When considering immigration, some may transfer business in Hong Kong to the new country. Some may consider operating a new business there. Pacers would like to assist you by listing company tax information of some popular immigration locations (Taiwan, Australia and the United Kingdom).
Below is some company tax information for the countries (Information is extracted in 2021)
| Hong Kong | Taiwan | Australia | The United Kingdom | |
| Profit tax | Profit-seeking Enterprise Income Tax | Corporate Income Tax | Corporation tax | |
| Source of income | Any form of ownership carrying on any trade, profession, or business in Hong Kong is chargeable to tax on all profits arising in or derived from Hong Kong. | Profit arising in or derived from Taiwan by any organization or businesses that operate for profit-seeking purposes in Taiwan. | Companies that are residents of Australia: Subject to corporate income tax on their worldwide incomeCompanies that are not residents of Australia：Subject to corporate income tax on their Australian-sourced income only | 1. Company based in the UK: Subject to corporation tax on its worldwide income 2. Company not based in the UK: Subject to corporation tax on its profits from UK activities |
| Tax regime | Standard Rate | Standard Rate | Progressive System | Standard Rate |
| Year of Assessment | 1st April to 31st March in the following year (can choose other dates as the fiscal year-end date) | 1st January to 31st December (can apply for other dates as the fiscal year-end date) | 1st July to 30th June in the following year | 6th April to 5th April in the following year (can choose other dates as the fiscal year-end date) |
| Tax rate | Assessable profits (HK$) On the first 2,000,000 — 8.25% Assessable profits (HK$) 2,000,001 or above — 16.5% Only one entity of all connected entities would qualify for the two-tiered rates. Other connected entities would be chargeable at 16.5%. | Assessable profits (TWD) 0 – 120,000 (About HK$0 – HK$33,000) — 0% Assessable profits (TWD) 120,001 – 200,000 (About HK$33,000 – HK$55,000) — 1/2 taxable income after deducted by 120,000 Assessable profits (TWD) 200,001 or above (About HK$55,001 or above) — 20% | Turnover (AUD) 0 – 50,000,000 (About HK$0 – HK$283,327,000) — 25% Turnover (AUD) 50,000,000 or above (About HK$283,327,000 or above) — 30% | Until 31st March 2023, a 19% tax rate would apply to all companies. Taxable profits (£) 0 – 49,999 (About HK$0 – HK$528,400) — 19% Taxable profits (£) 50,000 or above (About HK$528,400 or above) — 25% |
| Tax filing period | According to the respective accounting date : Accounting date Between 1st April and 30th November, deadline: Late May (No extended due date) Between 1st December and 31st December , deadline: Late August (No extended due date) Between 1st January and 31st March, deadline : Mid-November (For loss cases, due date can be extended to late January in the next year) | Before the last day of the fifth month after the close of the fiscal year (For a company with an accounting year-end of 31st December, tax filing period will be from 1st May to 31st May) | 28th February in the following year | Before the last day of the twelfth month after the close of the fiscal year (For a company with an accounting year-end of 31st March, tax filing period will be before 31st March in the following year) |
| Tax filing methods | After completion of the tax return, you may submit it by 1. postal service 2. visiting the Inland Revenue Department 3. eTax system | 1. By e-Filing software of the Ministry of Finance 2. By online e-Filing system | 1. By online system | 1. By online system |
| Tax payment methods | 1. By cash or cheque (Post offices, convenience stores, or Revenue Tower) | 1. By cash (Bank or convenience stores) 2. By ATM 3. By credit cards 4. By bank transfer 5. By mobile payments | 1. By cheque 2. By credit cards 3. By bank transfer | 1. By bank transfer 2. By credit cards |
That’s all for the company tax information of some popular immigration locations, and we hope that it can be a helpful reference. We will continue to discuss different tax systems with you in the future. If you are interested in any systems or immigration locations, do not hesitate to leave your comment in the comment section.
Pacers is a diversified company providing professional consultancy services. We always think a step further for our clients. If you have encountered any difficulties when filing tax, please feel free to contact us directly on our website or email info@pacersconsulting.com.
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