The Inland Revenue Department (IRD) sent out about 2.4 million tax returns for individuals for 2022/23 on Tuesday. Deadline for filing is June 2. 

The Child Allowance and Tax Concessions Bill 2023 passed by the Legislative Council, allows a reduction of profits tax, salaries tax, and tax under personal assessment for 2022/23 by 100 percent, subject to a ceiling of HK$6,000 per case.

In addition, there would be an increase in the basic child allowance and the additional child allowance for each child born during the year of assessment under salary tax and tax under personal assessment, starting from the year 2023/24. The department will also apply the new level of child allowance in calculating the 2023/24 provisional salaries tax for taxpayers.

The Tax Deductions for Domestic Rents  Bill 2022 had also been passed last year to provide for a tax deduction up to Hk$ 100,000 for domestic rent with effect in 2022/23. 

Eligible taxpayers who wish to claim the deduction can complete Part 8 of their Tax Return - Individuals to provide information about the domestic rent they paid.

For info contact hk@gwa-asia.com or info@gwa-asia.com

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