Profits Tax Return, Supplementary Form to Profits Tax Return and Other Form

If you carry on a trade, profession or business in form of a corporation, partnership business or if a non-resident person is chargeable to profits tax in your name, you should complete the Profits Tax return, any required supplementary forms and other forms (IR1478 & IR1479) and file to the Inland Revenue Department (IRD) by the due date. This article will give you details on Profits Tax returns, the supplementary forms and other forms.

Types of Profits Tax Returns

Profits Tax returns are issued to Corporations and Partnership Businesses for profits tax purposes. Profits from the carrying on of sole proprietorship business should be reported in Tax Return - Individuals (BIR60).

There are 3 series of Profits Tax return forms. You may download a specimen of the tax return forms for reference, but you should not use a printed copy of the specimen form for filing purposes.

Supplementary Forms to Profits Tax Returns (BIRS1 to BIRS18) and Other Forms (IR1478 & IR1479)

With effect from 1 April 2019, supplementary forms to Profits Tax returns are introduced for you to report information on preferential regimes and tax incentives.  Other forms (IR1478 and IR1479) are also introduced to report information on specified foreign-sourced income and family-owned investment holding vehicle for the year of assessment 2022/23.  You are required to download the supplementary forms and other forms where applicable and fill in the form electronically.

Starting from 1 April 2023, all required supplementary forms and other forms must be submitted electronically.  In case your tax return and Supporting Documents will be submitted in paper form, please print and sign the Control List for the supplementary form and other form uploaded and submit the Control List together with the Profits Tax return.  The Control List must be signed by the same person signing the tax return. If the tax return will be submitted under the electronic filing or semi-electronic filing mode, please proceed to the Completion Service and the Submission Service.  These services will link up the uploaded data files with the Profits Tax return of the same Profits Tax File Number and RIN.  Please refer to “Uploading of Data Files for Required Forms and Supporting Documents to Profits Tax Return” for further details.

Modes of Return Filing and the corresponding data formats of Required Forms and supporting documents

Below are the supplementary forms to Profits Tax returns and other forms for download:

For year of assessment 2018/19 onwards

• Supplementary Form S1 - Person electing for two-tiered profits tax rates
• Supplementary Form S2 - Transfer pricing
• Supplementary Form S3 - Expenditure on research & development
• Supplementary Form S4 - Expenditure on energy efficient building installation
• Supplementary Form S5 - Ship-owner
• Supplementary Form S6 - Professional reinsurer
• Supplementary Form S7 - Authorized captive insurer
• Supplementary Form S8 - Qualifying corporate treasury centre
• Supplementary Form S9 - Qualifying aircraft lessor
• Supplementary Form S10 - Qualifying aircraft leasing manager

For year of assessment 2020/21 onwards

• Supplementary Form S11 - Qualifying ship lesssor
• Supplementary Form S12 - Qualifying ship leasing manager
• Supplementary Form S13 - Specified insurer
• Supplementary Form S14 - Licensed insurance broker company
• Supplementary Form S15 - Persons deriving eligible carried interest

For year of assessment 2022/23 onwards

• Supplementary Form S16 - Qualifying ship agent
• Supplementary Form S17 - Qualifying ship manager
• Supplementary Form S18 - Qualifying ship broker
• IR1478 - Taxation on specified foreign-sourced income
• IR1479 - Tax concessions for family-owned investment holding vehicle

Who Should File

Newly Registered Business

Generally, a newly registered business will receive its first Profits Tax return some 18 months after the date of commencement of business or the date of incorporation.

Continuing Business - Annual Bulk Issue of Returns

The annual exercise to issue Profits Tax returns in bulk takes place on the first working day of April each year.

Business Not Required to Submit Return Annually

It is the practice of IRD not to call for the annual submission of Profits Tax returns in instances where the trade, profession or business carried on does not give rise to assessable profits or where the trade, profession or business has not commenced or has ceased and not recommenced. However, upon receipt of a Profits Tax return which may be issued from time to time in the course of reviewing your future tax potential, the requirement to lodge the return form must still be complied with.

When to File

Normal Filing Time

Generally, Profits Tax return, any required supplementary forms and other forms (IR1478 & IR1479) should be filed within 1 month from the date of issue. The compliance date of submission is specified on page 1 of the Profits Tax return.

Further Extension for using Electronic Filing

To promote electronic filing, the Department will grant, on application, a further extension of 1 month after the normal due date subject to the condition that Corporations and Partnership Businesses will file the Profits Tax returns through the Internet.  Please go to Completion of Profits Tax Return for the conditions that a corporation and a partnership must satisfy in order to use the Internet filing service.

Block Extension Scheme for Lodgement of 2022/23 Tax Returns

If your tax representative has duly applied for an extension to file your 2022/23 Profits Tax return under the Block Extension Scheme, the due date is normally extended as follows:

In the beginning of each year, IRD publishes a Circular Letter to tax representatives on the IRD website (in the “Tax Representatives’ Corner” under the menu of “Tax Information – Individuals/Businesses”), setting out details of the block extension scheme lodgement arrangements for the year and how the block extension can be applied for.

Application for Extension for the Submission of Return

As a general rule, a further extension of time beyond the extended due dates under the Block Extension Scheme will only be granted in the most exceptional circumstances.  Any request for such extension should be made in writing with an explanation of why lodgement cannot be made in a timely manner, together with supporting evidence.  You should not assume that any further extension will be granted.

Know more about the completion and filing of return and the consequences of failure to submit tax return on time through the following link: