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Types of Property Tax Return

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Types of Property Tax Return

Property held by an individual
If you are the individual sole property owner, you should report your rental income in your Tax Return – Individuals.

Property held by corporations and/or bodies of persons
If the property is owned by corporations and/or bodies of persons, rental income must be reported through Property Tax Return – Corporations and Bodies of Persons.

Property held by more than one owner
If the property is jointly owned or co-owned by individuals, rental income must be reported through Property Tax Return – Property Jointly Owned or Co-owned by Individuals. Each and every owner will have full responsibility for doing all acts required to be done as if he were the sole owner, including the filing of the said tax return and pay Property Tax. In practice, the tax return can be completed and signed by any one owner.

Heavy penalties may be imposed on the owner if he commits the following offence:
  1. failure to notify Inland Revenue Department within 4 months after the year of assessment if he is liable to tax and did not receive a tax return without reasonable excuse; or
  2. failure to file the tax return within the specified time without reasonable excuse; or
  3. filing an incorrect tax return without reasonable excuse; or
  4. filing a false return with a fraudulent intent to evade tax; or
  5. failure to give notice of cessation of ownership of a property without reasonable excuse; or
  6. failure to notify a change of address without reasonable excuse; or
  7. failure to keep sufficient records of rental income without reasonable excuse.

Source:Hong Kong Inland Revenue Department’s website
- https://www.gov.hk/en/residents/taxes/taxfiling/filing/types/index.htm
- https://www.ird.gov.hk/eng/pdf/dipn14.pdf
- https://www.ird.gov.hk/eng/faq/pty.htm
- https://www.ird.gov.hk/eng/pdf/e57notes.pdf
- https://www.ird.gov.hk/eng/pdf/e58notes.pdf

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