In view of the developing situation of the COVID-19 pandemic, many taxpayers and their representatives’ work schedules have been greatly affected as most companies have adopted remote working and the auditors cannot go to the Mainland to perform the onsite audit work.
As many of the Institute members are tax practitioners who work in Small and Medium size sectors, the Institute is concerned about the coming due date for M Code Returns, and has proposed to the Inland Revenue Department (IRD) to extend the due date in order to minimise the potential impacts to both taxpayers and tax representatives during the preparation of their returns and financial statements.
The IRD has replied the Institue and agreed to extend the due date for filing 2019/20 M Code Profits Tax Returns to 30 November 2020 in order to support the professionals and business. Despite this extension, tax representatives are encouraged to file as many returns as possible well before the extended due date.
On a related note, the due date for D Code Returns will also be extended to 30 September 2020.
The Institute thanks the IRD for their understanding in these difficult times.