Tax trust: Secretary for Financial Services & the Treasury Professor KC Chan praises the Inland Revenue Department.

The Inland Revenue Department has become an excellent and efficient tax administration playing an important role in fostering Hong Kong's prosperity, Secretary for Financial Services & the Treasury Professor KC Chan says.

Addressing the department's eTAX seminar to commemorate its 60th anniversary today Prof Chan said the $150 billion revenue collected for 2006-07 is 10,700 times higher than the $14 million collected in the 1947-48 fiscal year. The department's corresponding staff increase is 28 times, he said, adding the cost for collecting every $100 of revenue was $3.60 six decades ago while it was just 69 cents last year.

Despite these changes, he said Hong Kong's five-established tax features have been maintained, namely a low tax rate, simple taxation law, scheduler tax system, territorial concept and a fair appeal mechanism.

Prof Chan said the new eTAX portal launched in January has marked a new era in taxpayer services. It is a new online service platform offering taxpayers an easy, secure and environmentally friendly means to comply with the tax law.

Through an eTAX account, taxpayers can view their account profile, check the status of their tax return, assessment and payment, and enjoy other online services for stamping property documents, business registration and payment. Visit the department's website for more details.