Hong Kong Collected Record Tax Revenue In 2013-14
by Mary Swire, Lowtax.net, Hong Kong
06 May, 2014
Hong Kong's Commissioner of Inland Revenue Wong Kuen-fai has announced that the Inland Revenue Department (IRD) set another annual record and collected HKD243.5bn (USD31.4bn) in tax revenue in 2013-14, showing an increase of HKD1.4bn, or 1 percent, over its 2012-13 receipts.
Profits tax collection reduced by 4 percent to HKD120.9bn, while salaries tax revenue increased by 10 percent to HKD55.6bn. On the other hand, stamp duty also dropped by 3 percent to HKD41.5bn. In 2014-15, total revenue collections are forecast to be largely flat at HKD242.7bn.
Furthermore, Wong disclosed that, on May 2, the IRD sent out 2.37m tax returns to individuals. He reminded taxpayers to file their tax returns on time. The deadline this year is June 3, 2014, as June 2 is a public holiday. For sole proprietors of unincorporated businesses, a three-month period is allowed, i.e. the filing deadline is August 2.
Wong added that "the IRD will grant an automatic extension of one month to e-filers. eTax users filing their tax returns online can have the deadline extended to July 3. For a sole proprietor of an unincorporated business, the filing deadline will be extended to September 2."
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