Most Read Contributor in Hong Kong, September 2016
The tax system is administered by the Revenue Department which issues tax returns and raises assessments based on the information field. Due date for payment of tax is before March every year for Personal Income Tax; or within 150 days from the last date of the accounting period, in case of Corporate Income Tax, and by the 15th of the next month in case of VAT and Special Business Tax.
The Revenue Department will:
- collect the right amount of tax cost effectively;
- provided a quality taxpayer service;
- promote an understanding of tax laws and regulations;
- be equitable and fair in its dealings
- advise taxpayers on the framework for compliance and the penalties for non-compliance
It is essential that the Revenue Department sees it's role as helping the Taxpayer to pay the right amount of tax at the right time. The Revenue Department tries to achieve this by:
Educating the Revenue Department and maintaining a high profit role in paying educational visits to taxpayer premises, holding taxpayer seminars, and distributing educational material including pamphlets and videos;
Provide help and guidance as required through the network of Revenue Offices; simplifying the forms taxpayers must complete, and the accompanying instructions (posters in public places now show examples of correctly completed forms);
Training staff in Customer Service, and ensuring that this subject is on the agendas of Management Meetings.
Taxes not paid on the prescribed due dates and paid paretically are subject to a penalty or surcharge as described in the Revenue Code.
NOTE: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
If you would like further advice please contact: David Ellis, Johnson Stokes & Master, 16th Floor, Princes Building, 10 Chater Road, Hong Kong; Tel 2843 4226; Fax no. : 2845 9121. Alternatively do a text search "Johnson Stokes and Master" and "Business Monitor".
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