The Inland Revenue Department (IRD) sent out about 2.44 million tax returns for individuals for the year of assessment 2023/24. The filing deadline for general cases was June 3 while for sole proprietors of unincorporated businesses, a three-month period is allowed. Those filing via eTAX will be automatically granted a one-month extension (i.e. the deadline for general cases is July 3 and for sole proprietors is September 2).
The Commissioner of Inland Revenue, Mr. Tam Tai-pang, hosted a press conference on the completion of tax returns for individuals for the year of assessment 2023/24 and the tax collection of 2023-24, and also introduced new features of e-filing of profits tax returns.
Mr Tam referred to two tax measures proposed in the 2024-25 Budget, that is:
- the reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2023/24 by 100 per cent, subject to a ceiling of $3,000 per case
- and implementing a two-tiered standard rates regime for salaries tax and tax under personal assessment starting from the year of assessment 2024/25.
In addition, the 2023 Policy Address announced that the deduction ceiling amounts for home loan interest and domestic rents will be raised for taxpayers who reside with their newborn children. Starting from the year of assessment 2024/25, the deduction ceiling for home loan interest or domestic rents will be raised from $100,000 to $120,000 for eligible taxpayers of salaries tax and tax under personal assessment who are residing with children born on or after October 25, 2023.
Source: info.gov.hk