10 December 2019
WAIVER OF SURCHARGES FOR INSTALLMENT OF TAX PAYMENTS
In light of the prevailing economic condition and the financial difficulties that some taxpayers might be facing, on 4 December 2019 the Financial Secretary of the HKSAR announced another series of special relief measures which include waiver of surcharges for instalment tax payments.
- A concrete payment proposal (e.g. number of instalments, payment amount and payment due date of each instalment)
- Copies of the last 3 months bank statements
- The last 3-month management accounts including profit and loss account and balance sheet
- Cash flow position and forecast
Applicants should be alert of the payment deadline stated on the tax demand notes and allow ample time for the IRD to process the applications.
A taxpayer should duly adhere to an approved instalment plan. In case of any default in payment, the approved plan will be cancelled and a surcharge of 5% or 10% will be imposed on the outstanding amount.
For more information, contact us today to find out more.
(852) 2574 8289
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