Electronic Filing of Profits Tax Return
The Inland Revenue Department (“IRD”) launched the new versions and enhanced features of electronic filing of profits tax return services on 1 April 2024, IRD Taxonomy Package and IRD iXBRL Data Preparation Tools (the “Tools”) where all corporations and businesses can e-file their profits tax returns for the years of assessment 2022/23 and 2023/24 together with supporting documents through eTAX on a voluntary basis. Meanwhile, the first Traditional Chinese edition of the IRD Taxonomy Package and the Traditional Chinese Tools have also been launched.
The new versions launched on 1 April 2024 including:
(a) the first edition of the Traditional Chinese IRD Taxonomy Package and the Traditional Chinese IRD iXBRL Data Preparation Tools which enable taxpayers to convert their Traditional Chinese financial statements and tax computations into iXBRL data files;
(b) the updated edition of the English IRD Taxonomy Package which has incorporated the changes in accounting standards and amendments in tax legislation; and
(c) the enhanced version of the IRD iXBRL Data Preparation Tools with the following new features:
(i) adding a roll-over function which enables migration of tags from the previously finalised data files to the new data files for an adjacent year to save re-tagging efforts;
(ii) increasing the gross income threshold for the use of Template Tool from $2 million to $5 million;
(iii) removing certain criteria for the use of Template Tool.