What is BIR60 Form? All You Need to Know

1. What is BIR60 Form? All You Need to Know

2. When moving to Hong Kong, you will probably have questions about taxes. While there are many rumors that he can work in Hong Kong tax-free, this is not the case. If you have a long-term visa in Hong Kong, you will have to pay Hong Kong income tax.

3. Income tax rates in the region are remarkably low, you are likely to pay individual income tax at a rate of 15% (the tax in Hong Kong is progressive, the more you earn, the more you pay, however, not will pay more). 17%) and income tax at a rate of 16.5% if you have established a business there. Hong Kong also has agreements with several countries for its foreign residents to avoid double taxation. Note that the different types of taxes applied are not deducted at source. • The tax system is managed by the Hong Kong Internal Revenue Department. The fiscal year begins on April 1 and ends on March 31 of the following year.

4. Tax system for different profiles • Income tax applies to all people who receive income in Hong Kong, namely employees, retirees, car entrepreneurs, etc. Your payroll tax will make up the majority of your income tax along with bonuses, commissions, etc. Learn more about wage tax and how it is calculated here. • Other types of taxable income in Hong Kong are income derived from renting a property in Hong Kong and income from self-employment.

5. Tax return • Employees receiving taxable income generally receive a BIR60 form(Personal Income Tax Return) tax return form. Companies, for their part, receive form BIR51 while self-entrepreneurs receive form BIR52. Non-residents receiving income or benefits in Hong Kong must complete form BIR54. Finally, natural and legal persons who own real estate in Hong Kong must complete forms BIR57 and BIR58 respectively. These forms must be duly completed and signed and sent to the Department of Public Finance (IRD). Thereafter, income tax must be paid before the deadline date indicated in the tax assessment issued by the IRD.

6. If you are paying taxes for the first time (in the case of a first job, first tax limit reached, benefits, annuities, etc.), you must inform the IRD within four months of the end of the tax year. . Next, you will need to complete an income tax form IR6167, or a form IR6168 for income taxes, or a form IR6129 for property taxes. The following documents must be submitted: • -a handwritten letter • -your identity card or passport number • -your number of records • -your postal address • -your phone number (mentioning times when you can be contacted). • In case you have not received any documents, you must notify the IRD that it is not taxable.

7. Paying Tax • There are several ways to pay taxes in Hong Kong. • First, you can pay by phone, online, or at an ATM. However, you will need a TRC account number, which you can request in the TRC Section by completing a form IR1306. Please note that you must be in possession of a tax assessment to be able to use this mode of payment. The Shroff account number for electronic payments, which is an 11-digit number (containing hyphens and letters), is printed on this document. The first few numbers should be removed when starting. In case of payment by phone or at the ATM, the 'A' should be removed. Finally, in the case of online payment, some banks will require the 'A' while others will not.

8. If you prefer to pay by mail, you can send a check to the Government of the Hong Kong Special Administrative Region or the Government of HKSAR. You must write the Shroff account number on the back of the check and follow the instructions on the tax notice. You can then send the letter to the Commissioner of the Treasury, P.O. Box 29015, Gloucester Road Post Office, Hong Kong. • Payment on the spot is also accepted at regular post offices (except mobile post offices). You can then pay by cash or check. Please note that payment can also be made at the Revenue Tower in Wan Chai and the Post Office on Gloucester Road.

9. Finally, you can send a cross check to the address mentioned below if you have a bank account in Hong Kong. You must write your reference number, as well as the Shroff account number on the back, along with an acknowledgment of receipt of payment that you will send to the Commissioner of Internal Revenue, P.O. Box 28282, Gloucester Road Post Office, Hong Kong. • In case you do not have a bank account in Hong Kong, you can also send an HKD check or a foreign currency cross check in the same order as above and to the same address. However, a foreign currency cross check must bear your tax number and Shroff account number.

10. About Us • The FastLane Group is an accountancy and advisory firm with a presence in Hong Kong and Shenzhen. We combine innovation and technology to provide professional services with a particular focus on entrepreneurs, start-ups, fast growing technology companies, angel investors and venture capitalists. • Website - https://fastlanepro.hk/