tax??!

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  1. #1

    Join Date
    Sep 2005
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    siu sai wan
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    47

    tax??!

    can anyone help me with my tax query? started work in HK in july 2005...
    just wondering will i have to pay tax this year and if so when is payment due? is it one lump sum or two payments? is the bill usually issued by the company you work for or do the tax office contact you direct? and how much should i expect to pay-have heard about 10-15% of earnings...
    if anyone can help that would be great. thanks


  2. #2

    Join Date
    Jun 2005
    Location
    Hong Kong
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    23,205

    You should get a tax form in April, which you have to return within a few weeks. You will then get a tax demand (around July-September) which will cover the tax for the period July 2005-March 2006 and provisional tax for the period April 2006-March 2007 (i.e. about 1.75 year's tax). You will need to pay 75% of this in January 2007 and 25% in April 2007.

    The legal responsibility is on you as an individual, and the tax office will write to you individually (although they may do so at your company address if they don't have your home address). The most you will pay is 16.5% for something like $50,000/month. Nothing if you earn less than about HK$9,000 per month. There's a scale in between. Thereis lots of information here: http://www.ird.gov.hk/eng/tax/ind.htm including an indicative tax calculator here: http://www.ird.gov.hk/eng/ese/st_com..._06/stcfrm.htm

    Last edited by PDLM; 22-02-2006 at 11:36 AM.

  3. #3

    Join Date
    Sep 2005
    Location
    siu sai wan
    Posts
    47

    thanks so much-really helpful answer. everything i needed to know