IRD issues profits tax, property tax and employer's returns for 2024-25

On May 2, 2024, the Inland Revenue Department ("IRD") issued a significant number of tax returns for the year of assessment 2024-25. The IRD processed approximately 230,000 profits tax returns, 120,000 property tax returns, and 330,000 employer's returns. This year, the IRD is set to issue about 2.66 million tax returns for individuals.

Taxpayers and employers are obliged to file their returns within one month from the date of issue. For those who utilize tax representatives, specific deadlines are outlined in the Block Extension Letter available on the IRD's website. The IRD has been actively promoting digitalization and enhancing electronic tax filing to improve both efficiency and accuracy.

The IRD encourages the use of eTAX for filing returns, allowing individuals with 'iAM Smart' accounts to log in and sign electronically. Comprehensive guidance is available on the IRD's website for frequently asked questions and electronic filing. Profits tax payers are urged to file electronically with supporting documents in iXBRL format. This year, the IRD has upgraded tools to accept Microsoft Excel financial statements and support various currencies.

The latest versions of the Taxonomy and Tools are accessible for free download on the IRD's website. Taxpayers can seek further assistance via email or through the e-Appointment system. The IRD also reminds taxpayers and employers to ensure sufficient postage for timely delivery when submitting returns by mail. Postage rates can be found on the Hongkong Post's website.