Hong Kong: Guide to 2023-2024 profits tax filing
Due dates for filing profits tax returns
Due 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.
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 |
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) |
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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