Hong Kong Inland Revenue Meets Performance Pledges

by Mary Swire, for LawAndTax-News.com, Hong Kong

30 June 2006

Hong Kong's Inland Revenue Department has achieved most targets in its 2005-06 performance pledges and outperformed in some areas, the SAR's Commissioner of Inland Revenue, Alice Lau announced on Thursday.

Mrs Lau attributed the success to the dedicated efforts of her staff, and said the department will continue to provide efficient and effective services.

On electronic tax filing, she noted that the Department has automatically given a month's extension to last year's successful e-filers, while new e-filers got a two-week extension.

She went on to announce that in order to tie in with the five-day-week arrangements starting in July, the Department will shorten pledged response times by one workday for every six days, preserving the overall level and efficiency of existing services.

In May, Mrs Lau revealed that total tax revenue had soared to a record high of $145 billion in 2005-06, up 14% on the last financial year.

According to the Inland Revenue chief, income from profits tax rose 19% over a year earlier, to $69.8 billion, while that from salaries tax grew 10% to $37.5 billion. A 9% surge was recorded in revenue from property tax and personal assessment, bringing income to $4.5 billion.

For estate and stamp duties revenue rose 14% to $1.7 billion and 13% to $17.9 billion. Income from other taxes also surged 12% to $1.8 billion. However, revenue from betting duty dipped 1% to $11.9 billion.

The full text of the Hong Kong Inland Revenue Department's 2006 Performance Pledges can be found in the Tax News Resources section.

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