New Changes in Profits Tax Returns BIR51 - Starting from year of assessment 1999/2000, small corporations which have gross income not exceeding HK$500,000 are exempted from filing their annual audited accounts with supporting documents to the Inland Revenue Department However, those companies are still required to complete their annual audit in accordance with the requirements of the Companies Ordinance and to facilitate the completion of the BIR51.
The Mandatory Provident Fund - By December 2000, all employers, employees and self employed persons are compulsory to complete their registrations with the MPFA and to commence with the MFP contributions. This marks a milestone for the Hong Kong workforce to establish a system of formal retirement protection.
SSAP - New and revised SSAPs released by the Hong Kong
Society of Accountants in Year 2001.