Yes. The advertisemnet in Yellow Page is wholly deductible for profits tax purposes. Any business expenses incurred wholly, exclusively and necessaily for the production of the company's income is deductible. A general guide on the profits tax pamphlet issued by IRD is quite useful as a guidline. http://www.ird.gov.hk/eng/paf/pam.htm#pt pamphlet 2 甚 麼 開 支 可 以 扣 稅 ?)