Hong Kong: Guide to 2024-2025 profits tax filing
Due dates for filing profits tax returns
The 2024-2025 profits tax filing season started off with the bulk issuance of the 2024-2025 profits tax returns on April 1, 2024.
Due dates for filing profits tax returns
The extended due dates for filing the 2024-2025 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 (April 1, 2024, to November 30, 2024) | May 2, 2025 (No extension) | June 2, 2025 |
“D” code (December 1 to December 31, 2024) | August 15, 2025 | September 15, 2025 |
“M” code profit cases (January 1, 2025, to March 31, 2025) | November 17, 2025 | December 17, 2025 |
“M” code loss cases (January 1, 2025, to March 31, 2025) | February 2, 2026 | February 2, 2026 (No further extension) |
Key changes in the 2024-2025 profits tax returns
Items in the return | Major changes |
Items 7.1.1 and 7.1.2 in BIR 51 | A new checkbox for taxpayers to indicate whether their financial statements (FS) are audited by a Hong Kong practice unit. If yes, the taxpayers need to provide the practicing certificate number of the certified public accountant (practising) who signed the auditor’s report that is filed together with the profits tax return. |
Item 9.19 in BIR 51 / Item 9.7 in BIR 52 | A new checkbox on the new Supplementary Form S19 (replacing Form IR1478) regarding specified foreign sourced income. |
Item 9.21 in BIR 51 / Item 9.9 in BIR 52 | A new checkbox on the new Supplementary Form S21 (replacing Form IR1481) regarding the tax certainty enhancement scheme. |
Item 9.22 in BIR 51 / Item 9.10 in BIR 52 | A new checkbox on the new Supplementary Form S22 (replacing Form IR1482) to be completed by taxpayers claiming the 5% concessionary tax rate for onshore eligible intellectual property (IP) income under the patent box tax incentive. |
Items 10.21 in BIR 51 / item 10.20 in BIR 52 | A new checkbox for taxpayers to state the amount of deduction claimed for lease reinstatement costs. |
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
- Tax deduction for lease reinstatement costs
- New rules for claiming annual allowances for second-hand commercial and industrial buildings
- Tax treatment of provisions for long services payment (LSP)
- Tax treatment of insurers under the risk-based capital regime
For more information contact a KPMG tax professional:
Jennifer Weng | jennifer.weng.@kpmg.com