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  • 2 Post By traineeinvestor

Interest income from overseas savings account, taxable?

  1. #1

    Join Date
    Mar 2019
    Posts
    3

    Interest income from overseas savings account, taxable?

    I have an overseas savings account in my home country that generates interest income. Is this taxable as personal income in Hong Kong?


  2. #2

    Join Date
    Jan 2010
    Posts
    2,083

    Most income not arising from employment is not taxable in Hong Kong. Even interest income earned in HK is not taxable.


  3. #3

    Join Date
    Dec 2002
    Location
    θ–„ζ‰Άζž—
    Posts
    24,561

    Nope .. in general HK Income is taxable.

    Have a GeoExpat related problem - please create a support ticket.

  4. #4

    Join Date
    Dec 2018
    Posts
    241

    For most individual Hong Kong resident taxpayers, there is no Hong Kong tax to pay on either interest income or income earned from overseas sources.

    The only exception that I am aware of is if the interest is earned as part of a business activity.


  5. #5

    Join Date
    Jan 2008
    Posts
    855

    What if I (person, not a company) loan someone money in HK and charge interest?

    Is that taxable?


  6. #6

    Join Date
    Dec 2018
    Posts
    241
    Quote Originally Posted by wayland
    What if I (person, not a company) loan someone money in HK and charge interest?

    Is that taxable?
    Depends.

    If you are doing this to make a profit from the interest then this is getting into the realm of carrying on a business. Whether you do it as a company or an individual makes no difference. Also, if you are carrying on a business of lending money, you need to think about licensing under the Money Lenders Ordinance (unless you fall within one of the exemptions) and business registration.

    If you were just helping out a friend then probably not.

    If you are not sure, you should get professional advice.
    shri and wayland like this.