(Source : news.gov.hk)
Over two million individuals' tax returns issued
The Inland Revenue Department (IRD) is sending out 2.04 million individuals' tax returns today (May 3), the Commissioner of Inland Revenue, Mr Chu Yam-yuen, said. He reminded taxpayers to file their tax returns on time, and that IRD will grant an automatic extension of one month to all e-filers to encourage online filing of tax returns.
Speaking at a press conference today (May 3), Mr Chu said: "As a one-month period is allowed for filing individuals' tax returns, the deadline falls on June 3 this year. eTAX users filing their tax returns on-line can have the deadline extended to July 3.
"For sole proprietor of un-incorporated businesses, a three-month period is allowed. The filing deadline is therefore August 3, which is extended to September 3 for eTAX filers," he added.
In this year's Budget, the Financial Secretary proposed a tax reduction of 75% for the year 2009-10, subject to a ceiling of $6,000 per case.
Mr Chu said that salary earners should complete this year's tax return as usual and no application was needed for the tax reduction.
The Government has initiated the law amendment process. After enactment of the relevant legislation, the IRD will effect the 2009-10 tax reduction in this year's tax bills.
"Individuals with rental and/or business income, if eligible, may elect personal assessment to enjoy such reduction. The personal assessment election can be made in their 2009-10 tax returns. The IRD will check, in each case, whether the election will reduce the amount of tax payable, and assess each taxpayer in a way to his best advantage," he added.
This year, the IRD has extended its e-filing service to cover "small" businesses, including corporations and partnerships. The director, secretary or manager of a small corporation, or the precedent partner in the case of a small partnership, can file their company's profits tax returns on-line via their own eTAX accounts. So that more companies can use on-line filing, the IRD has extended the meaning of "small" business to include those having a gross annual income of $2 million or below during the year.
Taxpayers having a problem completing their tax returns may visit the IRD website (www.ird.gov.hk) for the e-Seminars. They may also seek help in the Q&A corner or call the hotline 187 8022. The hotline's operator service hours will be extended from May 3 to June 3, from 8.15am to 7pm on weekdays and from 9am to 1pm on Saturdays. There is no operator service on public holidays.
On revenue collection, Mr Chu said that $179.1 billion had been collected during 2009-10, a decrease of $12.4 billion from the last financial year. Following are the detailed figures:
2009-10 revenue collection (provisional figures)
|Property Tax & Personal Assessment||2,983.6||5,334||+79%|
|Total Earnings & Profits Tax||146,143.0||123,185||-16%|
|Business Registration Fee & Hotel Accommodation Tax||377.3||578||+53%|
|Total Revenue Collected||191,478.7||179,098||-6%|
Ends/Monday, May 3, 2010
Issued at HKT 17:25