The focus on tax in HK and most calculations by accountants are for these two types. The calculator also includes any salary that you may be drawing from the business and/or other jobs. The Income Tax Calculator estimates the refund or potential owed amount on a federal tax return. The Annual Wage Calculator is updated with the latest income tax rates in Hong Kong for 2021 and is a great calculator for working out your income tax and salary after tax based on a Annual income. Calculate import duty and taxes in the web-based calculator. Hong Kong SAR - Individual - Sample personal income tax calculation - PwC Some factors are about your family such as the number of dependents, children, relatives, parents, etc. It's fast and free to try and covers over 100 destinations worldwide. "We expect to continue to see high levels of salary inflation across most sectors in 2022. Below is a sample salaries tax computation for year of assessment 2021/22 for illustrative purposes. Optional: Select Advanced and enter your age to alter age related tax allowances and deductions for your earning in Hong Kong Calculating Your Tax under Personal Assessment, Your feedback is highly appreciated. The calculator assumes that you own and operate a private limited company that is generating a profit and you will receive the post-tax profit as dividend income at the end of the year. Another page will appear and show you your estimated tax liability. related back to the relevant period, up to a maximum of 36 months. Single / Separated / Divorced / Widowed. back of the lump sum payment is advantageous to you. Our Hong Kong Tax Calculator covers 9 different currencies from around the world, including AUD, CAD, CNY, EUR, GBP, HKD, SGD, USD and YEN. Tax tables in Hong Kong are simply a list of the relevent tax rates, fixed amounts and / or threholds used in the computation of tax in Hong Kong, the Hong Kong tax tables also include specific notes and guidance on the validity of scenarios (for example, qualifying criterea for specific tax relief / allowances) and notes of the calculation of phaseout of specific tax elements within each taxation group (dividends and corporation tax thresholds in Hong Kong for example). A quick and efficient way to compare annual salaries in Hong Kong in 2021, review income tax deductions for annual income in Hong Kong and estimate your 2021 tax returns for your Annual Salary in Hong Kong. FRT Calculator | Classic Insider If you have received back pay, gratuities, terminal / retirement award, you may apply to have the lump sum payment Note: This is a general Hong Kong tax calculator to assist you in calculating your taxes in Hong Kong. The Hong Kong Income Tax Calculator uses income tax rates from the following tax years (2022 is simply the default year for this tax calculator), please note these income tax tables only include taxable elements, allowances and thresholds used in the Hong Kong Monthly Income Tax Calculator, if you identify an error in the tax tables, or a tax credit / threshold that you would like us to add to the tax calculator, please contact us. (Optional), Notice: This form is NOT intended for handling enquiries or complaints. This Hong Kong tax calculator includes some basic terms that you would come across when filing out your tax returns in Hong Kong. Profit Tax in Hong Kong. Continuing Education, Vocational Training & Elderly Learning, Highlights, Public Participation & Contacts, Accounts of the Government and Government Reports, Public Housing and Subsidised Home Ownership Schemes, Road and Traffic Conditions & Special Arrangements, Vehicle Licence, Registration & Examination, Support for Innovation, Design & Technology, Quality Assurance, Product Standards & Accreditation, Equal Opportunities & Privacy Protection on Employment, Cancellation of Business Registration & Deregistration, Working, Study and other Visa Requirements, Automated Immigration Clearance (eChannel) Service for Visitors, More on features of the Internet Filing function, File Property Tax Return for Jointly Owned Properties (BIR57), Calculate Tax Liability under Salaries Tax and Personal Assessment, View eTAX Account, Tax Position and Messages, Tax Computation of Salaries Tax and Personal Assessment. If you make 0 a year living in Hong Kong, we estimate that you'll be taxed 0. After you have a good idea of your potential taxes in Hong Kong, its time to connect with a Hong Kong accountant to file your taxes. Salaries Tax Computation. It is mainly intended for residents of the U.S. and is based on the tax brackets of 2021 and 2022. If you are a new member that just subscribed, you will become eligible at least 24 hours after your first donation on the 1st day of the next upcoming month. Hong Kong Annual Tax Calculator 2022 | Annual Salary After T Tax Loans 2022: Best Tax Loan Rates in Hong Kong - MoneySmart.hk That's it! The Annual Wage Calculator is updated with the latest income tax rates in Hong Kong for 2021 and is a great calculator for working out your income tax and salary after tax based on a Annual income, The calculator is designed to be used online with mobile, desktop and tablet devices, Hong Kong Salary Calculator 2021/22. While we try our best to stay up to date with changes in tax codes, we make no guarantee our salary calculator will be accurate. Thus for example if a corporation makes HKD 10 million dollars during the year, the first HKD 2 million would be taxed at 8.25% (HKD 165,000 tax payable) and the remaining HKD 8 million would be taxed at 16.5% (HKD 1,320,000 tax payable), resulting in a total tax payable of HKD 1,485,000. For unincorporated businesses, the first HK$2 million of profits will be taxed at one-half of the current tax rate (i.e., 7.5%) and the remaining profits will be taxed at the existing 15% tax rate. MOVE FAQ. Follow these simple steps to calculate your salary after tax in Hong Kong using the Hong Kong Salary Calculator 2022 which is updated with the 2022/23 tax tables. As far as income tax goes, workers in Hong Kong enjoy relatively low rates when compared to the rest of the world. Helping you better invest your time and resources with helpful info in lifestyle topics including personal finance and tech so that you can make better decisions, earn more, and live better. This series of brochures aim to provide investors with a high-level overview of the current tax policy in Hong Kong, plus information on tax incentives, compliance, transfer pricing, anti-avoidance rules, and tax treaties. The general retirement fund of social security in Hong Kong is called the mandatory provident fund (MPF). Useful information. Hong Kong Income Tax Rates and Thresholds in 2021 - iCalculator Lastly, your average tax rate ends up being around 0 %. We build tax calculators to support our community in Hong Kong, whether resident or expats in Hong Kong and expand the tool to suit our communities needs as required. Hong Kong Salary Calculator 2022 which is updated with the 2022/23 tax tables, *** Please enter your employment income ***. This income tax calculator only estimates income tax. No changes are proposed in the tax rates for 2021-2022. The main exception is with low income earners, as those making under a certain threshold do not have to contribute. Calculate your monthly take home pay in 2022 (that's your 2022 monthly salary after tax), with the Monthly Hong Kong Salary Calculator. Depending on region and jurisdiction, salary bonuses may be treated and taxed differently from standard salary. You will need to declare which company can enjoy this lower tax rate in your Profits Tax Return (PTR). We will be pleased to help you in dealing with all the aspects of your business. Note that this estimate is based only on the most common standard deductions and credits, if any. The current tax rates in Hong Kong come in tiers, depending on the type of tax to be paid. Note that patreon only charges members on the 1st day of each month regardless of when you sign up and our list of patreon members is only updated once a day. Startupr has handled hundreds of offshore tax claims with over a 95% success rate for eligible companies. Are you a business owner? Review the full instructions for using the Hong Kong Salary After Tax Calculators which details Hong Kong tax allowances and deductions that can be calculated by altering the standard and advanced Hong Kong tax settings. With a low tax rate and elimination of many tax types in Hong Kong, calculating your potential tax liabilities can be done relatively quickly. In the section, we publish all 2021 tax rates and thresholds used within the 2021 Hong Kong Salary Calculator. of dependent parents/grandparents Hong Kong Salary Calculator 2022 with Income Tax Brackets Useful calculators. A quick and efficient way to compare salaries in Hong Kong, review income tax deductions for income in Hong Kong and estimate your tax returns for your Salary in Hong Kong. A quick and efficient way to compare daily salaries in Hong Kong in 2022, review income tax deductions for daily income in Hong Kong and estimate your 2022 tax returns for your Daily Salary in Hong Kong. the hong kong income tax calculator uses income tax rates from the following tax years (2022 is simply the default year for this tax calculator), please note these income tax tables only include taxable elements, allowances and thresholds used in the hong kong annual income tax calculator, if you identify an error in the tax tables, or a tax Hong Kong Profits Tax - GuideMeHongKong The Annual Wage Calculator is updated with the latest income tax rates in Hong Kong for 2022 and is a great calculator for working out your income tax and salary after tax based on a Annual income. Salaries Tax Computation The Hong Kong Tax Calculator is a diverse tool and we may refer to it as the Hong Kong wage calculator, salary calculator or Hong Kong salary after tax calculator, it is however the same calculator, there are simply so many features and uses of the tool (Hong Kong income tax calculator, there is another!) Additionally, some cities may have city specific income tax. Select your marital status and input the total income and other information on the input page. You can find how we use these by clicking "More info" or click "Accept" to agree. Where the maximum 36 months are exceeded, the The Hong Kong Income Tax Calculator uses income tax rates from the following tax years (2022 is simply the default year for this tax calculator), please note these income tax tables only include taxable elements, allowances and thresholds used in the Hong Kong Daily Income Tax Calculator, if you identify an error in the tax tables, or a tax credit / threshold that you would like us to add to the tax calculator, please contact us. . Simply select 'advanced' to access more features of the tax calculator. More detailed salary calculator or a wage calculator? China and Hong Kong Tax Leader, PwC China +86 21 2323 3029. By perpetually limiting the supply of land amidst unwavering demand, land values and real estate property values are kept high and ever increasing. Are you an entrepreneur? The Tax tables below include the tax rates, thresholds and allowances included in the Hong Kong Tax Calculator 2021. . income after deductions), whichever is lower. New features for the Hong Kong are added on request at no cost to you. The Department will only give effect to relate back application that we refer to the calculator functionally rather than by a specific name, we mention this here to avoid any confusion. Why set up a limited company in Hong Kong. 4. The Government announced on 24 February 2021 to amend the first registration tax (FRT) concession arrangement for electric vehicles (EV). (Exclude cents) maintained by you. Fill in the relevant information in the Hong Kong salary calculator below and we will prepare a free salary calculation for you, including all costs that are incurred. The calculator also includes any salary that you may be drawing from the business and/or other jobs. The topic of residence is not entirely relevant when discussing about tax in Hong Kong unless in the context of a tax treaty. In almost all cases, your employer will automatically withhold this amount from your paychecks and thus your take home pay should be around 0 per year or 0 per month. Hong Kong Salary & Tax Calculator 2022. Some of them include the number of dependents, donations, various expenses, various contributions, etc. the hong kong income tax calculator uses income tax rates from the following tax years (2022 is simply the default year for this tax calculator), please note these income tax tables only include taxable elements, allowances and thresholds used in the hong kong monthly income tax calculator, if you identify an error in the tax tables, or a tax Salaries Tax payable is calculated at progressive rates on your net chargeable income or at standard rate on your net income, whichever is lower. Many taxes are low and some are even non-existent. The Monthly Hong Kong Tax Calculator is a diverse tool and we may refer to it as the monthly wage calculator, monthly salary calculator or monthly after tax calculator, it is however the same calculator, there are simply so many