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Tuesday, May 28, 2024

Taxman sending out 2.4m 'green bombs' from May 2

Taxman sending out 2.4m 'green bombs' from May 2

Some 2.4 million taxpayers will receive their individuals tax returns for 2022/23 from May 2, the Inland Revenue Department announced.
The department has already sent out 650,000 tax returns - nicknamed "green bombs" - to 220,000 business operators for profit tax, 120,000 landlords for property tax and 310,000 employers.

Corporations and businesses are reminded to comply with a new arrangement from this year to submit their profits tax returns together with all supporting documents - including financial statements and profits tax computations - regardless of the amount of their gross income and the mode of return filing, either by post, full electronic or semi-electronic submissions.

Bosses can e-file profits tax returns under the eTAX system, upload completed forms and supporting documents and e-sign for full submission.

"The semi-electronic filing mode is also available under eTAX," the department said. "A taxpayer can upload the completed required forms and the supporting documents through eTAX, print a simplified tax return generated by eTAX for signature and submit printed form.

"If a taxpayer does not choose to e-file the return, they have to print and sign a printed control list for the supplementary forms and other forms e-filed and furnish the signed control list together with the return and supporting documents in paper form."

The department usually requires taxpayers and employers to file returns within a month from the date of issue.

For those with appointed tax representatives, the deadlines are set out in the Block Extension Letter on the IRD's website. "The department has enhanced the functions of electronic tax filing to promote tax digitalization and to boost the efficiency, reliability and accuracy of return filing.

"Taxpayers are encouraged to file their tax returns through eTAX electronic services. The eTAX services permit individuals to use the government's 'iAM Smart' digital platform to log in and sign the tax returns."

The department also reminded taxpayers and employers to pay a sufficient postage fee to ensure a timely delivery for the returns: "Underpaid mail items will not be accepted."

Since last September, the Hongkong Post has raised postage rates, with the fee for local letters weighing 30 grams or less increased to HK$2.2 from HK$2.

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