Hong Kong Company Formation- Company Formation, offshore company formation, offshore company, limited company

Hong Kong Company Formation: Consequence of Filing Incorrect Return

• Index Company formation Hong Kong
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• Examples for the legal reduction of corporate taxes
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• Our services and fees
• Parent companies and their subsidiaries in the European Union
• OECD: Articles of the Model Convention with Respect to taxes on income and on capital
• Beware of cheap founders!
• Basic considerations within the framework of international taxation

Consequence of Filing Incorrect Return

All tax returns contain a declaration to the effect that the information returned therein is true, correct and complete. Understatement/omission of profits or income or submission of false information constitutes an offence.

Submission of an incorrect tax return without reasonable excuse is an offence carrying a fine of $10,000 and a further fine of treble the amount of tax which has been undercharged. The imposition of penalty may, however, be dealt with administratively by the Commissioner.

Submission of an incorrect tax return wilfully with intent to evade tax is a serious offence. On conviction, the maximum penalty is a fine of $50,000 plus a further fine of treble the amount of tax undercharged and to imprisonment for 3 years. The Court of Appeal of the High Court has warned that a defendant, once convicted, may be liable to immediate custodial sentence.