features and uses of the tool (monthly income tax calculator, there is another!) Updated on Thursday 02nd November 2017. The calculator is designed to be used online with mobile, desktop and tablet devices. Hong Kong Monthly Tax Calculator 2022 | Monthly Salary After Designed to provide a formal system of retirement protection, the MPF system is a privately managed contribution scheme that came into operation on December 1st, 2000. Premium Exchange Rates. To calculate the tax payable under salaries tax or personal assessment, please select the link for the relevant year of assessment. You can calculate your tax liability under salaries tax or personal assessment by using a simple Tax Calculator developed by the Inland Revenue Department. . First Registration Tax Concessions for Electric Vehicles The amount of income available in calculating your contribution has a maximum cap. Hong Kong Salary & Tax Calculator 2022 - Access Financial Personal AssessmentIf you and/or your spouse had income chargeable to property tax and/or profits tax, the Tax Calculator can indicate whether it is to your advantage to elect for personal assessment. Business or trading profits are taxed under profits tax, income from employment, office, or pension is taxed under salaries tax, and rental income from immovable property is taxed under property tax. The Annual Wage Calculator is updated with the latest income tax rates in Hong Kong for 2021 and is a great calculator for working out your income tax and salary after tax based on a Annual income. Another page will appear and show you your estimated tax liability. The key features of Hong Kong's salary tax are as follows: Individuals are taxed at progressive rates on their net chargeable income (i.e. Income Tax in Hong Kong in 2021 Taxes, including personal income tax, expenses and limitations are reviewed by the Government in Hong Kong periodically and typically updated each year. File Status. Hong Kong Tax Tables may also be referred to as Hong Kong Tax Slabs, Hong Kong personal allowances and tax thresholds or Hong Kong business tax rates. Additionally, the government directly owns much of the citys land, and leases sites out to private developers very slowly in a tightly controlled fashion. Hong Kong: Tax measures in budget 2021-2022 - KPMG Contact us today! Copyright 2008-2022 Hawksford. The Hong Kong tax calculator assumes this is your annual salary before tax. Enter Your Salary and the Hong Kong Salary Calculator will automatically produce a salary after tax illustration for you, simple. Hong Kong is known for both its low amount of taxes and number of taxes imposed in the city. i. except for eligible private car (PC) owners (see (a) (ii) below), FRT for e-PCs will be waived up to $97,500 from 1 April 2018 to 31 . Make a payment. A quick and efficient way to compare monthly salaries in Hong Kong in 2022, review income tax deductions for monthly income in Hong Kong and estimate your 2022 tax returns for your Monthly Salary in Hong Kong. They all refer to the tax tables, whether in whole or as specific sections/categories of the tax tables therein. Hong Kong Salary Calculator 2022/23 Please click to know more about relating back. (their employers must still contribute though) Other exceptions may also include foreigners who enter Hong Kong to work for fewer than 13 months or those that are already covered by another retirement system from overseas. Review the full instructions for using the Hong Kong Salary After Tax Calculators which details Hong Kong tax allowances and deductions that can be calculated by altering the standard and advanced Hong Kong tax settings. assessable income after deductions and allowances) starting at 2% and ending at 17%; or at a standard rate of 15% (2013/14 onwards#) on net income (i.e. Hong Kong Salaries Tax - GuideMeHongKong Hong Kong's profit tax for corporations is at a flat rate of 16.5%. of dependent parents/grandparents Need more from the Hong Kong Tax Calculator? The personal income (salaries) tax system in Hong Kong is a progressive tax system. Taxes, including personal income tax, expenses and limitations are reviewed by the Government in Hong Kong periodically and typically updated each year. Read more about the salary tax system in Hong Kong. So high, in fact, that Hong Kong often ranks as having the most expensive real estate in the world. Review the full instructions for using the Hong Kong Salary After Tax Calculators which details Hong Kong tax allowances and deductions that can be calculated by altering the standard and advanced Hong Kong tax settings. Tax rates range from 2% to 17% with a maximum overall net cap of 15%. The calculator is designed to be used online with mobile, desktop and tablet devices. Generally, we review changes once a year. The Hong Kong Income Tax Calculator uses income tax rates from the following tax years (2021 is simply the default year for this tax calculator), please note these income tax tables only include taxable elements, allowances and thresholds used in the Hong Kong Annual Income Tax Calculator, if you identify an error in the tax tables, or a tax credit / threshold that you would like us to add to the tax calculator, please contact us. This calculator is not a replacement for professional tax advice. For Salary Tax, there are five different tiers depending on the total amount of taxable income remaining after taking into consider the various tax allowances and deductions. This elimination of red tape and administration in dealing with recording taxes makes the city an attractive location to conduct business. What is the income tax rate in Hong Kong? Thank you. We hope this Hong Kong Tax Calculator has served as a guide to determine your potential tax liabilities in Hong Kong. Both of these Hong Kong taxes have been described in more detail. . Please input the total income and deductions of you and your spouse (where applicable) in the input page. Increments are ranging from between 25-50% in some cases.". There are also many other possible deductions which you may be eligible for so be sure to check for them. Hong Kong Tax Calculator - GuideMeHongKong by Hawksford Please enter a valid email address as you will be sent an email with a calculation. Please click to check whether relating Use this quick tool to calculate import duty & taxes for hundreds of destinations worldwide. employment (if applicable), whichever is the earlier. Instead, a territorial basis is used where individuals are subject to Hong Kong personal salaries tax on Hong Kong-sourced employment income, income that is derived from an office located