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Hong Kong Issues Tax Compliance Guide For Property Owners

by Mary Swire, Tax-News.com, Hong Kong

14 June 2018


On June 14, 2018, Hong Kong's Inland Revenue Department released guidance on the tax obligations of landlords.

Owners in receipt of rental income must inform the Department in writing if they are liable to tax and supply the particulars of the property no later than four months after the end of the basis period for the year of assessment (e.g. on or before July 31, 2018, for the year of assessment 2017-18), unless they have already received the appropriate tax returns. Owners should use the form "Notification of Letting of Properties" (IR6129) for this purpose.

Property owners must complete a tax return, even if they do not receive rental income. These are: BIR60, for properties solely owned by an individual; BIR57, for properties jointly owned or co-owned by individuals; and BIR58, for property owned by corporations and bodies of persons.

Sufficient rent records must be retained by property owners, such as lease agreements and duplicates of rental receipts, for at least seven years, and the Department must be informed in writing of a change of ownership or a change in the owner's address within one month of the change.

Where a corporation has been exempted from property tax and there is a change in the ownership or use of the property, or in any other circumstances that may affect the exemption, the corporation must notify the Department in writing within 30 days of the event.

TAGS: individuals | tax | property tax | real-estate | tax authority | agreements | Hong Kong

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