Understanding the Corporate Tax System in Hong Kong
In Hong Kong, corporate tax is a regulatory fee charged on the profit of a firm. They are applied to calculate the legal obligation a business owes to the government after deductions of expenses, operating cost (including the Cost of Goods Sold) and depreciation from revenues.
When an individual performing a trade, operating a business, or providing a service, they are liable for the corporate tax. This applies to all business entities, it may be corporation, partnership, or sole proprietorship. However, paying corporate taxes on time is beneficial for business owners as compared to individual taxes, where there are returns deductions on medical insurance for families, fringe benefits (including retirement plans and tax-deferred trusts.
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