Income Tax in HK

Last activity 26 May 2015 by mars2012hk

915 Views

1 replies

Post new topic

Walking ChopsticksMember26 May 2015 12:10:13

Hi, can someone advise how different is the income tax between HK and Spore?

I'm looking to relocate and need to understand the tax impact. If I relocate, I assume I still have to continue to pay outstanding tax in Spore for 2014 & whatever remaining period of 2015 that I'm earning in Spore. But may I know what about HK tax? Does HK also practise tax instalment like Spore? Do they deduct directly from pay or must pay as a lump sum?

Thanks
W.S

mars2012hkSerial expat26 May 2015 12:15:56

501

Hi
HK - like Sin - uses a territory rule to determine taxable revenues. You declare them to the government in May-June, they determine the amount by Oct and you pay by Jan-Feb... for the following year in advance!
Meaning that the first year they will leave you alone but at the beginning of the second fiscal year you will have to pay two full years (the period that just passed plus the forthcoming year in advance)

Articles to help you in your expat project in Hong Kong

The tax system in Hong Kong
Hong Kong is known as a tax haven for both professionals and businessmen. While the general perception is that you ...
How to drive in Hong Kong
While driving is generally a great way to get around, Hong Kong has one of the highest concentrations of vehicles ...
Marriage in Hong Kong
There are many reasons why you may want to get married in Hong Kong. You could be a long-term expat and have ...
Having a baby in Hong Kong
Starting a family in a new country can be truly exciting. Thanks to top-quality medical care, and a variety of ...
Buying a property in Hong Kong
Hong Kong is home to a large number of expats, many of whom call the city their second home. Thus, it comes as no ...
Phones and internet in Hong Kong
Staying connected to friends and family when living abroad is essential. Fortunately, this won't be difficult ...
The healthcare system in Hong Kong
As an expat, it can be overwhelming to navigate a new healthcare system in a foreign country. This is why ...
Internships in Hong Kong
Internships abroad are a great way to gain professional and life experience. And talking up an internship in Hong ...