Profits Tax Return and Supplementary Form to Profits Tax Return

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 and any required supplementary forms and file to the Inland Revenue Department (IRD) by the due date. This article will give you details on Profits Tax Returns and the supplementary 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 Form to Profits Tax Return

A supplementary form is part of the Profits Tax Return. You must fill in the supplementary forms, if applicable, to report information on preferential regimes and tax incentives.  You are required to download the supplementary forms, as the case may be, and fill in the forms electronically.

All supplementary forms must be submitted electronically through the existing eTAX, or through the e-filing services under the new Business Tax Portal (BTP) or Tax Representative Portal (TRP) after their launch, irrespective of the filing mode of Profits Tax Return for any year of assessment from 2019/20 to 2025/26 (both inclusive).  If a taxpayer needs to file any supplementary forms, the relevant form must be downloaded from the IRD website and completed electronically. After completion, the taxpayer must export the filled form to XML file and upload the XML file via the existing eTAX, or the e-filing services under the new BTP or TRP after their launch for submission.  Please refer to “Uploading of Data Files for Supplementary Forms and Supporting Documents to Profits Tax Return” for further details.

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

Below are the supplementary forms to Profits Tax Returns 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
• Supplementary Form S19 - Taxation on specified foreign-sourced income (Formerly named as IR1478)
• Supplementary Form S20 - Tax concessions for family-owned investment holding vehicle (Formerly named as IR1479)

For year of assessment 2023/24 onwards

• Supplementary Form S21 - Tax certainty enhancement scheme for onshore gain on disposal of equity interests (Formerly named as IR1481)
• Supplementary Form S22 - Tax concessions for intellectual property income (Formerly named as IR1482)

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 and any required supplementary forms 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 business must satisfy in order to use the Internet filing service.

Block Extension Scheme for Lodgement of 2024/25 Tax Returns

If your tax representative has duly applied for an extension to file your 2024/25 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: