Differences in compensation package (SIN->HKG)

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  1. #1

    Differences in compensation package (SIN->HKG)

    Hi,

    I am making preparation to move from Singapore to Hong Kong to work. Evaluating the compensation package given to me. Working on an on-par package, would appreciate your opinions from your experience what I should look out for such as what is the differences in the premium I should be expecting due to the differences in the standard of living, etc.

    Many thanks

    Gerald


  2. #2

    Join Date
    Dec 2003
    Posts
    43

    are taxes lower is salary lower?

    hey paul..
    wanted to ask you..whats the tax rate for people making less than hk 10 k a month..say as less as 30 k a month..is it still a flat rate of 15% ..or is it lesser?...and is there any way of squeezing out of paying taxes for 2 years at the end of first year..?


  3. #3

    Join Date
    Dec 2003
    Posts
    43

    typ0 i meant less than hk 100 k a month

    opps i meant less than hk"100 k" a month


  4. #4

  5. #5

    Thanks guys for the information.

    I had input my income and it works out to be around 15.5%. Guess that is because the initial progressive tax rate has bands of HKD30,000 (up to HKD90,000) which does not really help.

    I guess I would need to analyze the following to make sure that I have the same NETT income:

    1) Difference in effective tax rate between Singapore and Hong Kong
    2) Difference in Company contribution to pension between CPF (Singapore) and MPF (Hong Kong)
    3) Factor in the housing cost

    I guess standard of living is subjective like what Paul has mentioned.

    Any comments on the above?

    Cheers

    Gerald

    PS: Paul, I am relocating there because my office is shifting there. So, it is not "rate of job".


  6. #6

    Join Date
    Dec 2002
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    Do keep in mind that you need to pay 2 years tax the first year -- as HK theoretically takes your tax BEFORE you earn it, so you're paying your first years and the second years provisional tax on your first tax bill. Most expats forget this.


  7. #7

    Thanks Shri for that valuable piece of information. I guess they will refund us the unearn portion (wherever we are) when we repatriate.