Wale'x CPA & Co.

Assurance

Our audit reports not only evaluate the financial information but also consider potential risks of the enterprise in operation. Furthermore, we provide specific audit reports and operation results evaluation based on the financial statements and accounting records of our corporate clients.

Our services include:

Statutory audit

Catering Business (Social Distancing) Subsidy Scheme under the Anti-epidemic Fund

ITC - Technology Voucher Programme Secretariat ("TVP")

ITC - Enterprise Support Scheme ("ESS")

The Occupational Retirement Schemes Ordinance ("ORSO")

Dedicated Fund on Branding, Upgrading and Domestic Sales ("BUD")

Pilot Information Technology Development Matching Fund Scheme for Travel Agents

Should you have any enquires about Assurance Services, please contact us and we will provide FREE consultation service.

Taxation

As experienced tax professionals, we provide forward looking tax planning and tax advisory to both multinational and local companies, as well as individuals.

Our services including:

Providing tax advisory and planning (To minimize tax liabilities in a legitimate way)

Acting as Tax Representative (Individual or Companies)

Filing tax returns, tax computation and submission to the IRD

Tax review and assessment

Assisting for handling the tax queries from IRD

Assisting for applying the offshore income claims exemption

Conducting tax field audit and investigation

Should you have any enquires about Taxation Services, please contact us and we will provide FREE consultation service.

What's New:

The Rating (Exemption) Order 2022

The 2022-23 Budget has proposed to waive rates for four quarters of 2022-23. For domestic tenements, the concession ceiling is $1,500 per tenement per quarter for the first two quarters; and $1,000 per tenement per quarter for the remaining two quarters.

For details, see IRD website

Press Release - March 2, 2022

Revenue (Reduction of Business Registration Fees and Branch Registration Fees) Order 2022

The 2022-23 Budget has proposed to waive the business registration fees and branch registration fees for 2022-23 to reduce the operating cost of business amidst the uncertainties of the epidemic situation.

For details, see IRD website

Press Release - March 2, 2022

Tax concessions proposed in the 2022-23 Budget

The Budget has proposed one-off reductions of salaries tax, tax under personal assessment and profits tax for the year of assessment 2021/22 by 100 per cent, subject to a ceiling of $10,000 per case.

For details, see IRD website

Press Release - March 2, 2022

Introducing a tax deduction for domestic rental expenses

The Financial Secretary proposed to introduce a tax deduction for eligible domestic rental expenses from the year of assessment 2022/23. Taxpayers liable to salaries tax or tax charged under personal assessment who do not own any domestic property can claim deduction for the rent paid by him/her or his/her spouse as the tenant. The annual ceiling of the deduction is $100,000.

For details, see IRD website

Press Release - February 23, 2022

Frequently Asked Questions

What tax does Hong Kong Company need to pay every year?

Hong Kong Company needs only to pay Profits Tax every year, which is calculated by 16.5% of the profits. The company without profits needs to pay no Profits Tax.
What's the year end of Hong Kong Company?

It is generally 31 March to 31 December of each year for the basis period of taxation according to custom. Hong Kong Company has maximum 18 months for the first year's basis period of taxation.
Can the profits of Hong Kong Company offset the losses of previous year?

Losses incurred in a taxable year can be carried forward and used to offset the profits of the company in subsequent years.
In which case will Hong Kong Company be free from Profits Tax?

If corporate profits do not arise from Hong Kong, and the company has not set up an office in Hong Kong nor hired Hong Kong employees, then its earned profits will be exempt from Profits Tax.
My Hong Kong Company only opens account at bank, to collect and pay bills for other China Company, then does this Hong Kong Company need to process accounting, auditing and tax declaration?

Yes. Because company incorporation is profit-oriented, even if Hong Kong only performs the role of collecting and paying for others, the company shall be deemed as agency service business, and the income shall be the commission for collection and payment for others.