Inland Revenue Department – Profits Tax Filing (30 March 2023)

Dear Taxation Faculty members,

The Inland Revenue Department (IRD) will issue 2022/23 profits tax returns to corporations and partnership businesses on 3 April 2023. Please take note of the following:

All corporations and businesses, regardless of the amount of their gross income and the mode of return filing, must submit profits tax return together with all supporting documents (including financial statements and tax computation). This includes small corporations and businesses with gross income not exceeding HK$2 million, which will no longer enjoy the exemption from furnishing supporting documents when filing their profits tax returns.
All relevant supplementary forms and other forms required to be furnished with the profits tax return must be e-filed under eTAX.
If a taxpayer chooses not to e-file the return, the taxpayer has to print and sign a paper Control List for the supplementary forms and/or other forms e-filed and then furnish the signed Control List together with the profits tax return and supporting documents in paper form.

The IRD has gradually enhanced the functions of electronic tax filing to promote tax digitization and to enhance filing efficiency, reliability and accuracy. Enhanced voluntary e-filing services for profits tax returns will also be launched with the following new features:

All corporations and businesses can e-file profits tax returns under eTAX for year of assessment 2022/23. They only need to fill in simplified e-returns online, upload the required completed forms and the supporting documents prepared in Inline eXtensible Business Reporting Language (“iXBRL”) format, then e-sign and submit the returns through the eTAX services.
Apart from full electronic filing mode, semi-electronic filing mode is also available under the enhanced eTAX services.
For full electronic filing or semi-electronic filing of profits tax return, the taxpayer is required to submit the supporting documents (i.e. financial statements and tax computation) in iXBRL format. To help taxpayers prepare the required iXBRL data files, IRD iXBRL Data Preparation Tools are available for download on the IRD website free of charge.

Taxpayers are encouraged to e-file their profits tax returns through the enhanced eTAX electronic services.

Benefits of e-filing

Minimizing errors in tax filing
Reducing the turnaround time for signature or authorization arrangement
Enhancing the efficiency, reliability and accuracy
Providing round-the-clock service

Yours sincerely,
Hong Kong Institute of CPAs

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