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2023-04-21 | Start-up Tips
【IRD Taxation New Rules 2023】Dormant Companies and Financial Statements

New changes have been made regarding companies filing profits tax return! The Inland Revenue Department (IRD) has announced that, starting from this year, all corporations and businesses, regardless of the amount of their gross income and the mode of return filing, must submit their profits tax returns together with all supporting documents (including financial statements and profits tax computations).


In other words, even if no business operation and accounting transactions occur in the financial year, hence qualifying the corporation as a dormant company, it is still required to prepare financial statements and all supporting documents such as profit tax computations.


The IRD encourages taxpayers e-file through eTAX. All relevant supplementary forms and other forms required to be furnished with the returns must be e-filed under eTAX. If a taxpayer does not choose to e-file the return, the taxpayer has to print and sign a paper Control List for the supplementary forms and/or other forms e-filed and then furnish the signed Control List together with the return and supporting documents in paper form.


To sum up, all types of companies must hire accountants and auditors to check balance sheets and inspect financial statements in order to file tax returns smoothly. For dormant companies with no profits generated within a year, such arrangements could be a major annoyance. If your company is in need of a one-stop service for all "accounting‧auditing‧tax declaration" matters, don't hesitate to contact OneStart Business Centre for instant quotation. Let's call 3575 6888, or Whatsapp OneStart Business Consultants OneStart Business Consultants!