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2021/22 profits tax filing season will soon commence
On 1 April 2022, the Inland Revenue Department will issue bulk profits tax returns to taxpayers for the year of assessment 2021/22. Recognizing that the current pandemic situation has caused some disruptions to work arrangements, the earliest date due for filing such returns is extended to 30 June 2022.
This alert draws your attention to the filing due dates for the 2021/22 profits tax returns and the requirement to notify the IRD of chargeability.
In addition, this alert also explains (i) the tax concessions for carried interest; and (ii) the circumstances under which taxpayers that have engaged a service provider to furnish tax return on their behalf need to sign on a new confirmation form.