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2024/25 profits tax filing season will soon commence
On 19 March 2025, the Inland Revenue Department (IRD) issued the circular letter to tax representatives on the bulk issue of tax returns to taxpayers for the year of assessment 2024/25.
This alert draws your attention to the filing due dates for the 2024/25 profits tax returns and the requirement to notify the IRD of chargeability to tax where applicable. Note that, in addition to items relating to tax measures introduced in recent years, a new item in relation to the deductions claimed for leased premises reinstatement costs has been added to the 2024/25 profits tax returns.
Should you have any questions regarding the filing of your tax returns, including your eligibility for any claims to be made under the new tax measures, please contact your tax executives.