(Source : news.gov.hk)
2006-07 tax returns issued today
The Inland Revenue Department will today (April 2) issue about 150,000 profits tax returns, 100,000 property tax returns and 300,000 employer's returns for the year 2006-07. About 1.86 million tax returns for individuals will be issued on May 2. The return forms and the manner of furnishing the returns have been approved by the Board of Inland Revenue.
It is the department's on-going commitment to make the filing process easier. Over the years, the Inland Revenue Department has enhanced the e-filing service by adding more user-friendly features. In addition to telefiling, the department provides Internet Filing, which offers a wider range of features, including:
Interactive instructions will guide taxpayers through the filing process.
There are pre-filled data from the department's computer system so taxpayers are required to only update the parts that need changes.
Tax computation function
A tax computation function will instantly estimate taxpayers' salaries tax payable according to the tax return data submitted.
"This year, we have updated the tax computation function by taking into account the tax relief measures proposed in the 2007-08 Budget," a department spokesman said. "Through Internet Filing, taxpayers can find out instantly the amount of tax payable after tax relief. For those taxpayers who have not experienced the benefits of Internet Filing, please give it a try by following the guides given in the 'Electronic Filing' leaflet enclosed with the tax return."
Taxpayers must either possess a digital certificate or register as an e-Tax Password user to file return online. The registration procedures are very simple. Just lodge an application any time by connecting to (www.gov.hk/etax) through the Internet or calling the 24-hour Automated Telephone Registration Hotline on 183 2033. To encourage e-filing, individual taxpayers who file their tax returns through the Internet or via the telephone are offered an automatic extension of two weeks to file their returns.
For an individual with rental income from partly owned property, he can normally enjoy the tax saving proposed in the Budget up to a maximum amount of $15,000 by electing personal assessment. He should complete part 5 of the property tax return for 2006-07 issued to him today, to do so. For a partner with business income, he should complete box 1.2 of the supplementary form of the profits tax return for 2006-07 to elect for personal assessment. An appropriate form will then be issued to the elector for completion. Where personal assessment is not to the individual's advantage in exceptional cases, the Inland Revenue Department will not assess him under personal assessment, to ensure that the individual will not pay more tax than he should.
Taxpayers can visit the department website at www.ird.gov.hk for common questions and answers on how to complete the returns. The spokesman also reminded taxpayers to file their correct tax returns on time.
Ends/Monday, April 2, 2007
Issued at HKT 11:00