Top 10 tips for tax returns

The Hong Kong tax rate is low and filling in returns is easy compared to labyrinth of rules and deductions in the US, Canada or Australia.

But for those who go into auto-pilot mode when filling in taxes, you should know you can cut your bill with a few simple steps.

Herewith, Money Post's top 10 guide to cutting your tax charge:

1. Claim home loan interest allowance up to 15 years. Until this year, taxpayers could claim HK$100,000 per year for 10 years but starting 2012/13, Inland Revenue will allow homeowners an extra five years.

via Business feed http://www.scmp.com/business/money/money-news/article/1109890/top-10-tips-tax-returns