Get HK IR56M 2022-2024

Form No.: IR56M. Form Title: Notification of remuneration paid to persons other than employees.

You have to file IR6036B and IR56M to report your payments to them. In addition, you should provide the service provider with a copy of the IR56M so as to facilitate correct completion of his/her tax return.

Income to be reported. (a) Salaries Tax is charged on employment income arising in or derived from Hong Kong which includes income derived from services rendered in Hong Kong and remuneration paid to an employee under certain service company arrangements.

For any former employee who has ceased to earn income chargeable to Hong Kong Salaries Tax (such as by reason of retirement or departure from Hong Kong), you are required to file a form IR56B only when the gains realized during the year of assessment have exceeded the basic personal allowance for that year of ...

exceeds $25,000 per annum. ✧ You should report amounts ing to the year of assessment, namely, from 1 April to the following year's 31 March. Please note that your annual accounting date may not be the 31 March and you have to calculate a figure for reporting.

Form No.: IR56M. Form Title: Notification of remuneration paid to persons other than employees.

The Employer's Return of Remuneration and Pensions, or known simply as the employer's return, is an annual form that states what your employees receive in salary and benefits.

Failure to file the Annual Returns within a prescribed time period will result in a maximum penalty of HK$50,000 for each breach. There is also a daily default fine of HK$1,000.