HOW TO CALCULATE SALARY TAX IN HONG KONG

In order to attract global investment and expat genius to Hong Kong. Hong Kong not only offers an attractive tax regime for corporation and entrepreneurs.  Moreover, it also has a competitive low taxation scheme for personal income tax on Hong Kong Salary tax. Correspondingly, salaries Tax referred to Personal Income Tax as well. Firstly, what …

BUDGET 2021-2022 – PROPERTY RATES CONCESSION

Budget 2021-2022 announced to provide rates waiver for both domestic property and non-domestic property. Each domestic property for all 4 quarters of 2021-22. Subject to a ceiling of HKD 1,500 per quarter in the first 2 quarters and HKD 1,000 per quarter in remaining 2 quarter. While each non-domestic property, subject to a ceiling of …

CAN I CLAIM OVERSEAS INSURANCE FOR A HONG KONG EMPLOYEE?

QUESTION 1: My company in the UK paid a medical plan for a Hong Kong Employee, does it help to claim deductions on tax purpose under a Hong Kong Limited Company? ANSWER 1: No, insurance plan in the UK is not a deductible expense under Hong Kong Profit Tax. Firstly, the expense is not paying …

HOW TO ISSUE INVOICE FROM YOUR MOBILE PHONE

Xero accounting software helps make your sales and invoice process easy to manage. Even to issue invoice to your clients from your mobile phone and getting paid is a fast and seamless process. We are going to show you how to issue an invoice to your client from your mobile phone 1.Download “XERO” from App …

HOW TO GET PAYPAL STATEMENT FOR ACCOUNTING RECORDS

PayPal offers a faster, more secure way to pay online. It serves as an electronic alternative to traditional banks. Many e-commerce providers uses Paypal as one of the payment solutions.  In order to ensure each transaction details are booked properly for your accounting and auditing, you are also required to download the Paypal statement each month. …

What does it say on my smart Hong Kong Identity Card?

Since 26 November 2018, a new form of smart Hong Kong Identity Card will be issued to replace the existing smart identity card. The new version of identity card has improved in its durability, security features as well as the chip technology and protection of personal data. Inspection of Proof of Identity. All Hong Kong residents …

HOW TO DEAL WITH YOUR FIRST AUDIT IN HONG KONG?

No matter what stage of your business is currently at, tax filing, account and auditing are the major aspects you have to pay attention. You can’t underestimate the outcome if you fail to report on time. Therefore, it is very important to decide when is your financial year end as your first audit. When do …

BANK OF CHINA – IGTB PLATFORM UPGRADE TO PAPERLESS

IGTB platform upgrade and go Paperless Era Bank of China recently announced that they are upgrading their online commercial accounts. It mentioned IGTB online account users are not going to receive any paper customer advice soon. Bank of China will start not mailing out their monthly statements from 3rd May 2021. The act is in …

MAINTAINING YOUR COMPANY DURING DEREGISTER

Business owners are always concerned about how to incorporate a company and the logistics around running one. However, one aspect of running a business that many business owners fail to recognize is the deregister of a company. Deregistration is not a situation to expect but is always good to prepare for. When to make a …

THE NITTY GRITTY OF SETTING UP A BUSINESS IN HONG KONG

Hong Kong’s attractive business environment and competitive tax regime are fascinating the Entrepreneurs. The Entrepreneurs might be more desirable attentive to how to set up a business in Hong Kong. Let’s go down to the nitty gritty. Filing for incorporation is deceptively simple in Hong Kong. To file first though all you need to do …