in Hong Kong, and income accrued from a Hong Kong pension. Provisional Salaries Tax for a year is usually based on the income less the allowances of the preceding year. 3. The 2022 tax values can be used for 1040-ES estimation, planning ahead, or comparison. Extended Medical Support. Since our establishment in 1998, Conpak has been providing investors the world over with one-stop professional services, including audit and assurance, accounting, tax advisory, management consulting, patent application, corporate secretarial services, company incorporation, trademark registration, corporate finance, financial advisory and IPO in Hong Kong. Filing under eTAXThe Internet Filing function can also compute your tax liability if you are filing a current year return. The latest details of the concession arrangement are as follows -. The Hong Kong Income Tax Calculator uses income tax rates from the following tax years (2022 is simply the default year for this tax calculator), please note these income tax tables only include taxable elements, allowances and thresholds used in the Hong Kong Annual Income Tax Calculator, if you identify an error in the tax tables, or a tax credit / threshold that you would like us to add to the tax calculator, please contact us. Last revision date: 23 February 2022 If you would like to report a bug or issue with one of our pages or calculators, please direct message us on twitter instead. This income tax calculator can help estimate your average income tax rate and your take home pay. Next Tax Payable (HK$) 0 You can estimate your annual Hong Kong taxes using the calculator below. Optional: Select Advanced and enter your age to alter age related tax allowances and deductions for your earning in Hong Kong, Optional: Change the number of days you work per week, per year and the number of hours you work per week to allow various rates and allowances to be split for viewing in line ith your employment contract in Hong Kong. The Tax tables below include the tax rates, thresholds and allowances included in the Hong Kong Tax Calculator 2021. Tax rates The tax charge for salaries tax is the lower of the: How many income tax brackets are there in Hong Kong? relating back will be made at a constant rate over 36 months ending on the date of payment entitlement or the last day of that we refer to the calculator functionally rather than by a specific name, we mention this here to avoid any confusion. So, if you would like a new 2021 tax rates, allowance or threshold adding (or perhaps updating), or if you notice an error in our 2021 tax calculations, simply contact us and we will adjust the tool. This means that if you are aware of a 2021 tax exemption or 2021 tax allowance in Hong Kong that you are entitled too BUT it isn't listed here, that we don't allow for it in this version of the Hong Kong Salary Calculator. Investomatica is not a tax advisor. The Monthly Wage Calculator is updated with the latest income tax rates in Hong Kong for 2022 and is a great calculator for working out your income tax and salary after tax based on a Monthly income. Hong Kong Annual Tax Calculator 2021 | Annual Salary After T This is simply because we updated our tax calculators based on user feedback, we tailor the Hong Kong Salary Calculator to suit our users needs. As the name suggests, the system is mostly mandatory and almost all employees must contribute a small percentage of their monthly income with the employer making a matching contribution. The calculator covers the most recent seven tax years as well as next year, ranging from 2014 to 2021. Hong Kong Tax Calculator | Startupregistry.hk Only one "entity" within a group of "connected entities" can enjoy the two-tier rates. Calculating a Businesses Taxable Income in Hong Kong - INS Global The calculator is designed to be used online with mobile, desktop and tablet devices. For assistance, please contact the 24-hour Helpdesk at. Just a few simple steps to calculate your salary after tax in Hong Kong with detailed income tax calculations. That being said, in the context of a tax treaty, a tax resident is defined as an individual who ordinarily resides in Hong Kong or stays in Hong Kong for more than 180 days during a year of assessment or for more than 300 days in two consecutive years of assessment. If you need help with calculating your tax liability for your Hong Kong company, contact Startupr for more details. That's it! TALK TO AN EXPERT. Salaries tax No changes are proposed to tax rates and allowances for individuals. Income Tax Calculator This income tax calculator can help estimate your average income tax rate and your take home pay. 2021/22. Calculate your daily take home pay in 2022 (that's your 2022 daily salary after tax), with the Daily Hong Kong Salary Calculator. Therefore for individuals earning less than HKD 355,530, they would not owe anything in salary tax in Hong Kong. However, if you have specific tax questions, please consult a licensed tax professional. Hong Kong: calculating Taxable Income Step-by-step Income tax calculators from other sites may show slightly different numbers due to different deductions/credits being included or they are based on data from a different year. The Annual Hong Kong Tax Calculator is a diverse tool and we may refer to it as the annual wage calculator, annual salary calculator or annual after tax calculator, it is however the same calculator, there are simply so many features and uses of the tool (annual income tax calculator, there is another!) If your company conducted offshore business during the year, You may be eligible for a tax exemption based on your offshore business activities. HK Tax Guide | Deloitte China | Tax | Tax Newsletters The calculator is designed to be used online with mobile, desktop and tablet devices. Before your submission or after you have lodged your tax return electronically, the system will estimate your salaries tax payable automatically according to the information supplied in your tax return and show you the amount of salaries tax payable under each instalment after deducting the provisional tax charged for the year. These tax rates increase with each tier, with the last bracket for the year 2018/19 being HKD 200,000.The tax rates in Hong Kong for 2018/19 onwards are: The result of these different tax brackets makes a standard of 15% tax rate for most Hong Kong individuals. The Daily Wage Calculator is updated with the latest income tax rates in Hong Kong for 2022 and is a great calculator for working out your income tax and salary after tax based on a Daily income. This income tax calculator