The IRD's bulk issuance of the 2011/12 profits tax returns on 2 April 2012, and matters that you should be aware of when claiming tax deductions.
The Inland Revenue Department (IRD) has now issued bulk profits tax returns to taxpayers for the year of assessment 2011/12.
Taxpayers who have received these returns should note the relevant tax filing due dates. If a taxpayer has not received a return, they should nonetheless note their statutory obligation to inform the IRD if they are chargeable to tax.
This tax alert draws your attention to the above, and matters that you should be aware of when claiming tax deductions for the purchase costs of certain intellectual property rights and share-based payments.
The profits tax filing season for the year of assessment 2011/12 has commenced
The tax filing season for the fiscal year ended 31 March 2012 (i.e., year of assessment 2011/12) commenced this year on 2 April with the IRD’s bulk issuance of the relevant profits tax returns today. As a matter of practice, the IRD issues returns in bulk annually in early April to corporations or partnerships that are likely to be chargeable to tax or that meet other conditions.
Returns are normally due for filing within one month from their date of issue. However, the IRD has for many years operated a block extension scheme whereby the filing deadline can be extended in instances where a taxpayer is professionally represented. Under the 2011/12 block extension scheme, the filing dates for the bulk returns issued on 2 April 2012 can be extended as follows:
| For taxpayers with accounting dates falling between | Extended due date |
1 April 2011 – 30 November 2011
(Accounting date code “N”) | No extension, return due on the
normal due date of 2 May 2012 (Wednesday) |
1 December 2011 – 31 December 2011
(Accounting date code "D") | 15 August 2012 (Wednesday) |
1 January 2012 – 31 March 2012 –
with taxable profits for the year
(Accounting date code "M") | 15 November 2012 (Thursday) |
1 January 2012 – 31 March 2012 -
with tax losses for the year | 31 January 2013 (Thursday) |
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