HONG KONG: Hong Kong’s Commissioner of Inland Revenue, Wong Kuen-fai, has reminded individual taxpayers to file their 2014/15 returns on time by June 4.
For sole proprietors of unincorporated businesses, a three-month period is allowed and the filing deadline is August 4.
In addition, speaking at a press conference, he pointed out that “the Inland Revenue Department (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 4. For a sole proprietor of unincorporated business, the filing deadline will be extended to September 4.”
In his Budget announced in February, the Financial Secretary proposed a 75 percent reduction of profits tax, salaries tax, and tax under personal assessment for the year of assessment 2014/15, subject to a ceiling of HKD20,000 (USD2,580) per case.
The Government has started the law amendment process. After enactment of the relevant legislation, the IRD will effect the tax measures in this year’s tax bills. Wong said taxpayers should complete this year’s tax return as usual and no application is needed to access the proposed tax breaks.
“Individuals with rental income, if eligible, may elect personal assessment in their tax returns to enjoy the tax reduction. The IRD will check, in each case, whether the election, taking into account the tax reduction, will reduce the amount of tax payable, and assess each taxpayer in a way to his best advantage,” he added.
