In this March 2022 Issue of our Newsletter, we will discuss 2021/22 Profits Tax Return updates and the tax treatments of Keyman Insurance Policy.

3. 2021/22 Profits Tax Return Update - IR1476 Service Provider

Taxpayers can now appoint an external party to sign on the Profits Tax Return

Form IR 1476 has been introduced for taxpayers to appoint an external party to be the “Service Provider”. The words “Service Provider” could be a bit misleading as it refers to the signatory of the Profits Tax return rather than the Tax Representatives.

If the taxpayer would like an external party to sign on the Profits Tax return on its behalf, it would have to sign and complete Form IR1476 which will have to be presented to the IRD upon request.

On a related matter, please be reminded that signatory of Profits Tax Return could be subject to penalty on non-compliance matters of the Corporation. For further details, please refer to our August 2021 Newsletter. 

Sample of Profits Tax Return (BIR51) for reference: