| Publications
and Press Releases :
Press Release
: News Archives
IRD issues tax returns for 2007-08
**************************************
The Inland Revenue Department will today (April 1) issue about 160,000
profits tax returns, 100,000 property tax returns and 300,000 employer¡¦s
returns for the year 2007-08.
About 1.97 million tax returns for
individuals will be issued on May 2.
In this year's Budget, the Financial
Secretary proposed a 75% reduction of earnings and profits tax in
2007-08, subject to a ceiling of $25,000 per case.
"Taxpayers will, as usual, file
their profits tax returns and property tax returns for 2007-08 which
are issued today. Upon enactment of the relevant legislation, the
Inland Revenue Department will effect the reduction in the final
assessment for 2007-08," a spokesman for the department said.
According to proposals in this year¡¦s
Budget, individuals with rental and/or business income will enjoy
tax reduction whether or not they elect personal assessment. However,
the amount of the reduction they will get might be different under
personal assessment. The exact position will need to be evaluated
case by case.
Individuals having business and rental
income and eligible for personal assessment may make such election
in their 2007-08 tax returns. The department will check if the personal
assessment election will reduce the amount of tax payable in each
case, and assess each taxpayer to his advantage.
The spokesman said that eTAX Account
holders could, from today, e-file property tax returns for jointly
owned properties through their eTAX Account.
He said that eTAX, the new gateway
to the department¡¦s electronic services, offered the account holders
a wide range of personalised online services including return filing,
receipt of notices of assessment, tax payment, update of personal
particulars and checking of tax position.
To gain access to this easy, secure
and environment-friendly service, a taxpayer has to open an eTAX
Account at www.gov.hk/etax
where he can change his Taxpayer Identification Number to a self-selected
name or number. Early opening of eTAX Account will give taxpayer
a big chance of having his preferred Taxpayer Identification Number.
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/Tuesday, April 1, 2008
Issued at HKT 14:48
NNNN
|
|