Feb. 18 – Hong Kong’s Inland Revenue Department will add to the tax services available under its eTAX program starting April 2010 allowing companies to also submit their profits tax return for 2009/10.

A corporation or partnership can file their profits tax return online if they meet the following criteria:

• Gross income does not exceed HK$2,000,000
• It does not have any deemed assessable profits pursuant to section 20AE of the Inland Revenue Ordinance
• Its assessable profits/adjusted loss does not include any interest, profits/loss arising from medium term debt instruments as defined in section 14A(4) of the IRO
• It does not claim a foreign tax credit
• It has not obtained an advance ruling on any of its tax matter in relation to that year of assessment
• It has not paid or accrued to a non-resident person any sum for the use of intellectual property specified in section 15(1)(a), (b) or (ba) of the IRO
• If it is a partnership business, it is carried on by a total of not more than 6 partners during the basis period for that year of assessment (including those partners who retired from the partnership) and that all of its partners are individuals

For more professional tax and compliance advice in Hong Kong please contact Dezan Shira & Associates at hongkong@dezshira.com.