In Hong Kong, the filing season for the 2023/24 assessment year in respect of Profits Tax Returns started on April 2, 2024, when the IRD issued the relevant tax return forms to the respective businesses.
Filing should be completed on time to avoid penalties and interest on unpaid taxes.
Important Dates for Profits Tax Returns:
- Without Tax Representative: It is the standard one month from the date of issue, generally on or before 2nd May 2024.
-
With Tax Representative: On block extension scheme. The due
dates will be according to the accounting period.
- “N” Code: When the accounting date falls between 1st April 2023 and 30th November 2023, the filing date will be 2nd May 2024.
- “D” Code: Accounting date from 1 December 2023 to 31 December 2023; filing deadline is 15 August 2024.
- “M” Code: Accounting date from 1 January 2024 to 31 March 2024; filing deadline is 15 November 2024.
In essence, with a tax representative and using the Block Extension Scheme, businesses can be afforded a longer runway to prepare for accurate and WHT-compliant tax filings for cases when their accounting structures might prove to be more complex than others.
The IRD does encourage filing through the eTAX system, which provides a secure and efficient channel for document submissions. In this regard, the online system ensures timely updates of the records with the IRD to facilitate a smooth process of complying with the obligations concerning Profits Tax.
For this reason, businesses have to be proactive in understanding such deadlines and seek professional support in meeting their tax obligations effectively to avoid penalties.