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AbacusHKCPA - Company Formation and Company Registration by Hong Kong Accountants (HKCPA)

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3586 8020
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Accounting Audit and Taxation

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Nil tax filing (Simple tax filing)

What is Nil tax filing?
  • Common scenario of using Nil tax filing (Simple tax filing) is when a company has "NO BUSSINESS COMMENCED" since incorporation;
  • When doing a tax return filing, taxpayer may adopt a “simple” approach;
  • This commonly seen approach cannot be recognized as the “official” approach and our company always recommend an "Ordinary Tax Filing";
  • This filing does not exempt a company from the duty of keeping proper business record, preparing account and audit work.
Result of Nil tax filing
  • From experience, tax department usually accepts such declaration if there is no contradictory info;
  • However, “usually accepts” does not imply this is the “official” way and making the case “final” and “conclusive”;
  • Similar to many tax department in the world, HK tax department can always re-open a tax file, especially when there is contradictory and suspicious info;
  • “Usually accepts” also does not make a company exempt from its duty of proper business record keeping and exempt from preparing audit report.
Important
  • Hong Kong tax department has right to request submission of financial statement and audit report;
  • Financial statement and Audit report should be prepared even a taxpayer declares "NO BUSSINESS COMMENCED".
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AbacusHKCPA - Certified Public Accountants base in Hong Kong (HK) - ACCA, HKICPA, providing services of

company formation, financial management, business advisory, accounting and auditing.