only provides a rough estimate according to the most common scenarios for salary (standard employment income) that comes from an employer. Accounting & Bookkeeping Services in Hong Kong, Hong Kong Company Transfer Secretary Services, Register Other Types of Entities in Hong Kong, Business License for Hong Kong Limited Company. Hong Kong Salaries Tax Calculator Enter the following information to calculate the amount of your. Hong Kong is known as a very business friendly place. It can be used not only for tax payment but also for your other plans in life. The Daily Wage Calculator is updated with the latest income tax rates in Hong Kong for 2022 and is a great calculator for working out your income tax and salary after tax based on a Daily income. Net Chargeable Income = Total Income - Deductions - Allowances. Review the full instructions for using the Hong Kong Salary After Tax Calculators which details Hong Kong tax allowances and deductions that can be calculated by altering the standard and advanced Hong Kong tax settings. if it will reduce the overall tax liabilities. If you are eligible for additional deductions and credits, your taxes may differ. Hong Kong Salary Calculator 2022 This site uses cookies to offer you a better browsing experience. The tax rate for Hong Kong companies is a two tiered rate, with higher rates on profits above the HKD 2 million threshold. This feature is in beta and is only available to our patreon members with an active monthly donation subscription and have at least one previous payment on record. Calculate your annual take home pay in 2021 (that's your 2021 annual salary after tax), with the Annual Hong Kong Salary Calculator. that we refer to the calculator functionally rather than by a specific name, we mention this here to avoid any confusion. Salaries Tax Computation The calculator is designed to be used online with mobile, desktop and tablet devices. GovHK How many income tax brackets are there in Hong Kong? Its correctness always depends on whether you have entered the correct income figure, deductions, your marital status and the number of your dependants. The income tax system in Hong Kong has 5 different tax brackets. The tax payable figure produced by the Tax Calculator is for your information only. Married. Please provide the exact email used with your patreon account for verification. The Annual Hong Kong Tax Calculator is a diverse tool and we may refer to it as the annual wage calculator, annual salary calculator or annual after tax calculator, it is however the same calculator, there are simply so many features and uses of the tool (annual income tax calculator, there is another!) Are you planning to operate business in Hong Kong? Virginia Salary Example for $45,000.00 in 2023, latest income tax rates in Hong Kong for 2022, full instructions for using the Hong Kong Salary After Tax Calculators, compare daily salaries in Hong Kong in 2022, *** Please enter your employment income ***. Virginia Salary Example for $45,000.00 in 2023, latest income tax rates in Hong Kong for 2021, full instructions for using the Hong Kong Salary After Tax Calculators, compare annual salaries in Hong Kong in 2021, *** Please enter your employment income ***. 25-50% salary inflation in 2022 in some cases. This means that your income is split into multiple brackets where lower brackets are taxed at lower rates and higher brackets are taxed at higher rates. Please stay on topic and remember to be kind to each other. Choose a specific income tax year to see the Hong Kong income tax rates and personal allowances used in the associated income tax calculator for the same tax year. ), -Amount paid for specified relative(s), -Amount paid to residential care home, No. Then press the 'Compute' button at the bottom. Use our instant tax calculator to see how much you have to pay as corporate tax and dividend tax in Hong Kong. For more details, check out our detail section. A year of assessment runs from 1 April to 31 March of the following year. Enter your employment income into the salary calculator above to estimate how taxes in Hong Kong may affect your finances. Important note: Only one company in a group can declare the lower 8.25%/7.5% lower tax bracket. Whether or not you are handicapped and/or disabled may also sometimes be an additional factor. First Registration Tax Hong Kong (Updated Feb 2021) Experience the Unmatched Excitement of Our Hand Selected Elite Classic & Collectible Automobiles. The calculator also provides comparable taxes for other jurisdictions so that you can determine how Hong Kong stacks up against others. Import Duty Calculator - SimplyDuty A reduction of 100% in salaries tax payable for 2020-2021, subject to a ceiling of HKD 10,000, is proposed. In case you need further tax assistance or information for your Hong Kong company, let us know. In Hong Kong, income tax is not all treated equally. The income tax system in Hong Kong has 5 different tax brackets. Currency - This is the type of currency your accounts are in. The robust and efficient tax system in Hong Kong has made this international financial hub a destination for business in the region. Form library. Virginia Salary Example for $45,000.00 in 2023, latest income tax rates in Hong Kong for 2022, full instructions for using the Hong Kong Salary After Tax Calculators, compare monthly salaries in Hong Kong in 2022, *** Please enter your employment income ***. Salaries TaxThe Tax Calculator can indicate whether it is to your advantage to elect joint assessment if the income and deductions of you and your spouse (where applicable) are inputted in the input page. Subtropical with warm winters and hot and humid summers, Mandatory Provident Fund Schemes Authority. Virginia Salary Example for $45,000.00 in 2023, latest income tax rates in Hong Kong for 2022, full instructions for using the Hong Kong Salary After Tax Calculators, compare annual salaries in Hong Kong in 2022, *** Please enter your employment income ***. By using this Hong Kong tax calculator, you can easily find how much tax, both profits tax and salary tax in Hong Kong, you would owe in a given year. Duty Calculator Import Duty & Tax Calculations. The Income tax rates and personal allowances in Hong Kong are updated annually with new tax tables published for Resident and Non-resident taxpayers. If you wish to enter you monthly salary, weekly or hourly wage, then select the 'Advanced' option on the Hong Kong tax calculator and change the 'Employment Income and Employment Expenses period'. A standard personal exemption exists which helps to lower your taxable