KNOWLEDGE|
1. |
Keeping payroll records |
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(1) |
Your tax obligations commence when you hire the first employee |
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(2) |
On hiring the employee, you must maintain a record of that person's: |
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(3) |
You must inform the Hong Kong Inland Revenue Department ("HKIRD") the following: |
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(4) |
Business owners are required to keep business accounting records, including payroll records, for at least 7 years. |
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2. |
Reporting remuneration paid to an employee to the HKIRD |
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(1) |
General |
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(2) |
The Hong Kong Identity Card Number of the employee If at the time when you complete your Employer's Return, an employee does not possess a Hong Kong Identity Card, e.g. the employee was recruited from overseas or seconded from an overseas corporation, you can fill in his/her passport number with place of issue. After filing the Employer's Return, you have to follow up with the employee. You should, soonest possible, write in to inform the IRD when the Hong Kong Identity Card Number of the employee is known. |
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(3) |
Continuous Employment You must report the employee on your Employer's Return (BIR56A and IR56B) for the relevant year of assessment if he is:
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(4) |
New employment You have to file one copy of IR56E or via Electronic Filing of Employer's Return within 3 months of employing a person if you anticipate that the employee is likely to be chargeable to Hong Kong Salaries Tax. |
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(5) |
On termination of his service (or death) You must file one copy of IR56F or via Electronic Filing of Employer's Return one month before the date of termination of his employment. |
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(6) |
On his leaving Hong Kong for good or for a substantial period of time |
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Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |
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