LegCo Subcommittee on Issues Relating to the Development of Web3 and Virtual Assets visits Consensus Hong Kong
The following is issued on behalf of the Legislative Council Secretariat:
The Legislative Council (LegCo) Subcommittee on Issues Relating to the Development of Web3 and Virtual Assets visited Consensus Hong Kong at Hong Kong Conventional and Exhibition Centre in Wan Chai today (February 20) to gain insight into the international meeting and exhibition about the cryptocurrency, blockchain and Web 3 industries, which is being held for the first time in Hong Kong.
Members received a briefing by representatives of Consensus Hong Kong on the features of various stages and events, as well as the reasons for choosing Hong Kong as the host city. Members noted that Consensus Hong Kong brings together leaders, investors and startups from the global cryptocurrency, blockchain, Web3 and fintech industries. Through keynote speeches, summits, and investor matchmaking activities, the participants explore popular topics and future trends related to virtual assets, open currencies, and artificial intelligence.
Members then learned the competitions of Web3 startups and innovative blockchain solutions, noting that these contests allow promising startups to showcase their proposals and inspire innovative ideas. During the visit, Members exchanged views with representatives of Consensus Hong Kong on driving the growth of the Web3 ecosystem, developing the crypto economy, and exploring business opportunities. Members also opined that the successful hosting of the event in Hong Kong is a manifestation of global confidence in Hong Kong's development in the Web3 sector. It also facilitates local businesses to expand their networks, and connect with the world.
Members who participated in the visit were the Chairman of the Subcommittee, Dr Johnny Ng, Subcommittee members Mr Ma Fung-kwok and Ms Carmen Kan.
LegCo Subcommittee on Issues Relating to the Development of Web3 and Virtual Assets visits Consensus Hong Kong Source: HKSAR Government Press Releases
LegCo Subcommittee on Issues Relating to the Development of Web3 and Virtual Assets visits Consensus Hong Kong Source: HKSAR Government Press Releases
LegCo Subcommittee on Issues Relating to the Development of Web3 and Virtual Assets visits Consensus Hong Kong Source: HKSAR Government Press Releases
Inland Revenue Department issues tax returns for individuals
The Inland Revenue Department (IRD) today (May 4) issued about 2.77 million tax returns for individuals for the year of assessment (Y/A) 2025/26 and reminded taxpayers to file their returns on time. The filing deadline is one month (by June 4) for general cases and three months (by August 4) for sole proprietors. An extension of one month will be granted for returns filed electronically (i.e. July 4 for general cases and September 4 for sole proprietors).
The Commissioner of Inland Revenue, Mr Benjamin Chan, today hosted a press conference on the completion of tax returns, electronic tax filing services and tax collection in the financial year 2025-26.
Mr Chan introduced the concessionary tax measures proposed in the 2025 Policy Address and the 2026-27 Budget, including:
(1) providing a one-off reduction of salaries tax, tax under personal assessment and profits tax for Y/A 2025/26 by 100 per cent, subject to a ceiling of $3,000 per case;
(2) increasing the basic allowance, married person's allowance, single parent allowance, child allowance, additional child allowance for newborns, dependent parent/grandparent allowances, additional dependent parent/grandparent allowances, and raising the deduction ceiling for elderly residential care expenses, with effect from Y/A 2026/27; and
(3) extending the claim period for additional child allowance for newborns from one year to two years.
Mr Chan said that the Inland Revenue (Amendment) (Tax Concessions, Concessionary Deductions and Allowances) Bill 2026 for implementing the above measures has been introduced into the Legislative Council. Taxpayers only need to complete the tax returns for Y/A 2025/26 as usual. After passage of the Bill, the relevant tax reduction, tax allowances and tax deductions will be reflected in IRD's assessments of taxpayers' final tax payable for Y/A 2025/26 and provisional tax for Y/A 2026/27.
Mr Chan encouraged taxpayers to file their tax returns through eTAX, which is easy, secure and environmentally friendly, and to ensure that they reach IRD in time.
He said, "IRD is committed to promoting tax digitalisation and has been upgrading the electronic tax service. We launched three new tax portals under eTAX last July, namely the Individual Tax Portal, Business Tax Portal and Tax Representative Portal, and the eTax mobile application to help individuals, businesses and tax service agents handle tax matters conveniently and efficiently. Starting from today, our electronic tax filing services will be further extended to cover the filing of tax returns for claiming exemption of salaries income and relief from double taxation, and by taxpayers running sole proprietorship businesses with a gross income exceeding $2 million."
The first phase of mandatory electronic filing of profits tax returns came into effect on April 1. The relevant entities of multinational enterprise groups subject to the global minimum tax regime are required to file their profits tax returns electronically from Y/A 2025/26 onwards. Mr Chan added that IRD would launch a new function under the Business Tax Portal in the fourth quarter of this year to enable the relevant entities to file top-up tax returns, as well as to view and download the relevant electronic notices of top-up tax assessments.
He reminded taxpayers to pay sufficient postage if they choose to submit their returns by post to ensure timely delivery. Underpaid mail items will not be accepted by IRD.
Taxpayers may visit IRD's "e-Seminars" for details on completing tax returns. From today to June 4, IRD will deploy additional staff to operate the telephone enquiries hotline 187 8022 and extend the service hours of the hotline (8.15am to 7pm on weekdays, and 9am to 1pm on Saturdays).
On tax revenue collection, Mr Chan said that $458.3 billion was collected by IRD in the financial year 2025-26, an increase of $83.8 billion compared with the previous year. The breakdown is as follows:
IRD's tax revenue collection in financial year 2025-26
---------------------------------------------------------------
Tax Type |
2025-26
Revenue
(Provisional
Figures)
($million) |
2024-25
Revenue
(Actual
Figures)
($million) |
Change |
----------- |
----------- |
--------- |
Profits Tax |
212,645 |
177,688 |
+20% |
Salaries Tax |
97,692 |
88,879 |
+10% |
Property Tax and
Personal Assessment |
12,829 |
12,207 |
+5% |
---------- |
---------- |
Total Earnings and
Profits Tax |
323,166 |
278,774 |
+16% |
Stamp Duty |
102,565 |
63,880 |
+61% |
Betting Duty |
28,290 |
28,512 |
-1% |
Business Registration Fees |
3,542 |
3,326 |
+6% |
Hotel Accommodation Tax |
770 |
- |
N/A |
Estate Duty |
8 |
10 |
-20% |
---------- |
---------- |
Total Tax Revenue Collected |
458,341 |
374,502 |
+22% |
Please see Annex 1 for details of IRD's tax revenue collection in the financial year 2025-26.
Inland Revenue Department issues tax returns for individuals Source: HKSAR Government Press Releases
