It only takes 3 days to file tax requirements.
Hong Kong’s tax system is fast proving to be one of the most efficient in the Asia Pacific region as the shift towards online filing and e-payment methods has cut down its number of payments to three which is the least in the region, according to Paying Taxes 2018 report from PwC and the World Bank.
The regional average for number of payments is 22.1.
Moreover, Hong Kong ranks fourth in terms of time to comply as it takes an average of 72 hours to file and complete tax requirements – a strong figure when pitted against the regional average of 204 hours.
Palau ranked first at 52 hours followed closely by Brunei Darussalam and Singapore at 64 hours.
Hong Kong’s performance in terms of post-filing index is also noteworthy as it ranks second only to Solomon Island with a total score of 98.9 for its compliance time for issuing corrections on corporate income tax (CIT) returns.
CIT compliance only takes an average of 2.8 hours in Hong Kong – breaking the global average of 16 hours.
Do you know more about this story? Contact us anonymously through this link.