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FAQ > Business Tax in Hong Kong > B24

Q: How to apply for hold over of Provisional Tax? View : 77
A:

Applicant may apply in writing for holding over of the whole or part of the provisional tax on the grounds as specified in the Inland Revenue Ordinance.

The application for holding over of provisional tax should be lodged not later than 28 days before the due date for payment of the provisional tax, or 14 days after the date of issue of the notice for payment of the provisional tax whichever is later.

An application for holding over of provisional profits tax may be made on one of the following grounds:

- The assessable profits for the year of assessment are, or are likely to be, less than 90% of the assessable profits for the year preceding the year of assessment or of the estimated sum in respect of which you are liable to pay provisional profits tax. Supporting documents including properly signed draft accounts covering a period of not less than 8 months should be submitted together with the application.

- The amount of any loss brought forward for set off to that year of assessment has been omitted or is incorrect.

- The applicant have ceased, or will before the end of the year of assessment cease, to carry on the business and that the assessable profits for that year of assessment are, or are likely to be, less than the assessable profits for the year preceding the year of assessment or of the estimated sum in respect of which you are liable to pay provisional profits tax.

- The applicant have objected to the assessment for profits tax for the year preceding the year of assessment for which provisional tax was charged.

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