Hong Kong Tax Agency Issues Notice on Property Tax Obligations of Owners

The Hong Kong Inland Revenue Department June 12 issued a notice on the property tax obligations of real property owners. The notice includes that: 1) property tax is charged based on the actual consideration receivable regarding the right to use the property; 2) owners that owe tax but haven’t received a tax return must notify the Commissioner within four months after the relevant basis period, which is July 31 for assessment year 2024-2025; 3) owners must file a tax return, even without rental income; 4) different returns apply depending on the type of owner, such as individual sole owner, individual ...