Posted by
wannabe05
19 yrs ago
I'm new to HK so hope you can help. I understand that they don't do PAYE here and you pay income tax at the end of the year. In this case, I will need to make sure I put enough money aside each month so that I won't end up spending all the money when the time comes.
If my salary is HKD 45,000/ month, rent HKD 17,000/month, how much tax do I have to pay a month?
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Go to the Inland Revenue Department website and they have a tax calculator that you can use that should give you a fair idea of what your tax liablility would be. Also, remember that your tax liability for the first year will be double as you have to pay a year in advance.
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Try this link:
http://www.ird.gov.hk/eng/ese/st_comp_2005_06/stcfrm.htm
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yinhk
19 yrs ago
Please also note that in the first year, there is a double whammy, as you will have to pay back taxes, plus 1 year forward provisional tax. How much depends on when you started in the tax year.
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wannabe, in first year you'll probably need to cough up just shy of $100,000 back tax and $100,000 provisional.
Blatant, doesn't really matter how much it hurts you, you ain't gonna get any sympathy from me coz if you're saying "over $1m" is 23% of your income, you're earning over HK$362,318 per month, which is more than the average person earns in an entire year.
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Thanks guys all for the useful info. I'd better be careful then. It does hurt everytime anyone mentions the word 'Tax'.
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outdoors, ditto, methinks someone making HK$360000 per month should be doing something more productive than answering queries on AsiaXpat :)
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This is all really good stuff. I wasn't even thinking about my tax bill...thanks for the good query wannabe..
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