New requirements for profits tax return The new tax year has started again, and many clients have received the "green bomb" - profits tax return this week. There are many changes in the profits tax declaration this year, but the tax office has not issued a notice, so everyone should pay attention to avoid stepping on landmines by mistake, resulting in late reporting, omissions, fines or even tax investigations. For example: 1. Unlike the past, no matter how much the company's turnover is, it is necessary to attach an accounting account to the tax return: (a) For a limited company, audited accounts are required. The previous requirement of IRD was that if the annual turnover is less than 2 million, there is no need to submit audited accounts. But from this year, all companies, including those that do not operate, need to be audited before they can file taxes; (b) In the case of sole proprietorship and partnership companies (commonly known as unlimited companies), accounts must be submitted with Tax Return. Accounts include profit and loss statement and balance sheet, which is different from the previous years that only need to submit profit and loss statement, which means that unlimited companies must also provide comprehensive accounting records, and the requirements are strengthened. 2. According to the practice of IRD, companies with tax losses only issue Tax Returns every three years, but please note: (a) This is just customary and not necessarily issued after three years; (b) The IRD will also issue Tax Returns from time to time for the company to fill out; (c) If the company is profitable but has not received a Tax Return, it must report to the IRD within four months after the end of the fiscal year. So please always pay attention to whether you have received the Tax Return from the IRD. If you receive it, you must deal with it immediately; if you have not received it, you must pay attention to point (c) above. In order to effectively manage tax burdens, tax planning must be done in advance, comprehensive accounting book keeping and records must be prepared, and then Tax Returns should be made on time to minimize delays and omissions. Our company can provide comprehensive taxation services, including: preparation of accounting, auditing, tax reporting and tax planning, etc. For details, please contact our company.
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