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Inland Revenue Department issues over 2.4 million tax returns for individuals
The Inland Revenue Department (IRD) sent out about 2.47 million tax returns for individuals today (June 1). The Commissioner of Inland Revenue, Mr Tam Tai-pang, reminded taxpayers to file their tax returns on time by July 2. For sole proprietors of unincorporated businesses, a three-month period is allowed and the filing deadline is September 1. Filing via eTAX will provide an automatic extension of one month (i.e. the deadline for general cases is August 2 and the deadline for sole proprietors is October 3).
The IRD today (April 1) issued about 220,000 profits tax returns, 120,000 property tax returns and 300,000 employer's returns for the year of assessment 2021-22.
About 2.48 million tax returns for individuals will be issued on June 1.
Taxpayers are generally required to file their returns within one month from the date of issue of the relevant returns.
For employer's returns, the deadline for filing is extended to June 1, 2022.
For cases with tax representatives appointed, the deadlines for filing returns are set out in the Block Extension Letter posted on the department's website.
Taxpayers are generally required to file their returns within one month from the date of issue of the relevant returns.
For employer's returns, the deadline for filing is extended to June 1, 2022.
For cases with tax representatives appointed, the deadlines for filing returns are set out in the Block Extension Letter posted on the department's website.
In his 2022-23 Budget, the Financial Secretary proposed the following measures:
(1) A one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2021/22 by 100%, subject to a ceiling of $10,000 per case. (passed by Legislative Council)
For profits tax, the ceiling of the tax reduction is applied to each business.
For salaries tax, the ceiling is applied to each individual taxpayer; but for married couples jointly assessed, the ceiling is applied to each married couple (i.e. capped at $10,000 in total).
For personal assessment, the ceiling is applied to each single taxpayer or married person who elects for personal assessment separately from his / her spouse. If a taxpayer elects for personal assessment jointly with his / her spouse, the tax reduction is capped at $10,000 for the married couple.
For salaries tax, the ceiling is applied to each individual taxpayer; but for married couples jointly assessed, the ceiling is applied to each married couple (i.e. capped at $10,000 in total).
For personal assessment, the ceiling is applied to each single taxpayer or married person who elects for personal assessment separately from his / her spouse. If a taxpayer elects for personal assessment jointly with his / her spouse, the tax reduction is capped at $10,000 for the married couple.
(2) Waiving business registration fees for 2022-23
The Financial Secretary proposed to waive business registration fees for the year 2022-23. This measure can only be implemented after completion of the relevant legislative process.
(3) Introducing a tax deduction for domestic rental expenses
The Financial Secretary proposed to introduce a tax deduction for eligible domestic rental expenses from the year of assessment 2022/23. Taxpayers liable to salaries tax or tax charged under personal assessment who do not own any domestic property can claim deduction for the rent paid by him / her or his / her spouse as the tenant. The annual ceiling of the deduction is $100,000. This measure can only be implemented after completion of the relevant legislative process.