What is the tax year in Hong Kong?
The tax year or year of assessment runs from 1 April of a year to 31 March of the following year. The basis of assessment is the income accrued in the tax year for salaries tax and property tax.
What period is the 2020 tax year?
2020 tax year is 1 March 2019 – 29 February 2020. 2019 tax year is 1 March 2018 – 28 February 2019. 2018 tax year is 1 March 2017 – 28 February 2018.
What period of time does a tax fiscal year cover?
According to the IRS, a fiscal year consists of 12 consecutive months ending on the last day of any month except December.
How often do you pay tax in Hong Kong?
Every taxpayer has to file annual tax returns with the Inland Revenue Department (IRD). The year of assessment runs from April 1 through March 31 of the following year. IRD sends out individual tax returns by May 1. Tax returns normally have to be submitted within one month from the date of issue.
What is the financial year in Hong Kong?
In Hong Kong, the government’s financial year runs from 1 April to 31 March.
What is the current tax year?
The 2020/21 tax year will end on 5 April, with the 2021/22 tax year starting the following day. The 2020/21 tax year will end on 5 April, with the 2021/22 tax year starting the following day.
What is the tax year for 2021?
January 1 2021 Start of the 2021 tax year. The tax year in the US in most cases is the same as the calendar year. The difference is: Calendar year – 12 consecutive months beginning January 1 and ending December 31.
Why does the fiscal year start in April?
The first month of the Hindi calendar falls in Chaitra, March-April. According to some experts, when the East India Company came to India, the British came to know about this. Therefore, the British chose April to start their financial year to connect their business with the Indians.
Is income tax yearly or monthly?
Income tax helps the government generate a steady source of income which is eventually used for the development of the nation. Even though income tax is paid every month from the monthly earnings, it is calculated on an annual basis. The amount of income tax an individual has to pay depends on a number of factors.
Why does the financial year start in April?
In typical style, the Treasury was concerned to ensure there would be no loss of tax revenue and no concession to the populous and so it decided that the tax year should remain as 365 days. And so the beginning of the following tax year was moved from 25 March to 5 April and everyone was happy, kind of.
When do you pay salary tax in Hong Kong?
In Hong Kong, – Salaries Tax is assessed by the year of assessment on the actual basis; – a year of assessment means a period of 12 months, from 1 April to the 31 March of the following year; – usually taxpayers furnish annual tax returns on
When do I need to file my Hong Kong tax return?
Hong Kong Tax Alert 2020/21 tax filing deadlines The tax filing season for the fiscal year ending 31 March 2021 (i.e., year of assessment 2020/21) will commence with the IRD’s bulk issuance of the relevant profits tax returns (i.e., Form BIR 51 or Form BIR 52) on 1 April 2021. Returns are normally due for filing within one month of
When to make an additional tax assessment in Hong Kong?
An additional assessment may be made by a HKIRD tax assessor if a taxpayer chargeable to tax has not been assessed to tax or has been assessed at less than the proper amount. The assessment must be made within the relevant year of assessment or within six years after the end of that year of assessment.
Is there a tax audit cycle in Hong Kong?
There is no specific tax audit cycle in Hong Kong SAR. Tax audit targets are selected with reference to certain criteria determined by the HKIRD. An additional assessment may be made by an HKIRD tax assessor if a taxpayer chargeable to tax has not been assessed to tax or has been assessed at less than the proper amount.