On 15 June 2017, the Hong Kong Inland Revenue Department (IRD) issued a notice on the property tax obligations of property owners, which is charged by reference to the rent receivable (including lease premium) in the relevant year of assessment. Owners liable to property tax should inform the IRD and provide the particulars of the property within four months after the end of the basis period (before 31 July 2017 for year of assessment 2016/17), unless they have already received a return.
Note - Corporations can generally claim an exemption from property tax where rental income has been included as part of the profits assessable to profits tax; or the property was occupied or used by the corporation for producing chargeable profits. Where an exemption is not claimed and property tax was paid, the tax is generally deductible if meeting one of the aforementioned conditions.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.