The Hong Kong Inland Revenue Department expects tax revenue to grow by 12% this year

Photo: RTHK

The Inland Revenue Department announced on Thursday that there is an expectation of a 12 per cent rise in the level of tax collecting this year as the department said it experienced a 5 per cent drop in 2023.

According to the provisional figures, the department received HK$342 billion in the previous tax year and however said to be about five per cent or HK$18.2 billion lower than in 2022-23.

The department said it expects tax revenue to increase to HK$382 billion this year.

It was said that the stamp duty revenue is likely to go up to HK$71 billion this year against a 30 per cent decrease to HK$49.1 billion last year.

Commissioner of Inland Revenue Tam Tai-pang mentioned that the city's "spicy" property cooling measures were scrapped in February.

The commissioner said "The year 2023-24 had seen a significant drop in property market transactions... and that contributed largely to a significant drop in the stamp duty collections for the year," he said.

"We understand that after the abolition of all the demand-side management measures for residential properties, there's a notable increase in property transactions."

The department stated that about 2.44 million tax returns have been sent to taxpayers in the city for the 2023-24 financial year adding that submission is given until June 3 or until July 3 if the returns are filed via e-Tax.

香港稅務局預計今年稅收將成長12%

稅務局週四宣布，預計今年的稅收水準將上升 12%，而該部門表示 2023 年的稅收水準下降了 5%。

根據臨時數字，該部門在上一納稅年度收到了 3,420 億港元，但據稱比 2022-23 年度減少了約 5%，即 182 億港元。

該署表示，預計今年稅收將增加至3,820億港元。

該署表示，今年印花稅收入可能增加至 710 億港元，去年則下跌 30%，至 491 億港元。

稅務局長譚大鵬提到，香港「辣」樓市降溫措施已於2月取消。

該專員表示，“2023-24 年房地產市場交易大幅下降……這在很大程度上導致了當年印花稅徵收的大幅下降。”

“我們了解到，住宅物業需求面管理措施全部取消後，房產交易量明顯增加。”

該部門表示，已向該市2023-24 財年的納稅人發送了約244 萬份納稅申報表，並補充說，提交截止日期為6 月3 日，如果透過電子稅務提交申報表，則截止日期為7 月3 日。