Description

The Inland Revenue Department (IRD) has been working at full steam to take forward a project on electronic filing (e-filing) of profits tax returns which will be implemented by two phases. In the first phase, the existing eTAX Portal will be enhanced by 2023, to enable more businesses to voluntarily e-file profits tax returns, together with their financial statements and tax computations in inline eXtensible Business Reporting Language (iXBRL) format.

In the second phase, a new Business Tax Portal will be rolled-out by 2025 to replace the existing eTAX Portal and facilitate e-filing of profits tax returns by businesses.

The IRD launched two rounds of consultation in 2021. In March 2022, as part of its consultation, the IRD uploaded the preliminary edition of the IRD Taxonomy Package onto its website to support voluntary e-filing of Profits Tax returns with iXBRL data files through the IRD’s eTAX Portal. Taking this opportunity, the speakers are going to give us the seminar on the impacts of new e-filing requirements and questions raised by TIHK members aMsnd relevant stakeholders.