On the basis of these returns, the employee’s final liability for the year of assessment and provisional tax liability for the succeeding year of assessment will be calculated. In addition, each employee is required (generally in May each year) to complete an individual tax return covering the same period. Shortly after the end of the tax year, the employer will be issued with a notice requiring them to submit an employer’s return to the Inland Revenue Department, showing the actual remuneration accruing to each employee in the year to the preceding 31 March.
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On the basis of this estimate, the Inland Revenue Department may assess the employee to provisional salaries tax. Upon receipt of notice of commencement of employment of an employee who is or is likely to be chargeable to salaries tax, the Inland Revenue Department may issue a provisional tax return form to the employee requiring them to give an estimate of their income for the period from commencement to the following 31 March. Notification is not required where a taxpayer has already been issued an Individual Tax Return for the relevant year of assessment. The home country/jurisdiction refers to the country/jurisdiction where the expatriate lives when they are not on assignment.Įvery taxpayer is required to notify the Commissioner of Inland Revenue that they are chargeable to tax no later than 4 months after the end of the year of assessment in which they are chargeable.
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Herein, the host country/jurisdiction refers to the country/jurisdiction where the expatriate is going on assignment. The official currency of Hong Kong (SAR) is the Hong Kong Dollar (HKD). Further, the Basic Law provides that the PRC government shall not levy taxes in the Hong Kong (SAR). In relation to the economy and tax system, the Basic Law provides that the Hong Kong (SAR) shall have independent finances and shall use its financial revenues exclusively for its own purposes. The Basic Law provides that the laws previously in force in Hong Kong (SAR), that is, common law, rules of equity, ordinances, subordinate legislation and customary law shall be maintained, subject to amendment by the Hong Kong (SAR).
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Hong Kong (SAR) became The Hong Kong Special Administrative Region (SAR) of the People’s Republic of China (PRC) on 1 July 1997 and has operated since that date under the terms of the Basic Law.