Completion of Property
Tax return
(1) B.I.R. 57
Property Tax Return B.I.R. 57 is used for reporting income
from property jointly owned or co-owned by an individual with other
person(s). "Other persons" include corporation and body
of persons.
A "Notes and Instructions" sheet is sent together
with the tax return. Please read it carefully before completing
the return. The following may help you :
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(a) |
Part 4 of the tax
return:
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| (i) |
The top portion of Part 4 must be
completed. If the property was not let during the year, please
put a " "
in the box against "No". Otherwise, please put a ""
in the box against "Yes" and state the rental details in Part
4.1 to 4.4.
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| (ii) |
Rental income includes rent received
or receivable, lease
premium and irrecoverable rent recovered during the
year.
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| (iii) |
Only rates agreed
to be paid and actually paid by owners and irrecoverable
rent can be claimed for deduction. Government rent,
management fees, renovation or refurbishment expenses are
non-deductible.
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| (iv) |
The Ordinance
stipulates a flat rate of 20% on the balance of the rental income after
deduction of rates paid by owner(s) and the irrecoverable rent as allowable deduction for
repairs and expenses. It will be automatically granted in
the assessment.
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| (v) |
Mortgage loan
interest incurred for the acquisition of a property let is
not deductible in computing the Property Tax payable. Deduction
for the interest expenses will only be considered under Personal
Assessment, and such claim must be made in a Tax Return
- Individuals (B.I.R. 60).
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| (b) |
Part 5 of the tax return : |
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If any one of the owners wishes to elect for personal assessment
for the year, details of each owner electing personal assessment
should be stated in Part 5. To complete the election process,
the individual owner may be required to complete a Tax Return
- Individuals (B.I.R. 60), which may be sent to him/her
later. Please note that if the owner is a married person
and both of them have income chargeable to tax, the election
must be made by the couple jointly in the Tax Return-Individuals.
Please read Personal Assessment
for more information about election for personal assessment
by a married couple.
See Demonstration
on how to complete B.I.R. 57.
Also see Property Tax : What
you need to know as a property owner for more information
about how property tax is charged on income from properties.
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Property Tax Return B.I.R. 58 is used
for reporting income from property held by corporations or bodies
of persons.
A "Notes and Instructions" sheet is sent together with
the tax return. Please read it carefully before completing the return.
The following may help you:
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(a) |
Part 4 of the tax return: |
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This Part must be completed even though
you apply for exemption from Property Tax. |
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(b) |
Part 5 of the tax return: |
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A corporation letting property in Hong Kong is carrying on business in Hong Kong and subject to Profits Tax in respect of its property income. If your corporation carrying on
a business in Hong Kong wishes to apply for exemption from Property
Tax under section 5(2)(a) of the Inland Revenue Ordinance,
please quote your Business Registration number in Part 5
to enable us to process your case more expeditiously. |
See Demonstration
on how to complete B.I.R. 58.
Also see Property
Tax : What you need to know as a property owner for more
information about how property tax is charged on income from properties.
Filing
of Property Tax return
(1) Time limit for filing
Property tax returns B.I.R. 57 and
B.I.R. 58 should be filed within 1 month of the date of issue.
If your case meets the criteria specified
by the Commissioner and you file the return through the internet,
an extension of 2 weeks will be given automatically. Please read
Electronic
Filing of Property Tax Return (B.I.R. 57) for more information
about electronic filing.
(2)
Request for a duplicate return
Please click here
for information of requesting for a duplicated tax return.
(3)
Filing of Paper return
.
If you file paper tax return, you must submit the original tax return
issued by us. Photocopies or fax copies of tax returns are NOT acceptable.
Filing a copy of the tax return which was downloaded from the Internet
is also NOT acceptable.
(4)
Electronic Filing of B.I.R. 57 (Internet Filing)
See
 Electronic
Filing of Property Tax Return (B.I.R. 57)
Common
questions and answers
For common questions and answers on completion of
Property Tax returns, please click here.
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