The tax revenue is 341.4 billion, and the green bomb is coming again! Remember to deduct medical insurance

Most taxpayers will receive the “green bomb” of the Inland Revenue Department within the day. It is time to calculate how much ammunition they have to reserve. If you purchase voluntary medical insurance in April this year, you should declare a deduction of the provisional tax. The Inland Revenue Department also announced the fiscal year of 2018-19. The overall tax revenue reached $341.4 billion, an increase of $12.8 billion over 2017-18, an increase of 4%. It is another record high, but the overall tax revenue is expected to fall by 2% next year.

The Inland Revenue Department issued 2.68 million copies of the 2018-19 tax returns yesterday, which was 80,000 more than last year. Of these, 430,000 were electronic notices and the rest were paper tax returns. The taxpayer will receive the tax return by mail within one to two days. Users of the “Tax Easy” who choose to receive the electronic notice can check and complete the tax return online. The average person is required to submit the form within one month, that is, before June 3, and the person who operates the sole proprietorship business will be given a deadline of three months, that is, on or before August 2. All taxpayers who choose to submit their online forms can postpone their submission for one month without applying. By the way, if the taxpayer wishes to mail the tax return, remember to pay enough postage, otherwise the tax return will be returned.

This year’s tax return has several changes. Among them, in response to the Government’s implementation of the “voluntary medical insurance” tax deduction arrangement last month, members of the public can fill in the relevant information in the tax return and attach a certificate to deduct the provisional payment for 2019-20. For tax, the maximum tax deduction for each insured person is $8,000 per annum, and there is no upper limit on the number of dependants who can apply for tax deduction.

Material printing tax continued to fall

In terms of overall taxation, the Inland Revenue Department announced that it had reached $341.4 billion in the fiscal year 2018-19, of which a number of taxes were also at the same time, including profits tax, property tax, personal income tax and betting duty. The increase in profits tax reached 20%, and the annual revenue was 166.6 billion yuan, an increase of 27.5 billion yuan over 2017-18. However, the stamp duty fell by 16%, with a revenue of $15.2 billion and only $80 billion. Salaries tax also fell by 700 million yuan to 60.1 billion yuan, a slight drop of 1%.

With regard to the significant increase in profits tax and nearly half of the overall tax revenue, the Commissioner of Taxation, Mr Wong Ching-fai, explained that thanks to the good economy in Hong Kong last year, most industry profits increased, with the increase in assessable profits of the property, investment and finance, banking and distribution industries. Double digits. The decline in stamp duty is mainly attributable to the Government’s introduction of various property market control measures in the past few years. It will take time to wait for the Legislative Council to scrutinize. During the period, a number of cases were accumulated. After the passage of the Ordinance, the Inland Revenue Department will recover the stamp duty difference in the backlog of cases. The stamp duty of the previous year increased significantly, but this year there is no similar control measures. He also predicted that the 2019-20 degree stamp tax will continue to fall to 76 billion yuan.

In terms of salaries tax, it fell slightly by 1% in the previous year. Huang explained that although the previous year’s Budget broadened the tax bands and other measures, taxpayers were reduced in taxation. However, due to the employment situation and the ideal economic environment, the salaries tax only recorded a slight decline. He expects that the number of taxpayers will increase in the coming year, and the job market will continue to improve. The taxpayer’s salary will also increase. In addition, the budget proposal will reduce the salaries tax by 75%, the ceiling of 30,000 yuan to 20,000 yuan, and reduce the tax rebate. . The tax bureau’s budget for 2019-20 is 66.6 billion yuan, an increase of 11% over the current year. The overall tax is expected to be lowered by 2% to 334.3 billion yuan