Provisional Tax/Objection
Taxation
Holdover of provisional tax (Holdover partial tax or full tax)
Grounds that holdover application can be considered:
- Net Chargeable income for provisional year is likely less than 90% of that for preceding year
- Entitlement to eligible allowances eg. new born child, dependent parent allowance
- Income ceased or jobless for provisional year
- Payment of contributions exceed $18,000 under MPF
- Assessment for preceding year under objection
- (Profits Tax) Assessable profits for provisional year likely less than 90% of preceding year
- (Property Tax) Assessable value for provisional year likely less than 90% of preceding year
Application for holdover provisional tax
Application for holding over of provisional tax should be lodged in writing not later than:
- 28 days before the due date for payment of the provisional tax, or
- 14 days after the date of issue of the notice for payment of the provisional tax,
whichever is later.
Objection to assessments
If taxpayers found the tax payable on assessment is incorrect due to incorrect income or profits, deductions and allowances not granted, they can lodge an objection to the HK IRD. The objection must be made in writing within 1 month from the date of note of assessment. Grounds of objection and supporting documents should be given while filing an objection.