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PRESS RELEASE

(Source : news.gov.hk)

LCQ14: Monthly profits tax collections for the past three financial years

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Following is a question by the Hon Sin Chung-kai and a written reply by the Secretary for Financial Services and the Treasury, Professor K C Chan, in the Legislative Council today (October 31):

Question:

Will the Government inform this Council of the profits tax income received in each month of the past three tax years?

Reply:

Madam President,

The Inland Revenue Department sets the due date for profits tax payment for a company according to its accounting date. The majority of profits tax payments are due between November and January, and some provisional payments are due in April. Therefore, profits tax payments are mainly received in April and from October to March each financial year.

The following table shows the monthly profits tax collections for the past three financial years -

    2004-05   2005-06   2006-07
    ($m)   ($m)   ($m)
    -----------   -----------   -----------
April   2,192.8   2,607.3   2,767.5
May   313.1   700.8   955.6
June   325.8   126.4   144.8
July   398.1   252.5   336.5
August   341.9   216.6   135.7
September   450.4   256.2   962.1
October   8,809.4   12,108.1   14,049.6
November   18,464.2   24,917.5   24,292.7
December   6,068.6   5,296.6   4,093.8
January   15,908.6   17,552.6   17,608.1
February   2,218.5   1,527.4   2,738.2
March   3,148.3   4,234.5   3,834.4
             
Yearly Total   58,639.7   69,796.5   71,919.0

Ends/Wednesday, October 31, 2007
Issued at HKT 11:35

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