2013/14 Tax Filing Information

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You may be aware that the Hong Kong Revenue Department (“IRD”) will issue tax returns for the year of assessment 2013/14 to all corporate taxpayers on 1 April 2014 and individual taxpayers on 2 May 2014 respectively.

Pursuant to Section 51(2) of the Inland Revenue Ordinance, a person chargeable to tax for any year of assessment shall inform the Commissioner in writing that he is so chargeable not later than 4 months after the end of the basis period for that year of assessment.  As such, if you are liable to tax and have not received a tax return, you have to inform the IRD in writing IRD for a tax return within 4 months after the end of the basis period for the year of assessment concerned (i.e. on or before 31 July for Salaries Tax and Property Tax).  Failing to do so, you will be liable to a fixed penalty of maximum HK$10,000 plus the penalty tax under Section 82A of treble the amount of tax undercharged for the respective period.  You are therefore suggested to watch out the issuance of tax returns commencing from 1 April 2014.