Block Extension Scheme for Lodgement of 2023/24 Tax Returns Extended Due Date for ‘D’ Code Returns
Since businesses and practitioners are facing real challenges in their day-to-day operations, the Inland Revenue Department has chosen to extend the deadline for filing 2023/24 Profits Tax reports with Accounting Date Code ‘D’ (i.e. accounting date falling within 1 December 2023 to 31 December 2023) from 15 August 2024 to 29 August 2024.
Even with this postponement, tax representatives are advised to send in as many returns as you can before the extended deadline.
The Inland Revenue Department has set up a firm policy to ensure that all profits tax returns are submitted in time. In all cases where returns together with audited financial statements are not submitted by the extended due date, estimated assessments will be issued and /or penalty proceedings will be commenced. Please note that according to Section 80(2) of the Inland Revenue Ordinance, prosecution will be imposed on any person who without reasonable excuse and fails to furnish a return in time. The Commissioner of the Inland Revenue has authority to raise offence is subject to a fine of $10,000 and 3 times the amount of the tax undercharged.
