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Mainland enterprises to Hong Kong profits tax and income tax comparison

Address different types of tax, due to the tax system in Hong Kong and the Mainland incomplete the same, so the tax base, calculation of taxable income method, the object and scope of taxation there is a difference. Now compare the following aspects: the profits from the range of Hong Kong tax section 14 (1) activities, given all the profits. Therefore, in considering a person's tax liability,[link widoczny dla zalogowanych], first determine the source of their earnings in Hong Kong, or in the field. For example: the sale of goods, profits, according to the Inland Revenue Department guidelines, if the purchase and sales contracts were reached in the field, and its profit before tax. In another example, Hong Kong manufacturers relocated to the mainland to the production process, if the actual production activities carried out in the country, but other management, design, production technology chosen by Hong Kong with the Hong Kong Inland Revenue Department that its sales of products shall be the total earnings received sharing, 1105o% of the profits should be regarded as produced in Hong Kong profits tax. China Enterprise Income Tax income source in China, including income from abroad. Tax year, the Government no mandatory tax year, taxpayers can use the calendar year until April 1 next year ended March 31, we can use the Gregorian calendar on January 1 until December 31 only, or the end of the lunar calendar . Limited tax year is the use of most of the calendar on March 31 or 12 31. China unified corporate income tax provisions for the calendar year January 1 until December 31 only. Tax method and the timing of tax to profits tax in Hong Kong companies way of provisional tax. Provisional tax is normally based on the profit for the previous year, are estimated to nature, must hold a current profit basis period is determined, and then be adjusted. For example, a Limited assessable profits in 2001 20 million, according to the rate of 16% of the profits, income tax payable is 3.20 million. But the Inland Revenue Department issued a notice of the payment of profits tax payments amounted to 64,000 yuan, which is indicated by a 32,000 yuan last year the assessable profits of the prepaid tax profit for the year. If the company received a notice of profits tax, the book has been a loss this year, you can specify the tax period 1 month before tax to the Inland Revenue for an extension. Under normal circumstances, the Inland Revenue Department agreed to defer the payment after verification period. Hong Kong companies a longer payment period, the profits tax return is reported once a year, and, regardless of the fiscal year is the use of the Gregorian calendar March 31 or December 31, the start time are scheduled to return in April of each year, according to the company the specific circumstances for an extension. If fiscal year is December 31, the last reporting period of August, such as the fiscal year to March 31, then the last reporting period l1 months. Under normal circumstances, delivery time of the first phase of the profits tax of about 10 for a fiscal year l1 months. China is the implementation of enterprise income tax on an annual basis, a monthly or quarterly installments, year end settlement, Duotuishaobu the collection approach. Tax in the final 15 days of the month or quarter, according to financial statements Year end settlement at the end of the year within 4 months after the taxpayer within 45 days after the end of the year, to the local competent tax authorities, submit accounting statements and tax returns for year-end Huisuan. In contrast,[link widoczny dla zalogowanych], Hong Kong profits tax filing deadline, and paid the tax on a more relaxed, and the program is simple, is conducive to enterprise funds of the budget and control. Treatment of bad debts Hong Kong Limited on accounts receivable as bad debt losses are dealt with by the Board of Directors decided not reported to tax authorities. Of course, also related to the debtor can not obtain proof of debt, if the debtor has been bankrupt, winding-up, missing, etc.. These documents deal with the company's accounting basis on which the Inland Revenue Department for reference information. Bad debt expenses for loss of earnings and profits calculated after deducting taxes. Mainland enterprises for bad debt losses on accounts receivable processing, the expenses in the calculation of the amount of corporate income tax and revenue can offset depends on the sum business tax authorities concluded the approval of bad debt, the tax authorities after approval for bad debt losses, order to offset the amount of corporate income tax receipts, or to adjust again. Hong Kong enterprises operating loss operating loss of the year, the balance to offset profits in subsequent years. The annual loss of Mainland enterprises, can use the income to make up for the next tax year, the next tax year is insufficient,[link widoczny dla zalogowanych], it can continue to make every year,[link widoczny dla zalogowanych], but continued to make up a maximum of not more than 5 years. o
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