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2023/24 profits tax filing season has commenced
On 2 April 2024, the Inland Revenue Department (IRD) issued bulk profits tax returns to taxpayers for the year of assessment 2023/24.
This alert draws your attention to the filing due dates for the 2023/24 profits tax returns and the requirement to notify the IRD of chargeability to tax where applicable. Note that new items in connection with new tax measures have been added in the tax return. These items concern the family office incentive, patent box regime, specified foreign-sourced income and tax certainty enhancement scheme.
Should you have any questions regarding the filing of your tax returns, including your eligibility for the new tax measures, please contact your tax executives.