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Hong Kong: Guide to 2023-2024 profits tax filing

Due dates for filing profits tax returns

April 8, 2024

The 2023-2024 profits tax filing season started off with the bulk issuance of the 2023-2024 profits tax returns on 2 April 2024.

Due dates for filing profits tax returns

The extended due dates for filing the 2023-2024 profits tax returns under the block extension scheme (i.e., for taxpayers with a tax representative) are as follows:

Accounting date code

Extended due date

Further extended due date for semi-electronic / electronic filing

“N” code
(1 April 2023 to 30 November 2023)

2 May 2024

(No extension)

2 June 2024

“D” code
(1 December to 31 December 2023)

15 August 2024

15 September 2024

“M” code – profits cases
(1 January 2024 to 31 March 2024)

15 November 2024

15 December 2024

“M” code – loss cases
(1 January 2024 to 31 March 2024)

31 January 2025

31 January 2025

(No further extension)

Key changes in the 2023-2024 profits tax returns

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

Key profits tax developments relevant to return filing

  • Expanded foreign-sourced income exemption (FSIE) regime
  • Tax certainty enhancement scheme for non-taxation of onshore equity disposal gains
  • Enhanced preferential tax regime for aircraft leasing
  • Tax deduction for spectrum utilization fees for the telecommunication industry
  • Tax treatment of insurers under the risk-based capital regime

For more information contact a KPMG tax professional:

David Ling | +1 609 874 4381 | davidxling@kpmg.com

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