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How to fill in the “BIR60 Personal Tax Return” for a sole proprietorship? How to declare income in Part 5?

If the taxpayer owns a sole proprietorship, how should he complete the tax return for individuals (Form BIR60)? In particular, “Reported Income” in Part 5. As long as the taxpayer owns at least one business, you must declare your income in the department. The following will summarize the common terms used in them, with the … Read more

How to apply for installment payments? What information and documents are required for application?

If the taxpayer encounters financial difficulties and you are unable to settle the tax payment on time, you can apply for tax payment in instalments to tide over the tax difficulties. The following will introduce the application qualifications, application period, application method, etc. of the instalment tax payment one by one, hoping to help you … Read more

How can I take advantage of the qualifying deferred annuity tax deduction? How do I know if an annuity policy is eligible?

At present, the life expectancy of Hong Kong people is close to 85 years old. Coupled with the rising price of goods and the budget of medical expenses, many people will plan their life after retirement. Among the many financial products, the Qualified Deferred Annuity Policy is one of the items that can be deducted … Read more

Should married persons choose “joint assessment” or “separate assessment”? Which one is more tax efficient?

In recent months, many people have received tax returns one after another. Married persons can consider choosing to file tax returns by “joint assessment”, which may get better tax benefits depending on the circumstances. What are the benefits of joint assessment? When should it be used? The following articles will answer with examples: What is … Read more

Thinking of buying a “Tax Reserve Certificate” before filing a tax return? How good is the interest-payable tax?

Tax season is here again. Many taxpayers have begun to plan how to file tax returns in the most favorable way, but in fact, the Hong Kong government has launched “Tax Reserve Certificates” that have both saving and tax payment functions to help taxpayers plan their tax and finances in the long run. This article … Read more

How do calculate profits tax for loss-making companies and “dormant” companies?

Hong Kong’s business environment is highly recognized by the outside world. One of the reasons is that Hong Kong’s profits tax system is simple and affordable, which is good news for many business owners who intend to develop in Hong Kong. When it comes to the profits tax declaration procedure, many people wonder if they … Read more

What is the profit tax rate? Introduction to the Hong Kong Profits Tax System

Hong Kong’s business environment is highly recognized by the outside world. One of the reasons is that Hong Kong’s profits tax system is simple and affordable, which is good news for many business owners who intend to develop in Hong Kong. In the profits tax declaration procedure, you must pay attention to paying profits tax … Read more

Recognize the tax deduction strategy for charitable donations, can the spouse use the maximum donation limit?

During the current tax season, many Hong Kong citizens will receive tax returns (green bombs) from the Inland Revenue Department one after another. Before knowing the tax payable for the current tax year, they should know how to exhaust their tax strategies. Save tax for yourself. When it comes to the tax deduction, although many … Read more

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