Q:
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How to lodge an application for holding over of provisional profits tax?
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A:
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You must lodge your application for holding over of provisional profits tax in writing. You may download the relevant form from the website of the Hong Kong Inland Revenue Department (“IRD”).
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Q:
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What are the grounds for the application for holding over of provisional profits tax?
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A:
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You may apply for holding over of your provisional profits tax for a year of assessment based on one of the following grounds:
1.
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Your assessable profits for that year of assessment are, or are likely to be, less than 90% of the assessable profits for the year preceding that year of assessment, or of the sum estimated by IRD of which you are liable to pay provisional profits tax;
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2.
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The amount of tax loss brought forward for set off to that year of assessment has been omitted or is incorrect;
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3.
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You have ceased, or will cease before the end of the year of assessment, to carry on your trade, profession, or business. In addition, the assessable profits for that year of assessment are, or are likely to be, less than the assessable profits for the year preceding that year of assessment, or of the sum estimated by IRD of which you are liable to pay provisional profits tax;
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4.
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You have elected to be assessed under Personal Assessment for that year of assessment and the Personal Assessment is likely to reduce your liability to tax;
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5.
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You have objected to your assessment for profits tax for the year preceding that year of assessment.
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Q:
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What is the time limit for the application for holding over of provisional profits tax?
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A:
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The Hong Kong tax law provides for a two-tier time limit. You must lodge an application not later than 28 days before the due date for payment of the provisional tax or 14 days after the date of issue of the notice for payment of provisional tax, whichever is the later.
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Q:
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How do I know that my application for holding over of provisional profits tax had been approved?
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A:
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After considering your application for holdover of provisional profits tax, IRD will issue a notice stating their agreement to discharge/ hold over part of the provisional profits tax.
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Q:
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Aside from provisional profits tax, can I apply for holding over of other taxes?
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A:
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Yes, you can also lodge an application for holding over of provisional salaries tax and provisional property tax.
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