The Hong Kong government collected a total of HK$127.7 billion (US$16.37 billion) in tax revenues during 2004-05, an increase of HK$21.5 billion on the previous year, thanks in large part to buoyant corporate tax returns, Hong Kong Commissioner of Inland Revenue Alice Lau announced yesterday.
According to the government, total earnings and profits tax for the year rose by 20% to HK$97.6 billion, which has been attributed to a recent increase in corporate tax coupled with a rise in economic activity.
Also, the Inland Revenue Department (IRD) issued 1.77 million individual tax returns on Tuesday for the 2004/2005 tax year.
All individual tax returns should be submitted within one month (on or before June 3, 2005) or, for sole proprietors of unincorporated businesses, within three months (on or before August 3, 2005).
However, in a bid to encourage taxpayers to file their returns electronically, the department will grant a two-week extension to the filing deadline.
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