TAX Urgent Help

Anyone know someone who can give me advice on my Tax Return? I received a bill for $57000!!! for Income Tax. Last year it was only$10,000 and I earned the same salary? Urgent assistance please, as I would need a loan to pay off tax if its true..please post your email, or give me name of Tax advisor.

Asia Business Secretarial tel: 2838 8887 deals with clients and with the tax department every day on these sort of problems. Please contact us to see how we can help.

Curios,

Please post your nationality, we have Australian and US tax specialists in our company that can help you with your situation. Please email me with more details at daniel.slater@ofsasia.com

or check out www.financial-partners.biz

thanks everyone, the above firm, Asia Business Secretarial was a fantastic help. Unfortunately, I do have to pay due to provisions tax... grrr, but at least I understand it now.

Yes you are very correct inthebox, I was surprised b/c it is my first year working in HKG, so was not aware of provisions tax... but next year definetely put aside some $$. How much does one normally put aside for tax purposes 15% of salary?

If you put aside 20% this will cover you as housing, travel and other allowances are taxable. If you aren't taxed the full amount you have saved, then you will have a bonus after your tax has been paid - however, I have had tax payable three times for one year - provisional, assessed and then a late (final) assesment for the previous year that came with the provisional tax for the next year. So 20% should see you good and you may have a bonus when you leave HK.

http://www.immd.gov.hk/ehtml/hkvisas_5.5.htm


3. Employers who wish to employ Helpers have to satisfy the following criteria:


The employer is financially capable of employing a Helper after his/her household expenditure has been deducted. In general, for every Helper to be employed, the employer must have a household income of no less than HK$15,000 per month or assets of comparable amount to support the employment of a Helper for the whole contractual period. Hence, if an employer intends to hire two Helpers, he/she must have at least HK$30,000 monthly household income or comparable assets. The monthly household income figure of HK$15,000 may be adjusted by the Government of the Hong Kong Special Administrative Region (HKSAR) from time to time.


Therefore a single person on HKD15000 pm will pay Salaries Tax of c. HKD7000. Whereas a married person as sole income earner on HKD15000 pm will not pay any Salaries Tax because of the grouping of two personal allowances of HKD100,000 pa each.


So yes it is possible to qualify as an employer of a domestic helper but not pay tax. The Immigration Department is not interested in tax returns other than as proof of income however much or no tax is paid when assessing qualifications as an employer.