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Profits Tax - Basis Period
for assessment
Normally, for a business that has
been running on for years, the basis period is either:
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the period of the year of
assessment if the annual accounts ends on 31 March;
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the accounting year that ends in
the year of assessment if the accounts ends on a day other than
31 March ; or
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the lunar year that falls in the
year of assessment if the annual accounts so adopts.
Besides, the Inland Revenue
Ordinance makes special provisions for:
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