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FAQ > Business Tax in Hong Kong > B09

Q: When is taxation basis period in a year? View : 82
A:

Profits tax basis period is either:

1. the year ended 31 March during the relevant year;

2. where the annual accounts are made up to any day other than 31 March, the year ended on that day in the relevant year;

3. where the accounts are made up for each lunar year, the lunar year ended in the relevant year;

4. where you commenced or ceased to carry on a business or changed its accounting date, the special period prescribed by sections 18C, 18D or 18E of the I.R.O.;

5. for commencement case, if accounts for this period have not been prepared the profits to be returned may be calculated by apportioning the profits shown by the accounts which cover the period; or

6. for cessation/transfer of business case, special rules apply:
    - where the business does not cease but, in whole or in part, is transferred to or carried on by another person;
    - in the case of cessation occurring on or after 1 April 1979 of a business which commenced before 1 April 1974.

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