|Q:||If a limited company receives a notification of "no Profit Tax Return to be issued to the company", does it mean that the company does not need to prepare its audited account?||View : 111|
No. The notification of "no Profit Tax Return to the company " only means that there will be no Profit Tax Return issued actively from the IRD. However, it is the responsibility of the limited company to apply for the Profit Tax Return and submit it to the IRD with an Audited Account whenever a profit is recorded in the business. Therefore, it means that a limited company should prepare its audited account every year.