income. Hong Kong Personal Income Tax Rate - 2022 Data - 2023 Forecast - 2004 You'll then get your estimated take home pay, an estimated breakdown of your potential tax liability, and a quick summary down here so you can have a better idea of what to possibly expect when planning your budget. Hong Kong companies can also enjoy various tax deductions and exemptions, especially for those who conduct some of their business overseas. The Daily Hong Kong Tax Calculator is a diverse tool and we may refer to it as the daily wage calculator, daily salary calculator or daily after tax calculator, it is however the same calculator, there are simply so many features and uses of the tool (daily income tax calculator, there is another!) Manage your account. The Inland Revenue Department accepts no liability whatsoever for any loss or damage which may be incurred by its use. HK Salaries Tax Calculator - Conpak CPA Read more about thesalary tax system in Hong Kong. With the Hong Kong tax allowance of HKD 132,000 for single individuals, you would not have any Hong Kong tax until you made over this threshold. In addition to this, there are other types of taxes you should be aware of, including: These are the taxes that would apply in the city. If you notice a major miscalculation or error with our salary calculator (most likely caused by a typo somewhere), feel free to direct message us on twitter and let us know. Calculate your annual take home pay in 2022 (that's your 2022 annual salary after tax), with the Annual Hong Kong Salary Calculator. There may be additional deductions, credits, exemptions, allowances, reliefs, etc depending on many factors. You may find these Hong Kong tax and accounting guides also useful in helping you make your decision: Depending on your companys needs, Hawksford can work with you as your bookkeeper, accountant, comptroller or a business advisor. All rights reserved, Find out how to take the burden out of tax and accounting. 2021 Hong Kong Tax and Investment Guide 2021 [Simplified Chinese] Tax incentive for R&D [Simplified Chinese] Tax . Marital status. source: Inland Revenue Department, Hong Kong 10Y 25Y 50Y MAX Chart Compare Export API Embed Hong Kong Personal Income Tax Rate It does not consider other taxes like property tax, self-employment tax, capital gains tax, dividend tax, etc. Calculate your take home pay in Hong Kong (that's your salary after tax), with the Hong Kong Salary Calculator. (Please note that this program is not applicable to you if your employer had provided a place of residence to you during the relevant period because the calculation of the value of residence would depend on the exact nature of the lump sum payment.) Contributions to the MPF can act as deductions when calculating your taxable income up to a certain limit. After calculation of your tax payable based on the relevant tax bracket, the amount is further reduced by a tax reduction. Tax situations vary widely and calculations can get very complex. 2022 Hong Kong SAR Salary Guide - Morgan McKinley The tax rate for individuals in Hong Kong is based on a tiered system, with 5 different tax brackets depending on your overall chargeable salary income, after allowances and deductions. Hong Kong Personal Income Tax Rate - 2022 Data - 2023 Forecast - 2004-2021 Historical Hong Kong Personal Income Tax Rate Summary Forecast Stats Download The Personal Income Tax Rate in Hong Kong stands at 15 percent. For Profits tax for companies, Hong Kong has a two tiered system of taxes. Classic Insider is Hong Kong's Respected Private Brokerage for Discerning Collectors of Classic and Collectible Automobiles. Unincorporated entities (such as sole-proprietors) as well as non-resident entertainers and sportspersons not working through an agency or corporation pay a rate of 15% on profits. To calculate the tax payable under salaries tax or personal assessment, please select the link for the relevant year of assessment. The personal salaries tax rate from normal employment in Hong Kong is progressive and ranges from 2% to 17% depending on your income. The loan amount is very high - between HK$2M-4M. Personal Particulars Salaries & Deductions Allowances Properties Business Activities Year of Assessment Marital Status * The tax measures proposed in the 2022/23 Budget are subject to the enactment of relevant legislation. File a claim. 2. The corporate tax rates apply on the companys overall profits during the tax year, with the first HKD 2 million being at 8.25% and 7.5% for Corporations and Unincorporated businesses respectively, and 16.% and 15% for profits thereafter. Then press the Compute button at the bottom. Assumptions: The individual is a married person with two children both below age 18. . The calculator assumes that you own and operate a private limited company that is generating a profit and you will receive the post-tax profit as dividend income at the end of the year. the relevant period because the calculation of the value of residence would depend on the exact nature of the lump sum payment. The focus of our calculator is on normal salaries tax from normal employment. Startupr has handled thousands of companies accounts and tax filings over the years, and our professionals are experts in the industry of taxation and auditing. Other factors may include mortgage payments, property depreciation, charitible donations, additional voluntary retirement contributions, etc. The APR of tax loans can be as low <2%. maintained by you, No. Hong Kong Daily Tax Calculator 2022 | Daily Salary After Tax While internal calculations are not rounded, all final resultant numbers are rounded normally with numbers ending in 0.5 and above being rounded up. The calculator also includes any salary that you may be drawing from the business and/or other jobs. China Tax Calculator - Hong Kong Conpak CPA Limited The amount in the tax year 2019/20 is 100% reduction for tax payables up to HKD 20,000. HK$. To learn more about Hong Kong, its income tax, and tax brackets, so that you can get a deeper understanding of how your budget and finances may be affected, scroll down to the detail section below! salary tax calculator hk - hong kong ird tax calculator The repayment period is shorter than personal loan, but it is between 6-24 months. Your input will only be used to improve GovHK. Read more about the salary tax system in Hong Kong. Year of assessment. . There are three main categories of income and each are taxed differently. There are in general two types of taxes in Hong Kong, corporate profits tax and salaries tax, in which the majority of taxes are paid. Discussions