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Publications and Press Releases :
Press Release
: News Archives
Individual Tax Returns for 2004/05 issued
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The Commissioner of Inland Revenue, Mrs Alice Lau,
today (May 3) spoke on matters relating to completion of Individual
Tax Return for 2004/05 and the enhanced features of e-filing and
announced the revenue collection in 2004/05.
A guide for completion is enclosed with the tax return. Mrs Lau
reminded taxpayers to read and follow the guide carefully in completing
their tax returns. All individual tax returns should be submitted
within one month (on or before June 3, 2005) or, for sole proprietors
of unincorporated businesses, within three months (on or before
August 3, 2005).
"To enable taxpayers to enjoy the two new allowances proposed
in the 2005 Budget for dependent parents or grandparents aged 55
to 59, a special message is printed on the top right-hand corner
of the return. Taxpayers are reminded to give details of dependent
parents or grandparents who will have reached 55 but be under 60
on March 31, 2006 in Part 8.4 of the return. Upon enactment of the
law, their claims will be dealt with in computing the 2005/06 provisional
tax liabilities," Mrs Lau said.
The Inland Revenue Department (IRD) issued 1.77 million individual
tax returns today. To answer taxpayers' enquiries, the IRD will
man an extra hotline and extend the service hours of its enquiry
hotlines. From today till May 31, enquiries can be made at 187 8022
or 187 8222 from 8.30am to 7pm from Mondays to Fridays and 9am to
5pm on Saturdays.
"E-Seminars" are also provided on the IRD
website for individual taxpayers. Enquiries can be raised electronically
at the "Questions and Answers" column on the website and
replies will be made on a regular basis.
On e-filing, the IRD has upgraded the system performance,
redesigned the screen flow and introduced over 40 new functions/improvements
this year after taking into account feedback from more than 20,000
users. Essential features of Internet filing this year include "Pre-filling
of data", "Estimation of salaries tax payable", "Saving
of data" and "Viewing and printing".
"With the improvements made this year, I sincerely
hope all of you will give e-filing a try. You simply need an e-certificate
or an e-tax password. Just apply online or through our hotline 183
2033 for an e-tax password and enjoy the enhanced service,"
Mrs Lau said.
To encourage e-filing, the department will grant
a two-week extension to taxpayers who file their individual tax
returns electronically (the deadline for e-filers will be extended
to June 17, 2005).
On revenue collection, Mrs Lau said that a total of
$127.7 billion had been collected during 2004/05, an increase of
some $21.5 billion over last year. Please see the detailed figures
below.
2004/05 revenue collection (provisional figures)
-------------------------------------------------------------------
| Tax type |
2003/04 |
2004/05 |
Difference |
| |
($million) |
($million) |
|
| Profits Tax |
48,770 |
58,639 |
+20% |
Salaries Tax |
27,977 |
33,998 |
+21% |
Property Tax and
Personal Assessment |
3,727
|
4,079
|
+9%
|
| |
-------- |
-------- |
|
Total Earnings
and Profits Tax |
80,474
|
96,716
|
+20%
|
| Estate Duty |
1,455 |
1,468 |
-- |
| Betting Duty |
11,636 |
12,057 |
+4% |
| Stamp Duty |
11,245 |
15,852 |
+41% |
| Others |
1,389 |
1,596 |
+15% |
| |
-------- |
-------- |
|
| Total revenue Collected |
106,199 |
127,689 |
+20% |
Ends/Tuesday, May 3, 2005
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