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Publications and Press Releases :
Press Release
: News Archives
Individual Tax Returns for 2005-06 issued
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The Commissioner of Inland Revenue,
Mrs Alice Lau, today (May 2) gave details on the completion of Individual
Tax Returns for 2005-06 and the development of e-filing. She also
gave details of the 2005-06 revenue collection.
A guide for completion is enclosed
with the tax returns. 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 (by June 2, 2006)
or, for sole proprietors of unincorporated businesses, within three
months (by August 2, 2006). Mrs Lau also pointed to three areas
of concern.
"First, taxpayers can
now claim allowances for dependent parents or grandparents aged
55 to 59. Second, the level of child allowance has been raised from
$30,000 to $40,000 per child. Third, it was proposed in the 2006-07
Budget that home loan interest may be deducted for 10 years of assessment
instead of seven with effect from the year of assessment 2005-06.
Taxpayers who wish to continue with home loan interest deduction
claims are reminded to complete Part 7 of the return. Their claims
will be dealt with upon enactment of this Budget proposal,"
Mrs Lau explained.
Regarding the proposed reduction
of marginal tax rates, Mrs Lau said that upon enactment of the proposal,
the 2006-07 provisional tax to be payable from January, 2007, would
be automatically computed with the new rates. No application is
required.
The Inland Revenue Department (IRD)
issued 1.84 million individual tax returns today. To answer taxpayers'
enquiries, the IRD will deploy extra support to the enquiry hotline
and extend its service hours. From today until May 31, enquiries
can be made at 187 8022 from 8.30am to 7pm from Monday to Friday
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, enhanced features this
year include "Pre-filling of data", "Estimation of
salaries tax payable", "Saving of data" and "Viewing
and printing".
"To give e-filing a try,
you simply need an e-certificate or an e-tax password. E-certificates
may have been attached to your smart ID. Or you may choose to apply
online or through our hotline 183 2033 for an e-tax password and
enjoy the e-filing service," Mrs Lau said.
To encourage e-filing, automatic
extension of one month to July 3, 2006, is granted to last year's
e-filers. Other e-filers will also be granted a two-week extension
to June 16, 2006.
On revenue collection, Mrs Lau said
that $145 billion had been collected during 2005-06, an increase
of some $17.3 billion over last financial year. Please see the detailed
figures below.
2005/06 revenue collection (provisional
figures)
------------------------------------------------------------------
| Tax Type |
2004/05
($million)
-------------
|
|
2005/06
($million)
-------------- |
|
Difference
-------------- |
| Profits Tax |
58,640 |
|
69,796 |
|
+19% |
| Salaries Tax |
33,990 |
|
37,494 |
|
+10% |
| Property Tax and Personal Assessment |
4,079
------------- |
|
4,461
------------- |
|
+9%
|
Total Earnings
and Profits Tax |
96,709 |
|
111,751 |
|
+16% |
| Estate Duty |
1,468 |
|
1,676 |
|
+14% |
| Betting Duty |
12,057 |
|
11,938 |
|
-1% |
| Stamp Duty |
15,852 |
|
17,866 |
|
+13% |
| Others |
1,596 |
|
1,789 |
|
+12% |
| |
------------- |
|
------------- |
|
|
Total Revenue
Collected |
127,682 |
|
145,020 |
|
+14% |
Ends/Tuesday, May 2, 2006
Issued at HKT 16:01
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