Penalty of late submission of Profit Tax Return

There is certain period you should submit the PTR (Profit Tax Return) to IRD (Hong Kong – Inland. Revenue Department). If you fail to do so, you may be required to pay a penalty. However, you can there is a way to waive the penalty.

Here is an example of an email sent from an accountant firm:

 

Enclosed please find the letter from IRD. The penalty of late submission of HK$1,200 be waived and IRD would not take further action on this occasion.
Please note that it would not be easy to wavie this type of penalty in future. In view of the company is active and may have profit for the year ended 31st December 2013, please provide the documents from 1st January 2013 to 31st December 2013 for our accounting/ audit / taxation purpose.
In order to avoid late submission penalty, please provide the documents on or before 1st June 2014.
Should you have any question, please feel free to contact us.