companies?
Hong Kong has remained an attractive city for businesses thanks to favourable taxation policies. For example, businesses that turn an annual profit of less than HK$ 2,000,000 will only be required to pay a tax of 8.25%, half the normal HK tax rate. The Inland Revenue Department has released several tax measures in its 2021-22 budget, including reducing profits tax for businesses, waiving business registration fees, and increasing the rate of ad valorem stamp duty. In addition, the IRD has issued policies regarding Double Taxation Relief, which is particularly helpful if your business is related to airline or shipping income.
9. What are tax filing services in Hong Kong?
A tax filing service is where you employ the help of a third-party tax filing provider to help you stay up-to-date and compliant with all your tax matters. Tax filing services from a company like BoardRoom will help you meet all the relevant deadlines on time, understand and calculate how much tax you need to pay and prepare all the necessary documentation for you to approve and sign. Some businesses will even go the extra mile and help you apply for Hong Kong tax incentives that may benefit your company.
10. What are tax advisory services in Hong Kong?
Tax advisory services will help your business by providing consultatory help and guidance when it comes to navigating complex tax matters. Tax advisory services will help you prepare for tax, stay compliant with all the tax regulations in Hong Kong, advise on corporate structure, review business flow and contracts, advise on inbound and outbound investments, and much more.
11. How can BoardRoom help in taxation services?
BoardRoom can help with a range of tax services, including income tax compliance, cross-border tax advisory services, country-by-country filing, and more. Our team of specialists has years of experience working with companies in all industries and of all sizes. With a personalised solution for each business, we can help you stay tax compliant, ensure you pay the lowest amount of tax, and help drive long-term success. Contact our taxation specialists today to find out more.