Fischer & Partners Accounting Service can take responsibility for crafting and submitting your company’s half-year report along with your tax payments.

In addition to the annual tax payment, companies subject to corporate income tax (CIT) on net profits (including those generating no profit at all) are also required to make tax prepayment in the form of a half-year report (form PND 51). A company is obliged to estimate its annual net profit as well as its tax liability and pay half of the estimated tax amount within two months after the end of the first six months of its accounting period. The prepaid tax is creditable against its annual tax liability.


Example: If a company’s accounting period ends at the end of the calendar year – December 31 – the first six months constitute months of January – June. The company’s half-year report will then be due within two months after June, that is to say by the end of August.

If you are a company is trying to pay less half year tax by forecasting lower annual profit or simply underestimating its earnings lower annual profit. When the actual year-end profitability comes out to be 25% higher than your forecast, you will have to pay an extra 20% tax on the difference amount between the forecast and the actual tax.


A reasonable exception to this rule is when the company files a half-year report on an estimated amount of net profit that is greater than or equal to one half of its actual net profit from the previous accounting year (as filed in the corporate income tax return). Therefore, if this holds true and the company happens to underestimate its earnings beyond the acceptable threshold, this shall still be treated as a sensible approach.


We help our clients to navigate through the statutory audit, ensuring all confirmations, supporting documentation, and explanations are provided on a timely basis. With many of our clients having strict deadlines to complete the audit, we manage the timeline keeping all parties informed of the progress of the audit fieldwork and help to clear any outstanding points.