Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 102

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4
Chunk 102
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 other documents necessary to verify the entries in the books of account, in the English or Chinese
language of his income and expenditure so as to readily ascertain the tax-assessable profits of the business concerned. Such records shall
be retained by the business for a period not less than 7 years after the completion of the transactions, acts or operations to which they
relate. Also, such a person carrying on a business shall keep records of, amongst others, assets and liabilities, all goods purchased
and sold and all sums of money received and expended, etc.

Pursuant to sections 52(2)
and (3) of the IRO, upon receipt of notice in writing given by an assessor of the Inland Revenue Department, every person who is an employer
shall furnish within a reasonable time stated in such notice a return containing the names and places of residence and the full amount
of the remuneration, whether in cash or otherwise, of all persons employed by the employer (which includes any director of a company or
a person engaged in the management of a company, and in excess of a minimum figure to be fixed by the assessor) and any other persons
employed by him named by the assessor.

IRO also stipulates the required
timeframe for giving notice to the assessor with respect to the commencement and cessation of employment of an individual, as well as
the individual leaving Hong Kong for any period exceeding 1 month.

Pursuant to section 80(1A)
of the IRO, any person without reasonable excuse fails to comply with the requirements of keeping sufficient records commits an offence
and is liable on conviction to a fine at HKD100,000 (US$12,803) and the court may order the person convicted within a time specified in
the order to keep sufficient records.

Also, pursuant to section
80(1) of the IRO, any person who without reasonable excuse fails to furnish a return within the stipulated time to the assessor commits
an offence and is liable on conviction to a fine at HKD100,000 (US$12,803) and the court may order the person convicted within a time
specified to furnish a return. Pursuant to section 80(2) of the IRO, any person who without reasonable excuse makes an incorrect return
by omitting or understating anything in respect of which he is required by this Ordinance to make a return, either on his behalf or on
behalf of another person commits