Employee’s compensation from employer after leaving the company

The taxpayer’s compensation for separation includes severance pay, long service payment, or compensation for separation for loss of position. The following explains whether these compensations are subject to salaries tax. Taxpayers who are dismissed by their employers, request suspension of work or are not renewed due to layoffs are entitled to severance pay or long … Read more

Employers or employees claim deductions from retirement plan contributions

Taxpayers operating businesses in Hong Kong will be required to make contributions to accredited schemes as a result of employing staff. If the contribution is used to generate the assessable profits of the business, and in all circumstances it is not excessive, that part of the contribution shall be deemed to be used wholly and … Read more

Claiming deductions for expenses required to go to work

Not all expenses while working are deductible. There are strict rules for the deduction of expenses. The tax regulations stipulate that expenses at work must be incurred purely and must be incurred for the production of the assessable income, and expenses are not of a private, family or capital nature. <incurred> means that the expenditure … Read more

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