Friday, February 19, 2010
Hong Kongís Inland Revenue Department (IRD) will expand the tax filing service, so that a company or partnership meeting certain conditions can file its profits tax return for 2009/10, which is issued on or after April 1, 2010, through the Internet.
The conditions will include a specification that its gross income does not exceed HKD2m (USD257,500) and that it does not have any assessable profits from interest or other profit/loss arising from medium-term debt.
Other conditions include the following:
If the business is a partnership, it has to have been carried on by not more than six partners during the year of assessment, and all of those partners must have been individuals.
Further details are to be announced by the IRD in late March this year.