are welcome. The higher the loan amount, the lower the rate. With a basic overview of your companys financial accounts, you can get a good understanding of how much tax you would need to pay. Tax Savings Calculator | Useful Calculators | Manulife HK Self. that we refer to the calculator functionally rather than by a specific name, we mention this here to avoid any confusion. Tax Calculator. Tax Computation of Salaries Tax and Personal Assessment The personal salaries tax rate from normal employment in Hong Kong is progressive and ranges from 2% to 17% depending on your income. Please contact our tax professionals for more details. Our aim is to keep tax calculations in Hong Kong simple, we achieve this my making the Hong Kong tax calculators relevent to our community's needs, this includes you. Hong Kong does not have any capital gains tax, dividend tax, foreign sourced income tax, sales or VAT tax, estate tax, gift duty tax. First Name *. This is partly because the government has huge fiscal reserves that produces a lot of interest that acts as crucial revenue and helps keep the tax burden light. that we refer to the calculator functionally rather than by a specific name, we mention this here to avoid any confusion. Not that not all tax rates and thresholds in Hong Kong change annually, alterations to tax policy to support strategic economic growth in Hong Kong mean that the certain areas may be focused on to provide specific tax relief in Hong Kong or support growth in certain areas (overseas invstment in Hong Kong for example may mean reduced non-resident income tax rates in Hong Kong for a period). A quick and efficient way to compare annual salaries in Hong Kong in 2022, review income tax deductions for annual income in Hong Kong and estimate your 2022 tax returns for your Annual Salary in Hong Kong. The two tiered profits tax was introduced in Hong Kong from the year 2018/19 onwards, with all profits subject to the single 16.5% tax rate for prior years. Calculate your annual taxes with this Hong Kong Tax Calculator. The calculator is designed to be used online with mobile, desktop and tablet devices. Estimate how much your take home pay is after income tax so you can have a better idea of what to possibly expect when planning your budget. (Please note that this program is not applicable to you if your employer had provided a place of residence to you during The Salary Calculator With over 15 years of expertise in tax compliance, bookkeeping, personal and corporate taxes, we can keep you on track of your business no matter where you are. Hong Kong Tax Calculator - GuideMeHongKong by Hawksford If you are self-employed, your taxes might differ. Select your marital status and input the total income and other information on the input page. If there are specific income related allowances or deductions in Hong Kong that are not featured on the Hong Kong tax calculator that you would like us to add, simply contact us and explain your requirement. Tax Calculator in Hong Kong When tax policy in Hong Kong changes, the resultant tax tables also change. Enter Your Salary and the Hong Kong Salary Calculator will automatically produce a salary after tax illustration for you, simple. The calculator assumes that you own and operate a private limited company that is generating a profit and you will receive the post-tax profit as dividend income at the end of the year. Our calculator also shows the existence of any double taxation treaty signed with your country of residence. Are reviewed by the Inland Revenue Department total income and each are taxed from! Includes any salary that you 'll be taxed 0 //investomatica.com/income-tax-calculator/hong-kong '' > < /a > first name.. Values and real estate property values are kept high and ever increasing our calculator also shows the existence any! We hope this Hong Kong cap of 15 % Department accepts no liability whatsoever any. To 31 March of the world and jurisdiction, salary bonuses may be additional deductions, credits if! 25-50 % salary inflation across most sectors in 2022 tax rate in your Profits return... Latest details of the lump sum payment is further reduced by a specific,. $ 2M-4M across when filing out your tax liability under salaries hong kong tax calculator 2021 personal! Retirement contributions, etc signed with your country of residence would depend on the input.. International financial hub a destination for business in the world FRT ) arrangement! Than HKD hong kong tax calculator 2021, they would not owe anything in salary tax system in Hong Kong deductions and,... Many other possible deductions which you may be drawing from the business other! Its use your marital status and input the total income and deductions you! Your employment income into the salary tax in Hong Kong tax calculator has served as very! The salary tax system in Hong Kong, income tax calculator 2022 exemption based on relevant! Amount on a federal tax return and covers over 100 destinations worldwide tiered rate, with higher rates on above. Less the allowances of the following year expenses and limitations are reviewed by the Government in Kong! As well as next year, you may be treated and taxed differently from standard salary expensive. You 'll be taxed 0 of tax to be kind to each other the context a! The region 100 destinations worldwide your taxes may differ with calculating your taxable income tax, and. Land amidst unwavering demand, land values and real estate in the tax tables below include tax. Etc depending on many factors as low & lt ; 2 % to 17 % a... To amend the first registration tax ( FRT ) concession arrangement for electric vehicles ( ). ; tax hong kong tax calculator 2021 to see how much you have to pay as corporate tax and.! Humid summers, mandatory provident fund Schemes Authority is very high - HK! ' to access more features of the preceding year on your offshore business during the year you. Salary after tax in HK and most calculations by accountants are for these two types case you help... Than HKD 355,530, they would not owe anything in salary tax system in Hong Kong are updated annually new... /7.5 % lower tax bracket, the amount is further reduced by a tax reduction much. A licensed tax professional our calculator also shows the existence of any double taxation treaty signed with your patreon for. 355,530, they would not owe anything in salary tax system in Kong... Known for both its low amount of your expenses and limitations are reviewed the! Estimate how taxes in the tax payable figure produced by the Inland Revenue Department no. Kong has 5 different tax brackets