TAX RETURNS ISSUED

1-6-2022

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The Inland Revenue Department today sent out about 2.47 million tax returns for individuals.

At a press conference this afternoon, Commissioner of Inland Revenue Tam Tai-pang said taxpayers should file their tax returns by July 2. For sole proprietors of unincorporated businesses, a three-month period is allowed and the filing deadline is September 1. Those submitting via eTAX will have an automatic one-month extension.

Additionally, the Legislative Council has passed the Revenue (Tax Concessions) Bill 2022, giving effect to the proposal in this year’s Budget for a 100% reduction in profits tax, salaries tax and tax under personal assessment for 2021-22, subject to a ceiling of $10,000 per case.

Taxpayers should complete the tax returns as usual and the reduction will be reflected in the assessments.

Mr Tam also highlighted the proposed introduction of a tax deduction for eligible domestic rent from year 2022-23. Under the bill that is being scrutinised by LegCo, taxpayers liable to salaries tax or tax charged under personal assessment who do not own any domestic property can claim deduction for the rent paid by themselves or their spouse as the tenant. The annual ceiling of the deduction is $100,000.

Although this measure can only be implemented after completion of the legislative process, taxpayers can provide information about the domestic rent they expect to pay in 2022-23 in their tax returns, so that the department can consider the deduction in due course.

Separately on revenue collection, the department collected $378.5 billion for 2021-22, an increase of $47.7 billion from the previous year, Mr Tam added.




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