The Inland Revenue Department (IRD) on Friday forecasted a seven percent rise in tax revenue for the current fiscal year, building on robust growth from the previous period.

The department said it issued 2.66 million tax return forms, including 790,000 electronic returns and 1.87 million paper returns.

The department said it expects tax revenue to reach HK$401.4 billion this fiscal year.

Provisional figures indicated that the department collected HK$374.5 billion in the last financial year, marking an increase of HK$32.5 billion, or up 10 percent, compared to 2023-24.

Notably, salaries tax collections increased by 11 percent from the previous fiscal year, amounting to roughly HK$89 billion.

"The first [reason] is...the increase in the accessible incomes, which brings more taxpayers into the tax net. Another reason is there was various talent schemes in Hong Kong, which also brings us more taxpayers," said Benjamin Chan, Commissioner of Inland Revenue.

The commissioner urged people to file electronically, especially with the launch of three new interconnected portals under eTAX in July.

"Under the Individual Tax Portal, existing personal tax services provided under the e-tax platform will migrate to this portal with [a] new design and enhanced functions," Chan said.

"Mobile apps will also be launched... allowing the individual taxpayers to use biometric login and the taxpayers can keep track of their e-communications with the IRD under this portal and also receive push notification for new messages under this portal."

The Business Tax Portal will serve corporations and partnerships, allowing them to manage their tax matters, submit returns, communicate with the IRD, file objections, apply for holdovers on provisional tax and electronically file employer's returns and stamp duty matters.

Additionally, the Tax Representative Portal will enable service agents to access and manage their clients' tax-related matters.

Individuals must submit their forms by June 2, while sole proprietors have until August 2. Those filing electronically will be given a one-month submission deadline extension.