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MPF scheme & sole prop

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  1. #11

    Join Date
    Mar 2008
    Posts
    992

    Another MPF question. Suppose you are paid a salary by Company A, and MPF contributions are deducted from the salary. However, you are also paid a salary by Company B, which is a wholly-owned subsidiary of Company A. Is it necessary to open an additional MPF account from which contributions will be paid out of your salary from Company B?


  2. #12

    Yes. (Make it 10 chars)


  3. #13

    So if I understood well:
    "You can do a sole proprietorship in Hong Kong
    Not deducting the MPF contributions on your first IRD tax declaration
    IRD would not care and MPF would have no clue you should pay them"
    Is that it ?


  4. #14

    Join Date
    Mar 2010
    Posts
    6,745

    where is the money supposed to come from if SP operates at a loss ?
    From SPer's own pockets to give it to Finance INdustry who then "invest" it and the result is less money ? that's whacko


  5. #15
    Quote Originally Posted by ougabouga:
    So if I understood well:
    "You can do a sole proprietorship in Hong Kong
    Not deducting the MPF contributions on your first IRD tax declaration
    IRD would not care and MPF would have no clue you should pay them"
    Is that it ?
    IRD does not enfore the MPF ordinance.. So yes the IRD would not care.
    There is no entity as "MPF" . If its MPFA that you meant they do not track the numerous sole proprietorship, partnerships and companies that starts business in HK, at this moment.

  6. #16
    Quote Originally Posted by Morrison:
    where is the money supposed to come from if SP operates at a loss ?
    From SPer's own pockets to give it to Finance INdustry who then "invest" it and the result is less money ? that's whacko
    You have an option of making contributions annually. Therefore you can make a contribution based on your profit, or not make the contribution if there is no profits..
    Or you can make the maximum mandatory contributions by default and make it an allowance on your Tax.