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The Ministry of Finance has announced important deadlines for profit tax returns that you can’t afford to miss. Make sure you’re on top of these updates to avoid penalties and unnecessary complications.
2023 Final Profit Tax Returns
Deadline: December 31, 2024.
Consequences of Late Filing: Profit tax assessments for 2023 will be issued in January 2025, requiring taxpayers to file objection letters to nullify these assessments. In principle, fines imposed with these assessments cannot be waived and must be paid.
2024 Provisional Profit Tax Returns
Deadline: March 31, 2025.
Consequences of Late Filing: Assessments will be issued in April 2025. Taxpayers must file objection letters to address these assessments. Min principle, fines for late filing cannot be avoided.
Action Required:
To avoid fines and additional administrative burdens, taxpayers are strongly urged to:
File 2023 final profit tax returns before January 1, 2025.
File 2024 provisional profit tax returns before April 1, 2025.
Our team of seasoned tax practitioners can assist you with more information.
Should you have any questions regarding this announcement, please do not hesitate to contact us. Our team would be more than happy to assist you with your questions.