The Haney Group article reviews- Over 2 million tax returns for individuals issued
Hong Kong (HKSAR) - The Inland Revenue Department (IRD) is sending out 2.32 million tax returns for individuals today (May 2). The Commissioner of Inland Revenue, Mr Chu Yam-yuen, reminded taxpayers to file their tax returns on time. The deadline this year is June 3 as June 2 is a Sunday.
For sole proprietors of unincorporated businesses, a three-month period is allowed, i.e. the filing deadline is August 2.Speaking at a press conference today, Mr Chu said, "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 unincorporated business, the filing deadline will be extended to September 2."
In this year's Budget, the Financial Secretary has proposed to increase both the child allowance and the additional child allowance in the year of birth, and to raise the deduction ceiling for self-education expenses. He has also proposed a 75 per cent reduction of the profits tax, salaries tax and tax under personal assessment for the year of assessment 2012-13, subject to a ceiling of $10,000 per case.
Taxpayers should complete this year's tax return as usual and no application is needed for the proposed measures. The Government has started the law amendment process. After enactment of the relevant legislation, IRD will effect the tax measures in this year's tax bills.
"The tax reduction for 2012-13 is not applicable to property tax payers. Property owners who are eligible for personal assessment may elect for personal assessment in their tax returns for individuals to enjoy the tax reduction. 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.