According to the press release from the Government of HKSAR, the Inland Revenue Department (IRD) today (April 1) issued about 190,000 profits tax returns, 130,000 property tax returns and 320,000 employer’s returns for the year of assessment 2014-15.  About 2.48 million tax returns for individuals will be issued on May 4.

In this year’s Budget, the Financial Secretary proposed a one-off reduction of 75 per cent of profits tax, salaries tax and tax under personal assessment for 2014-15, subject to a ceiling of $20,000. Upon enactment of the relevant legislation, the department will effect the tax reduction in this year’s tax bills.

Taxpayers are reminded to file their properly completed tax returns on time.  If you have any questions or would like further information, please feel free to contact us.