Hong Kong Issues 2013-14 Tax Returns
by Mary Swire, Lowtax.net, Hong Kong
03 April, 2014
On April 1, the Inland Revenue Department (IRD) issued about 190,000 Hong Kong profits tax returns, 130,000 property tax returns, and 290,000 employer's returns for the year of assessment 2013-14. About 2.37m tax returns for individuals will be issued on May 2.
In this year's Budget, the Financial Secretary John Tsang proposed a one-off reduction of 75 percent of profits tax, salaries tax, and tax under personal assessment for 2013-14, subject to a ceiling of HKD10,000 (USD1,290). Upon enactment of the relevant legislation, the IRD will make the tax reduction in this year's tax bills.
"Individuals with rental income, if eligible, can enjoy the reduction by electing for personal assessment. They can make the election when completing their 2013-14 tax returns for individuals. The IRD will check in each case whether the election will reduce the amount of tax payable, and assess each taxpayer in the way most advantageous to him," a spokesman for the IRD confirmed.
The IRD has also encouraged taxpayers to use the services under eTAX. "Using eTAX services is simple," the spokesman added. "Any registered taxpayer can log into eTAX with his Taxpayer Identification Number and the eTAX password registered with the Department, or his digital certificate issued by a recognized certification authority."
Taxpayers can also visit the IRD's website for common questions and answers on how to complete tax returns.
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