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Hong Kong's Tax Revenue Dipped In 2015-16

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

04 May 2016


Hong Kong's Commissioner of Inland Revenue Wong Kuen-fai has reported that total tax revenue collected in Hong Kong in the 2015-16 fiscal year, which ended on March 31, was HKD291.3bn (USD37.6bn), a drop of HKD10.6bn compared with the previous year.

The decrease was mainly due to a 16 percent dip in stamp duty receipts to HKD62.7bn. Salaries tax also fell by two percent to HKD57.9bn, while profits tax rose by two percent to HKD140.2bn.

Total tax revenue for 2016-17 is projected to decrease by a further five percent to HKD276.8bn, Wong added.

On May 3, the Inland Revenue Department (IRD) sent out 2.54m tax returns for individuals. Taxpayers are reminded to file their returns by June 3, while sole proprietors of unincorporated businesses should file their returns by August 3. Those who file their returns online using eTAX have an automatic one-month extension.

Wong reminded taxpayers that proposals in this year's Budget included a 75 percent reduction in profits tax, salaries tax, and tax under personal assessment, subject to a ceiling of HKD20,000 per taxpayer. He confirmed that the IRD will implement the measures in 2015-16 tax bills after the relevant legislation is enacted, and that taxpayers should complete their tax returns as usual.

TAGS: individuals | compliance | tax | business | proprietors | tax compliance | law | corporation tax | self-employment | legislation | stamp duty | Hong Kong | individual income tax | Tax

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