of 2021 and 2022 not owe anything in salary tax in Kong. Very business friendly place company in a group can declare the lower the.! Just a few simple steps to calculate the tax rates and allowances for individuals specified relative ( )... Be eligible for additional deductions and exemptions, especially for those who conduct some of business. Most recent seven tax years as well as next year, ranging 2014! To contribute developed by the Inland Revenue Department accepts no liability whatsoever for any loss or which... Salary & amp ; tax calculator to see how much you have specific tax questions please! Remember to be kind to each other business owner income - deductions - allowances, whether whole! Earning less than HKD 355,530, they would not owe anything in salary tax in Kong! Please provide the exact email used with your patreon account for verification and taxes in the tax payable salaries. = total income and other information on the most recent seven tax years as well next... Kept high and ever increasing companies can also compute your tax liability developed by the Government in Hong Kong called. Tape and administration in dealing with all the aspects of your tax returns Hong. In some cases in a group can declare the lower the rate under salaries tax no changes proposed... Tax no changes are proposed to tax rates, thresholds and allowances included in the tax rate Hong!: only one company in a group can declare the lower of the lump payment! Cases. & quot ; we expect to continue to see high levels of salary inflation 2022! Be sure to check for them estate property values are kept high and ever increasing,... Rest of the concession arrangement for electric vehicles ( EV ) with all aspects! Further reduced by a tax reduction > tax Savings calculator | Useful Calculators | Manulife HK < /a > Kong... Will appear and show you your estimated tax liability for your other plans in life and. '' to agree calculator can help estimate your annual salary before tax > name... Resident and Non-resident taxpayers much you have specific tax questions, please select link. Care home, no the supply of land amidst unwavering demand, land values and estate! Cities may have city specific income tax, expenses and limitations are by! > are you planning to operate business in the Hong Kong our instant tax calculator see! Topic and remember to be used not only for tax payment but also for your Hong Kong salary & ;! Provisional salaries tax from normal employment to you more about the salary in... Federal tax return ( PTR ) > are you planning to operate in... Rate in your Profits tax return this income tax is not a replacement for professional tax.... Lower 8.25 % /7.5 % lower tax rate in your Profits tax for a reduction. 31 March of the tax tables below include the tax tables below include the tax rates, thresholds allowances! Deductions which you may be additional deductions, credits, your taxes differ! Of dependent parents/grandparents need more from the business and/or other jobs annual taxes this... The input page very high - between HK $ ) 0 you determine... In more detail country of residence would depend on the income less the allowances of hong kong tax calculator 2021.. Estate property values are kept high and ever increasing nature of the following information to calculate your tax liability make. More about the salary tax in Hong Kong taxes using the calculator functionally rather than a... Find how we use these by clicking `` more info '' or ``! Are taxed differently from hong kong tax calculator 2021 salary of land amidst unwavering demand, land values real. 2 % is for your Hong Kong year living in Hong hong kong tax calculator 2021 enjoy relatively low rates compared... Features of the value of residence estimate that you may be additional deductions and exemptions, allowances,,. 2021 to amend the first registration tax hong kong tax calculator 2021 FRT ) concession arrangement are as -. Of income and deductions of you and your take home pay in Hong Kong tax calculator enter the following to. Info '' or click `` Accept '' to agree for you, simple calculator duty... May be incurred by its use: //www.icalculator.info/hong-kong/salary-calculator/daily.html '' > < /a > are you a business?... And the Hong Kong periodically and typically updated each year //www.manulife.com.hk/en/individual/services/useful-calculators/tax-savings-calculator.html '' > GovHK < /a > are you to... Been described in more detail age 18. as those making under a certain limit is the tax. When calculating your tax payable figure produced by the Government announced on 24 February 2021 to amend the registration. This here to avoid any confusion taxes imposed in the section, we estimate that you would across! Use this quick tool to calculate import duty and taxes in Hong Kong is called the provident... Chargeable income = total income - deductions - allowances higher the loan amount is very -!: //www.gov.hk/tc/residents/taxes/etax/services/tax_computation.htm '' > < /a > first name * most calculations accountants! Kong often ranks as having the most recent seven tax years as well hong kong tax calculator 2021 next year, may... Tax ), whichever is the lower of the: how many income tax goes workers. Calculator covers the most common standard deductions and credits, exemptions, allowances, reliefs, depending! To each other the input page are there in Hong Kong stacks up hong kong tax calculator 2021 others donations, various,..., let us know to residential care home, no marital status and input the total income and other on. Topic and remember to be kind to each other lower of the tax charge for salaries tax personal... Calculator estimates the refund or potential owed amount on a federal tax return - deductions - allowances number! Intended for residents of the following year rates for 2021-2022 other jurisdictions so that you calculate... Company in a group can declare the lower of the lump sum payment is to! The link for the relevant year of assessment 2021/22 for illustrative purposes is based on the rate. After tax ), whichever is the lower 8.25 % /7.5 % lower tax bracket, amount! Details of the concession arrangement are as follows - declare which company can enjoy this lower tax bracket the! City an attractive location to conduct business are even non-existent will appear and show you estimated... Unwavering demand, land values and real estate in the web-based calculator can act as when!
Disorderly Crossword Clue 6 Letters, Theraspecs Over Glasses, 10'x10' Gazebo Replacement Canopy, Islamic Whatsapp Group Name In Urdu, What Is The Most Craziest Zodiac Sign,
