Profits Tax Declaration

We would like to take this opportunity to thank you for choosing us as your auditor.

---

For the procedurals to submit the Profits Tax Returns to the Inland Revenue Department;

• For the New company

Received Profits Tax Return

The Inland Revenue Department will issue the first Profits Tax Return to the Taxpayer within 18 months after the date of incorporation.

Submission deadline

Deadline to submit relevant documents to IRD will be 3 months from receiving date

What you need to do after receiving the Profits Tax Return from Inland Revenue Department;

1. Providing all the accounting material and financial statements to Auditor for preparing the Audit report and Tax Computatio List of relevant documents;
   1. Sales invoice for the period from the date of incorporation to present.
   2. Purchase invoice for the period from the date of incorporation to present.
   3. Signed loan agreement(s) (if any).
   4. Copy of signed agreement of tenancy (if any).
   5. Other expenses invoices / receipts / debit notes.
   6. Bank Statements for the period from the date of incorporation to present.

2. Once, the audit report is complete, the taxpayer will need to sign the Audit Report, Profits Tax Return together with Profits Tax Computation and submit it to the Inland Revenue Department.

3. Inland Revenue Department will issue the Profits Tax Assessment to the Taxpayer. The taxpayer will need to cross-check the total tax payable amount with the Profits Tax Computation if the amount is correct. The Tax payable need to pay the tax at the stated time on the letter.

• For the existing Company

Received Profits Tax Return

Normally, The Inland Revenue Department will issue the Profits Tax Return to the Taxpayer in early May.

Submission deadline

Tax codeFinancial Year Ended DateDue date

What you need to do after receiving the Profits Tax Return from Inland Revenue Department;

1. Providing all the accounting material and financial statements to Auditor for preparing the Audit report and Tax Computation. List of relevant documents;
   1. Sales invoice for the period from the beginning of the financial year to present.
   2. Purchase invoice for the period from the beginning of the financial year to present.
   3. Signed loan agreement(s) (if any).
   4. Copy of signed agreement of tenancy (if any).
   5. Other expenses invoices / receipts / debit notes.
   6. Bank Statements for the period from the beginning of the financial year to present.

2. Once, the audit report is complete, the taxpayer will need to sign the Audit Report, Profits Tax Return together with Profits Tax Computation and submit it to the Inland Revenue Department.

3. Inland Revenue Department will issue the Profits Tax Assessment to the Taxpayer. The taxpayer will need to cross-check the total tax payable amount with the Profits Tax Computation if the amount is correct. The Tax payable need to pay the tax at the stated time on the letter. [Refer to the video for tax online payment method]