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Learn moreDue dates for filing profits tax returns
The 2023-2024 profits tax filing season started off with the bulk issuance of the 2023-2024 profits tax returns on 2 April 2024.
Accounting date code | Extended due date | Further extended due date for semi-electronic / electronic filing |
“N” code | 2 May 2024 (No extension) | 2 June 2024 |
“D” code | 15 August 2024 | 15 September 2024 |
“M” code – profits cases | 15 November 2024 | 15 December 2024 |
“M” code – loss cases | 31 January 2025 | 31 January 2025 (No further extension) |
Accounting date code | Extended due date | Further extended due date for semi-electronic / electronic filing |
“N” code | 2 May 2024 (No extension) | 2 June 2024 |
“D” code | 15 August 2024 | 15 September 2024 |
“M” code – profits cases | 15 November 2024 | 15 December 2024 |
“M” code – loss cases | 31 January 2025 | 31 January 2025 (No further extension) |
Items in the return | Major changes |
Item 3.2 in BIR 51 / Item 2.2 in BIR 52 | Updated for taxpayers to indicate whether they have any deemed assessable profits in relation to family-owned investment holding vehicles (FIHVs) and/or family-owned special purpose entities (FSPEs) under the anti-round tripping provisions of the family office tax regime |
Item 7.11 in BIR 51 / Item 7.7 in BIR 52 | Updated for taxpayers to indicate whether they are an FSPE held by an eligible FIHV |
Item 7.12 in BIR 51 | A new checkbox for taxpayers to indicate whether they are an eligible single-family office of a family (if yes, taxpayers need to provide information about the FIHVs managed and the specified net asset value) |
Item 7.14 in BIR 51 / Item 7.9 in BIR 52 | A new checkbox for claiming the profits tax concession for Hong Kong-sourced eligible intellectual property (IP) income under the proposed patent box tax incentive in Hong Kong |
Item 9.19 in BIR 51 / Item 9.7 in BIR 52 | A new checkbox on the new Supplementary Form S20 to be completed by taxpayers electing for the tax concession for FIHVs |
Item 10.4 in BIR 51 / BIR 52 | A new checkbox for taxpayers to state the amount of onshore equity disposal gains that have been treated as non-taxable under the tax certainty enhancement scheme (note, new Form IR1481 needs to be completed as well) |
Item 10.10 in BIR 51 / BIR 52 | A new checkbox for taxpayers to state the amount of profits earned by a FSPE that are chargeable at the 0% concessionary tax rate under the family office tax regime |
Items in the return | Major changes |
Item 3.2 in BIR 51 / Item 2.2 in BIR 52 | Updated for taxpayers to indicate whether they have any deemed assessable profits in relation to family-owned investment holding vehicles (FIHVs) and/or family-owned special purpose entities (FSPEs) under the anti-round tripping provisions of the family office tax regime |
Item 7.11 in BIR 51 / Item 7.7 in BIR 52 | Updated for taxpayers to indicate whether they are an FSPE held by an eligible FIHV |
Item 7.12 in BIR 51 | A new checkbox for taxpayers to indicate whether they are an eligible single-family office of a family (if yes, taxpayers need to provide information about the FIHVs managed and the specified net asset value) |
Item 7.14 in BIR 51 / Item 7.9 in BIR 52 | A new checkbox for claiming the profits tax concession for Hong Kong-sourced eligible intellectual property (IP) income under the proposed patent box tax incentive in Hong Kong |
Item 9.19 in BIR 51 / Item 9.7 in BIR 52 | A new checkbox on the new Supplementary Form S20 to be completed by taxpayers electing for the tax concession for FIHVs |
Item 10.4 in BIR 51 / BIR 52 | A new checkbox for taxpayers to state the amount of onshore equity disposal gains that have been treated as non-taxable under the tax certainty enhancement scheme (note, new Form IR1481 needs to be completed as well) |
Item 10.10 in BIR 51 / BIR 52 | A new checkbox for taxpayers to state the amount of profits earned by a FSPE that are chargeable at the 0% concessionary tax rate under the family office tax regime |
David Ling | +1 609 874 4381 | davidxling@kpmg.com
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