news.gov.hk - Top Story: Tax revenue rises 4%

news.gov.hk - Top Story news.gov.hk - Top Story - From Hong Kong's Information Services Department

Tax revenue rises 4% May 1st 2019, 16:00 The Inland Revenue Department (IRD) collected $341.4 billion in tax revenue for 2018-19, up 4% on the previous year.   Commissioner of Inland Revenue Wong Kuen-fai said today the increase came mainly from profits tax, which increased 20% to $166.6 billion year-on-year.   Revenue from stamp duty fell 16% to $80 billion, while salaries tax collected dipped 1% to $60.1 billion.   In this year's Budget, the Financial Secretary proposed a one-off reduction of 75% of profits tax, salaries tax and tax under personal assessment for 2018-19, subject to a ceiling of $20,000 per case.   "The Government has started the legislative amendment exercise for this proposal. After amendment of the relevant legislation, the IRD will effect the tax reduction in the 2018-19 tax bills to be issued later," Mr Wong said.   "Taxpayers should complete their tax returns as usual, no application is required for the proposed tax measures," he added.   The department has sent out 2.68 million tax returns for individuals for the year of assessment 2018-19.   The deadline for filing the tax returns is June 3. For sole proprietors of unincorporated businesses, the deadline is August 2.   Taxpayers who file their returns through eTAX will get an automatic extension of one month.   Click here for advice on completing tax returns.

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