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The Inland Revenue Department (IRD) issues over 2.6 million tax returns for individuals
IRD is sending out about 2.62 million tax returns for individuals for the year of assessment 2020/21 on May 3.
In general, taxpayers should file their tax returns within one month by June 3. For sole proprietors of unincorporated businesses, a three-month period is allowed and the filing deadline is August 3.
The Revenue (Tax Concessions) Bill 2021 was passed by the Legislative Council on April 28, giving effect to the tax concessions proposed by the Government in the 2021-22 Budget, reducing salaries tax, tax under personal assessment and profits tax for the year of assessment 2020/21 by 100 per cent, subject to a ceiling of $10,000 per case. Taxpayers should file their returns for the year of assessment 2020/21 as usual. The IRD will effect the reduction when making assessments.
Source from Inland Revenue Department, Hong Kong:
The Inland Revenue Department (April 1) issued about 210,000 profits tax returns, 120,000 property tax returns and 320,000 employer's returns for the year of assessment 2020-21. About 2.6 million tax returns for individuals will be issued on May 3. Taxpayers and employers are generally required to file their returns within one month from the date of issue of the relevant returns. For cases with tax representatives appointed, the deadlines for filing returns are set out in the Block Extension Letter posted on the department's website.
In this year's Budget, the Financial Secretary proposed a one-off reduction of 100 per cent of profits tax, salaries tax and tax under personal assessment for 2020-21, subject to a ceiling of $10,000. Upon enactment of the relevant legislation, the department will effect the tax reduction in this year's tax bills.
"Individuals with rental income, if eligible, can enjoy the reduction by electing personal assessment. They can make the choice when completing their 2020-21 tax returns for individuals," a spokesman for the department said.
Source from Inland Revenue Department, Hong Kong:
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