IRD Application For Electronic Tax Reserve Certificates Scheme Hong Kong

Name of the Organization : Inland Revenue Department (ird.gov.hk)
Type of Facility : Apply For Electronic Tax Reserve Certificates Scheme
Location : Hong Kong
Country : China

Website : http://www.ird.gov.hk/eng/welcome.htm

Related :
IRD Application For Certificate of Resident Status Hong Kong : www.statusin.org/3459.html

1. Electronic Tax Reserve Certificates (TRCs) Scheme :

What is Electronic TRCs Scheme? :
The Electronic TRCs Scheme is a ‘Save for Tax’ scheme open to all taxpayers to assist them to build up funds for tax payment.

Electronic TRCs must be purchased at $300 or above and in multiples of $50.

After joining the Scheme, you can purchase TRCs by monthly deduction or at any time. The scheme offers auto tax payment service upon your tax due dates which ensures on-time tax payment.

Opening a TRC Account :
Please complete and return Part A of the attached Application Form in original copy to our TRCs Section. After processing your application, we will notify you of your TRC Account Number (TAN). With the TAN, you can purchase and redeem TRCs.

2. Purchase Methods :

They can be purchased by the following methods :

1. Bank Autopay :
By a bank autopay instruction, you can authorize the Commissioner of Inland Revenue to deduct from your bank account a specified sum each month to purchase TRCs. To effect bank autopay, please complete and return both Part A and Part B of the attached Application Form in original copy to our TRCs Section. It normally takes about 2 months to set up an autopay arrangement with bank. The deduction will normally be made within the first 5 working days of each month.

To change or terminate bank autopay instructions, please complete an ‘Application for Bank Autopay/Change of Instruction’ (Form IR1317). The completed form should be filed in original copy and reach us 15 working days before the date of change or termination. TRCs still remaining in your account after the termination of deduction will be carried forward to settle your future tax liability.

2. By Phone :[The PPS Merchant Code for Inland Revenue Department is “10”]
PPS account holders can purchase TRCs by phone. Please dial 18011 for bill registration and 18031 for payment.

3. Internet :
Please visit our homepage (see web site below). Under the “Tax Information – Others” menu, select “Tax Reserve Certificate” which will provide further details and link you to the various payment web sites.

4. Bank Automated Teller Machines (ATM) :
You can purchase TRCs with your ATM card at any of the HSBC/Hang Seng Bank ATMs with the “Bill Payment” signage or JETCO ATMs with the “JET PAYMENT” logo.

5. By Post :
Please complete a purchase form (IR1318) and send it by post with a crossed cheque payable to “The Government of the HKSAR” to the Inland Revenue Department, P.O. Box 28282, Gloucester Road Post Office, Hong Kong. Write down your TAN on the back of the cheque. Cash must not be sent through the post. Post-dated cheques will not be accepted.

6. In Person At Post Offices : (EXCEPT MOBILE POST OFFICES) and purchase by cash, cheque or EPS and by quoting your TAN
For address and opening hours, please visit the Hongkong Post web site <www.hongkongpost.com> or call their enquiry hotline 2921 2222.

To purchase by electronic means, please enter your 13-digit TRC Account Number (TAN) in the transaction and observe the daily transaction limit. Contact your bank for enquiries on these limits.

Civil servants can opt for direct deduction from their salaries/pensions to purchase TRCs. To apply for the service, serving civil servants please complete form GF605 and return it to the Treasury via their Head of Departments. Civil Service Pensioners please complete the form (Try 489) and return it to the Pension Division of the Treasury.

3. Enquiry on TRC Account Balance :

Mid-year statements are issued in September every year to advise you of your account details. If you are an individual TRC account holder and have an eTAX account, you can also check the account details in the GovHK web site <www.gov.hk/etax> via a personal computer. Please login eTAX, select “Tax Position”, then view “Tax Reserve Certificate Account” for the account balance.

4. Auto Tax Payment Service :

The Electronic TRCs Scheme offers the “Auto Tax Payment Service” which ensures on-time tax payment. Around 2 weeks before your tax due date, we will send a proposal for redemption to you showing the details of TRCs intended to be redeemed and the balance of tax payable by you if any. On the tax due date, TRCs in your account will be redeemed automatically on a First-In-First-Out basis to settle your tax and a redemption statement will be issued to you.

Any balance of tax not covered by the TRCs redeemed shall be payable on or before the tax due date.

The “Auto Tax Payment Service” does not cover TRCs purchased after the date of the auto redemption (i.e. the tax due date). To redeem such TRCs for immediate tax settlement, please complete and return the Redemption Form (IR1333) to our TRCs Section.

To redeem the TRCs for payment of your Property Tax for jointly-owned properties, please complete and return the Redemption Form (IR1333) to our TRCs Section 1 month before the tax due date.

5. Calculation of Interest for Tax Payment :

Interest is payable only if TRCs are redeemed for settlement of the holder’s tax liabilities. Once purchased, the TRCs will bear the interest rate prevailing at the date of purchase. Interest is computed by simple interest from the date of purchase to the date of redemption and is calculated monthly (including part of a month).

However, TRCs will cease to earn interest after 36 months.

The TRC interest rate is reviewed every month based on the average prevailing interest rate for six-month time deposit below $100,000 offered by the three note-issuing banks. You may visit our homepage (see web site below) or call our 24-hour information hotline 187 8033 for the latest interest rate.

6. Forms and Enquiry :

The forms mentioned above can be obtained from our office in Revenue Tower, Wanchai. You can also obtain the forms from our web site (see below) or from our Fax-A-Form Service (telephone no. 2598 6001) (except Try 489).

For further information, please visit our web site : < www.ird.gov.hk >, call our TRCs Section at telephone number 2594 3122 or our 24-hour information hotline

Download Form Here : https://www.statusin.org/uploads/199-ir1306.pdf

Contact Postal Address :
Inland Revenue Department
Revenue Tower,
5 Gloucester Road,
Wan Chai,
Hong Kong