Hong Kong: Major Changes in 2016/17 Profits Tax Return Form

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The Inland Revenue Department of Hong Kong recently published a list of major changes in profit tax return form [BIR51] for the year of 2016/17.

Four items are added in the Profits Tax Return this year. Firstly, qualifying corporate treasury centre assessable at concessionary tax rate for this year of assessment is added in Item 3.4 of BIR51. Secondly, Item 3.8 of BIR51 is added for taxpayers to confirm whether they claim deduction for distribution arising from regulatory capital securities for this year of assessment. Thirdly, Item 9.20 of BIR51 is added for taxpayers to declare the amount of qualifying profits of a qualifying corporate treasury centre chargeable to tax at the concessionary tax rate. Fourthly, Item 9.21 of BIR51 is added for taxpayers to declare the amount of interest to non-Hong Kong associated corporations in the ordinary course of an intra-group financing business.

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