Global Daily Tax News, Hong Kong Highlights Property Tax Reporting Obligations, (Jun 17, 2025)

Hong Kong's Inland Revenue Department issued a statement on June 12, 2025, highlighting the tax reporting obligations on property owners.

The statement highlights the obligation to report consideration received from granting the right to use landed property, including rent and any license fee or lease premium received.

The IRD said: "Property owners who are in receipt of rental income and liable to tax but have not yet received a relevant tax return must inform the Commissioner of Inland Revenue in writing of the particulars of the leased property not later than four months after the end of the basis period in the year of assessment in which they are so chargeable (if the owner is liable to property tax for the year of assessment 2024/25, [they] should notify the Commissioner on or before July 31, 2025)."

"To notify chargeability, property owners may use the form 'Notification of Letting of Properties' (IR6129), which is available at the Department's website [...]."

It highlighted that, when a property owner receives a return, even if there is no rental income to report, such as when the property is owner-occupied, the taxpayer must still file a completed tax return within the deadline.

The return that should be filed depends on the ownership of the property:

• Tax Return - Individuals (BIR60), where the property is solely owned by an individual;

• Property Tax Return (BIR57), where the property is jointly owned or co-owned by individuals; or

• Property Tax Return (BIR58), where the property is owned by corporations or bodies of persons.

The IRD concluded: "Where a corporation has been exempted from property tax and there is a change in the ownership or use of the property, or in any other circumstances which may affect such exemption, the corporation must notify the Commissioner in writing of the change within 30 days after the event."