On April 1 2014 the Hong Kong Inland Revenue Department issued the 2013/14 tax returns in respect of profits tax, property tax and tax reporting by employers. In the Budget for this year Hong Kong has announced a one-off reduction of 75% on profits tax, salaries tax and tax under personal assessment. The reduction will be made in the tax assessed for this year after the legislation has been passed. This will result in a useful reduction to the tax bill of many taxpayers in Hong Kong. Information on completing the tax returns is given on the IRD website.
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