Highlights of the Hong Kong Taxation System
Every individual or company is required under the Inland Revenue Ordinance to report their total income earned during a fiscal year which commences 1 April every year and ends 31 March in the succeeding year. Inland Revenue Department (IRD) which is the only tax authorities in Hong Kong, will issue tax returns to individual taxpayers who have the legal obligations to complete and file them with the IRD within the time specified in the tax return or for a further period provided an extension has been granted by the IRD.
IRD can exercise powers conferred to it by the Inland Revenue Ordinance to prosecute those taxpayers who fail to complete the tax returns and submit them in compliance with the Inland Revenue Ordinance.
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