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The Inland Revenue Department collected $179.1 billion in revenue in the 2009-10 financial year, down 6% on the previous one. Total earnings and profits tax fell 16% to $123.2 billion while stamp duty rose 32% to $42.4 billion.
At a press conference today, Commissioner of Inland Revenue Chu Yam-yuen said during 2009-10, salaries tax collection grew 6% since the level of tax reduction for the 2008-09 assessment year was on the whole less than last year. Property tax surged 102% to $1.7 billion, but profits tax revenue dropped 26% to $76.6 billion.
Mr Chu forecast the total revenue collected in 2010-11 will be about $166.3 billion, down 7%. Earnings and profits tax amount will remain at about $123 billion, while stamp duty will fall to $30 billion.
The department is sending out 2.04 million individuals' tax returns today for submission by June 3. It will grant an automatic one-month extension to all e-filers to encourage online filing of tax returns.
A three-month period is allowed for sole proprietors of un-incorporated businesses. The filing deadline is August 3, which is extended to September 3 for eTAX filers.
A tax reduction of 75% has been proposed in the Financial Secretary's budget for the year 2009-10, subject to a ceiling of $6,000 per case. No application is needed for the tax reduction.
This year the department has extended its e-filing service to cover small businesses, including corporations and partnerships, by extending the meaning of "small" business to include those having gross annual income of $2 million or below. The director, secretary or manager of a small corporation, or the precedent partner in the case of a small partnership, can file their company's profits tax returns online via their own eTAX accounts.
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