Total tax revenue collected in the 2015-16 financial year was $291.3 billion, a drop of $10.6 billion compared with the previous year, Commissioner of Inland Revenue Wong Kuen-fai said today(2016.5.3).
The dip was mainly due to Stamp Duty recording a 16% drop to $62.7 billion. Profits tax rose 2% to $140.2 billion, while salaries tax fell 2% to $57.9 billion, he added.
Total tax revenue for 2016-17 is estimated to drop 5% to $276.8 billion, Mr Wong said.
The department today also sent out about 2.5 million tax returns for individuals.
Taxpayers are reminded to file their returns by June 3, while sole proprietors of unincorporated businesses should file their returns by August 3. Those who file their returns online using eTAX have an automatic one-month extension.
The Financial Secretary proposed in this year’s Budget to raise the basic allowance, married person's allowance, single parent allowance and dependent parent/grandparent allowance, as well as raise the deduction ceiling for elderly residential care expenses.
He also proposed a 75% reduction in profits tax, salaries tax and tax under personal assessment, subject to a ceiling of $20,000 per case.
Mr Wong said the department will implement the measures in the 2015/16 tax bills after the relevant legislation is enacted and that no application was needed for the measures.
Visit the department's website for advice on completing tax returns.
The enquiries hotline 187 8022 will also extend its daily service hours from now until June 3.
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