Further Extended Due Date for ‘M’ Code Returns and Consequence Not Filing on Time
Generally, the filing due date of 2023/2024 Profits Tax Return with Accounting Date Code “M” (i.e. accounting date falling within 1 January 2024 to 31 March 2024) is 15 November 2024.
Recognising the genuine difficulties being experienced by businesses and practitioners in their operations, on 4 November 2024, the Inland Revenue Department has decided to extend the due date for filing 2023/24 Profits Tax returns with Accounting Date Code ‘M’ from 15 November 2024 to 29 November 2024.
A further extension of 1 MONTH will be granted by the Department on application if the Profits Tax returns are filed electronically.
If you do not file the tax return on time, your company may be required to pay a penalty, or even prosecuted. In addition, if you do not provide information, the Assessor will issue an estimated assessment for tax without granting any deductions for allowable expenses.
The penalty is a fine at level 3 (HK$10,000) and the court may order the person convicted to do within a specified time the act which he has failed to do. If the person fails to comply with court order, he may be charged with a further fine.