The Inland Revenue Department (IRD) issued 2023/24 profits tax returns to corporations and partnership businesses on 2 April 2024. This is the second year in which the IRD has implemented arrangements for the voluntary e-filing of profits tax returns, so that taxpayers can e-file the returns together with the supporting documents (including financial statements and tax computations) in iXBRL format, on a voluntary basis. To facilitate taxpayers in preparing the required iXBRL data files, the IRD is providing the IRD Taxonomy Package (the Taxonomy) and the IRD iXBRL Data Preparation Tools (including the Template Tool and Tagging Tool, collectively known as “the Tools”), which are available to be downloaded from the IRD website, free of charge. The Taxonomy and the Tools have been updated and enhanced this year. The major enhanced features include:
- Adding a roll-over function
- Increasing the gross income threshold for the use of the Template Tool from HK$2 million to HK$5 million
Meanwhile, the first Traditional Chinese edition of the Taxonomy and the Traditional Chinese Tools, which enable taxpayers to convert their traditional Chinese supporting documents into iXBRL data files, will also be launched. Taxpayers are encouraged to participate in the voluntary e-filing of profits tax returns. More details can be found on the IRD’s webpages on e-filing of profits tax returns and iXBRL filing. For enquiries in relation to the iXBRL filing requirements and the use of the Tools, you may contact the IRD, or access e-Appointment to book a specific timeslot to make enquiries via phone. Benefits of e-filing
- Minimizing errors in tax filing
- Reducing the turnaround time for signature or authorization arrangements
- Enhancing the efficiency, reliability and accuracy
- Providing round-the-clock service
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