Sunday, January 31, 2010

How Much you earn a year?

Income tax is one of the major incoming of Hong Kong Government and most of the time that the Government would like to collect the larger portion of the tax as early as possible in the beginning of the year.
Of  course they can not request all the tax payers to pay their cheque on the first day of the year as there will create a lot of problem in hnalding such large amount of transactions, normally they have tpo spread overe the months of January and February.

So if you are earning more and more over the past year you can notice that the pay day for tax in case pushing forward… In case your pay day was 10 Th of January in 2002, now you probably is being request to send the cheque on 7th Of January

This is my purely personal estimation and survey on my friends.
Relationship of pay day and the income tax

1st January, $1,000,000 or above (Annual Incoming $10,000,000, or more)

3rd January, $300,000 or above (annual Income $ 5,000,000 -$10,000,000)

10th January $ 100,000 pr above (annual income $ 1,000,000 -$3,000,000)

15th January $30,000 or above (annual income $200,000 -400,000)

25th January $10,000 or above (annual income $ 100,000-$150,000)

So next time your colleagues ask you when you have to pay the tax, you should know how to answer him!

HK Snob

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