The Inland Revenue Department issued tax returns for individuals for the year of assessment 2024/25. Taxpayers should file their returns by June 2 or August 2. The department announced tax concessions and new measures. Taxpayers can file electronically through eTAX, with new portals launching in July. Total tax revenue collected in the financial year 2024/25 was $374.5 billion, an increase of $32.5 billion.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
The Inland Revenue Department ("IRD") processed approximately 2.66 million individual tax returns for the year ending June 2024 and encouraged timely filing by taxpayers. The filing deadlines are set for June 2 for general cases and August 2 for sole proprietors, with an extension available for electronic submissions. An additional month will be granted for electronically filed returns.
At a recent press conference, the Commissioner of Inland Revenue, Mr. Benjamin Chan, announced the completion of the tax returns process, the introduction of new tax portals under eTAX, and various tax collection initiatives. Notably, the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 was passed by the Legislative Council, offering 100% tax relief on salaries tax, personal assessment tax, and profits tax for the year of assessment 2024/25 up to a ceiling of $1,500 per case.
Mr. Chan introduced several new tax measures, including a two-tiered standard rates regime, an increased ceiling for home loan interest or domestic rent deductions for taxpayers with newborn children born on or after October 25, 2023, a new deduction for assisted reproductive services up to $100,000, and enhanced deductions for profits tax. He also encouraged filing tax returns via the eTAX platform, which will launch three new portals in July, namely the Individual Tax Portal, Business Tax Portal, and Tax Representative Portal, allowing taxpayers to submit supporting documents online. Additional support through telephone enquiries has been made available until June 2.
Tax revenues for the financial year 2024-25 totaled $374.5 billion, representing an increase of $32.5 billion from the previous year. The tax revenue breakdown includes: Profits Tax ($177,688), Salaries Tax ($88,879), Property Tax and Personal Assessment ($12,207), Total Earnings and Profits Tax ($278,774), Estate Duty ($10), Stamp Duty ($63,880), Betting Duty ($28,512), and Business Registration Fees ($3,326).
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