2014 tax refund to start next April

Starting April 2016, around 134,000 taxpayers can expect to receive refunds on some of their career taxes. The Finance Services Bureau (DSF) has called on taxpayers to register accounts on designated banks, in order to shorten the administrative procedures involved in tax returns.
According to the announcement yesterday at DSF headquarters, the new round of registrations also targets non-resident employees, who are required to register their local currency accounts for the transfer at eight local banks – which have partnered with the MSAR government – before February 29, 2016.
The government tax in 2014 comprises of up to 60 percent of individual taxes to be returned. Individuals will receive maximum returns of up to MOP12,000.
Around 67,000 people completed the registration during the first two months of 2015. However, according to the authorities, only 48,000 taxpayers have received part of their 2013 returns, since some of the subscribers were not among the 100,000-odd taxpayers eligible for the refund.
The DSF officials called on eligible taxpayers to complete the registration procedure as soon as possible in order to receive the refund in a more timely fashion.
“Most importantly, [this] makes it easy to receive the financial services bureau’s tax refunds and other refundable payments,” said DSF official Leong Sio Lin.
Individuals with registered accounts will also become permanent recipients of cash handouts, as part of the wealth partaking scheme.