Hk Basic Expenses

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  1. #21

    Join Date
    Jan 2006
    Location
    Park Island
    Posts
    2,057

    Err...me? Hmm...think PDLM might have gotten the wrong girl


  2. #22

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,207

    Ooops - indeed I did. Not sure how that happened! Apologies to you and Coolgirl.


  3. #23

    Join Date
    Mar 2006
    Location
    KTK rules!!!
    Posts
    776

    Thanks guys! Seesh, that means they're going to eat up more of my downpayment budget for purchasing a flat next year


  4. #24

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    5,165

    coolgirl u got your tax demand ? that's weird. u shldn't even be submitting your tax submission yet.

    i have not received tax demand, just the tax returns


  5. #25

    Join Date
    Mar 2006
    Location
    KTK rules!!!
    Posts
    776
    Quote Originally Posted by freeier:
    coolgirl u got your tax demand ? that's weird. u shldn't even be submitting your tax submission yet.

    i have not received tax demand, just the tax returns
    freeier, I have no idea what I got and I'm also totally confused I got some tax docs, and the tax is due next year. When I calculate, it's the tax from my income for this year only.

  6. #26

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,207

    You've got a tax demand, and it seems totally in line with what I would expect. If you arrive soon after the start of a tax year (i.e. April to June-ish) then I would expect your first tax bill (payable the following Jan/April) to be for the estimate of the first year's taxes.


  7. #27

    Join Date
    Mar 2006
    Location
    KTK rules!!!
    Posts
    776

    Thanks, PDLM. When should I expect to pay for the tax for 2007-08?


  8. #28

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,207

    January/April 2008. With an adjustment (if necessary) for the year 2006-2007 for any difference between the demand you have now and what your actual tax due for that year turns out to be (which could of course be an adjustment in either direction).


  9. #29

    Join Date
    Mar 2006
    Location
    KTK rules!!!
    Posts
    776

    Thanks, but now Im back to my previous confusion.

    If I only pay my Jan 2007-Dec 2007 tax, and diff between actual and provision for Jan 2006-Dec 2006, both in Jan and April 2008, I never really pay advance tax?


  10. #30

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,207

    Exactly. You get the demand in advance, but by the time you pay it the year is pretty much over. There are very very few scenarios in the HK tax regime where you pay tax earlier than you would do in a Pay As You Earn environment, and in most you pay later.

    The whole thing about paying in advance is a myth.


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