Tax time:
Commissioner of Inland Revenue Chu Yam-yuen encourages taxpayers to file tax returns online.
Record high tax collected
May 02, 2012
The Inland Revenue Department received $238.3 billion in tax revenue during 2011-12, setting another record high after the 2010-11 collection year.
Commissioner of Inland Revenue Chu Yam-yuen announced today the revenue collected was up 14% on 2010-11. Revenue from profits tax increased 27%, that for salaries tax grew 17%, while that for property tax rose 16%.
Revenue from estate duty fell 56% and that from stamp duty decreased 13%.
Mr Chu said the department is sending out 2.16 million tax returns, reminding taxpayers to return them by June 2. The deadline for online submissions is July 3.
For sole proprietors of unincorporated businesses, the filing deadline is August 2, and September 3 for online submissions.
He encouraged taxpayers to file returns online because it is simple and fast.
