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MONDAY, APRIL 25, 1994
COMPOSITE TAX RETURN SYSTEM INTRODUCED
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REPORTING INCOME TO THE INLAND REVENUE DEPARTMENT IS MADE SIMPLER NOW THAT A NEW COMPOSITE TAX RETURN SYSTEM IS INTRODUCED.
FROM THE YEAR OF ASSESSMENT 1993/94 ONWARDS, TAXPAYERS CAN FILL IN ONLY ONE SINGLE FORM FOR ALL THEIR INCOMES DERIVING FROM SALARIES, SOLELY OWNED PROPERTIES OR SOLE PROPRIETORSHIP BUSINESSES.
EXPLAINING THE NEW SYSTEM AT A PRESS CONFERENCE TODAY (MONDAY), THE COMMISSIONER OF INLAND REVENUE, MR ANTHONY AU YEUNG, SAID THE NEW TAX RETURN WOULD BE ISSUED NEXT MONTH.
"SOLE OWNERS OF PROPERTIES OR SOLE TRADERS WILL NOT RECEIVE SEPARATE PROPERTY TAX OR PROFITS TAX RETURNS THIS MONTH.
"INSTEAD, THEY WILL, LIKE THE SALARY EARNERS, RECEIVE A SINGLE TAX RETURN FOR INDIVIDUALS NEXT MONTH, MR AU YEUNG SAID.
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IN ADDITION, THEY CAN MAKE ELECTIONS FOR PERSONAL ASSESSMENT OR JOINT ASSESSMENT AT THE SAME TIME, WITH NO NEED TO FILE ANOTHER PERSONAL ASSESSMENT RETURN FORM,
MR AU YEUNG SAID INDIVIDUAL TAXPAYERS MAKING INCOME FROM JOINTLY OWNED PROPERTIES OR BUSINESSES WOULD ONLY HAVE TO STATE THEIR SHARE OF SUCH INCOME OR PROFITS IN THEIR RESPECTIVE INDIVIDUAL TAX RETURNS IF PERSONAL ASSESSMENT WAS ELECTED.
HE EMPHASISED THAT NEITHER THE RATES OF TAX NOR THE AMOUNTS DUB WOULD BE AFFECTED UNDER THE NEW SYSTEM.
"SEPARATE DEMAND NOTES FOR EACH KIND OF TAX CHARGED WILL BE ISSUED, HE SAID,
RETURNS
AS REGARDS TAX RETURN FOR PROPERTIES OR BUSINESSES OWNED BY MORE THAN
WERE SEPARATE ONE PERSON, THE COMMISSIONER SAID STILL REQUIRED FOR EACH SUCH PROPERTY OR BUSINESS
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THE PRECEDENT OWNER OR PARTNER IS REQUIRED TO FILE THE TAX RETURNS AS USUAL, HE SAID.
MR AU YEUNG SAID TAX RETURN REQUIREMENTS FOR COMPANIES WOULD REMAIN UNCHANGED.
ΤΟ HELP THE GENERAL PUBLIC UNDERSTAND THE NEW SYSTEM, THE DEPARTMENT HAS SET UP A HOTLINE 877 8638.
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NO. 594 0888
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WILL GUIDANCE
ANOTHER ROUND-THE-CLOCK TELEPHONE SERVICE BE MADE AVAILABLE NEXT MONTH TO PROVIDE PRACTICAL ADVICE AND ON COMPLETING THE NEW RETURN AND RELATED MATTERS.
LEAFLETS ARE NOW AVAILABLE AT ALL DISTRICT OFFICES.
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