Extended Deadline Scheme for 2024/25 Tax Return Lodgements
The Inland Revenue Department issues 2024/25 Profits Tax Returns to corporations and partnership businesses, the files of which fall within the “active” category in the Department, take place on 1 April 2025.
Extended due dates
For taxpayers who are represented, the compliance date specified in the notice on page 1 of the 2024/25 Profits Tax Return will be extended as follows:
Accounting Date | Extended Due Date |
1 April 2024 – 30 November 2024 (Accounting Date Code “N”) | No extension |
1 December 2024 – 31 December 2024 (Accounting Date Code “D”) | 15 August 2025 |
1 January 2025 – 31 March 2025 (Accounting Date Code “M”) | 17 November 2025 |
Despite the above extension, taxpayers are encouraged to file as many returns as possible well before the extended due dates.
Failure to Lodge Returns by the Extended Due Date
Where returns are not lodged by the extended due date, estimated assessments will be issued or penalty proceedings instituted. If taxpayers fail to file returns or do not file returns on time without reasonable excuse, they will be exposed to the risk of action being taken under section 80 or 82A of the Ordinance. Taxpayers who have persistently filed late returns are almost certain to face penalty action.
Companies in Liquidation
The Block Extension Scheme is not applicable to a corporation in liquidation. In order to ascertain the potential tax liability of such a corporation at an early stage, the Inland Revenue Department will not grant any extension of time to file the return unless fully justified otherwise. In the case where an extension of time to file the return has been granted to the corporation under the Block Extension Scheme, the extension will be withdrawn automatically upon the commencement of liquidation. In that eventuality, the return must be filed within one month from the date of notification of the withdrawal of the extension previously granted.
Issue of Returns to Newly Registered Partnership Businesses and Incorporated Businesses
Generally, the Inland Revenue Department issues the first Profits Tax Return some 18 months after the date of commencement of a new partnership business (or the date of incorporation in the case of a newly incorporated company). However, where circumstances warrant, the Department may issue a Provisional Profits Tax Return for completion at an earlier date.
