The immigration boom is still over, and many Hong Kong people will prepare for immigration procedures before immigrating, including clearing taxes before leaving Hong Kong. Immigrants must submit their resignation to their employer in advance and inform their intention to leave Hong Kong before leaving Hong Kong. They must complete tax clearance procedures at least one month before leaving Hong Kong, otherwise they may be fined HKD 10,000! Tax clearance for departure from Hong Kong may sound complicated, but in fact the tax clearance process is not complicated at all and can be completed in a few days at the earliest! In this article, the editor of Fuuffy will introduce the process, procedures, time and required documents for departure tax clearance. Let’s take a look at how to handle departure tax clearance procedures now!
Payment of tax, as the name suggests, means that tax-responsible persons must pay all tax due on time before leaving Hong Kong. Hong Kong's ""Inland Revenue Ordinance"" stipulates that the following three groups of people who plan to leave Hong Kong for more than one month must declare and settle taxes to the Inland Revenue Department before leaving Hong Kong:
1. Current employees with salary tax burden.
2. Property sellers who need to pay income tax on the profit from the sold real estate.
3. Those owners who have ceased business activities and are required to pay income tax on their profits.
For those who are still renting out their properties or continuing to run their businesses, there is no need to clear taxes before leaving Hong Kong. However, such persons should update their correspondence addresses promptly so that they can continue to fulfill their annual tax filing obligations after leaving Hong Kong.
Tax clearance procedures when leaving Hong Kong is an important process that involves multiple steps to ensure that tax matters are properly handled. The following are the specific procedures for departure tax clearance:
The second step of tax clearance: Submit tax return (BIR60)
In After receiving your departure notice, the Inland Revenue Department will issue a tax return form (BIR60). Employers need to complete and submit this form as soon as possible, along with other supporting documentation. If you want to speed up the tax clearance process, you can choose to go to the tax building in person. After meeting with the tax assessor, you will get the preliminary tax assessment results, and then you will receive a ""tax payment notice"".
The third step of tax clearance: pay tax
If it is on the same day Once you receive the ""Tax Payment Notice"", you can choose to pay the tax at the post office or ATM on the first floor of the tax building. After completing the tax payment, return to the tax collection section on the 7th floor of the tax building to receive a copy of the ""Release Agreement"". If you can't pick it up in person, the tax office will also mail it to employers and employees.
The fourth step of tax clearance: collect the last salary
At the employer Once the ""Consent to Release Letter"" is received, the employee will be released the final salary that was previously withheld.
After completing the above steps, your departure tax clearance procedure will be completed. This process ensures tax compliance and allows you to leave Hong Kong with peace of mind and start a new phase of your life.
- A copy of the IR56G form provided by the employer (if you have not obtained it from the employer, you need to fill in the ""Tax Clearance Self-Declaration"")
- Proof of termination of employment contract
- Final pay slip
- Supporting documents for claiming tax exemption/deduction (if applicable)
As long as you have taxable income in Hong Kong, you are responsible for filing and paying taxes. If you are not sure whether you have unpaid taxes, it is best to go to the tax office to check your files in person before leaving Hong Kong. Know your taxable income from previous financial years.
What else should I pay attention to when immigrating overseas? Move to Fuuffy Blog to read more immigration information and strategy articles!
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