8 03, 2023

Form 8854: Initial and Annual Expatriation Statement

2023-03-08T08:38:58+00:00*FAQs (Frequently Asked Questions), Penalties, Tax Filing Requirements|0 Comments

In the past few years, there has been an upsurge in US citizenship renunciations. In a recent Forbes article[i], between 2005 and 2009, less than 2,500 people renounced their citizenship. Between 2010 and 2020, this number went up to 36,840. The reasons behind such renunciations could be political or personal and irrespective of the reasons [...]

23 12, 2022

Do I need to file FBAR or Form 8938?

2022-12-23T07:39:17+00:00FBAR/FATCA, U.S. Taxes - General|0 Comments

If you have a foreign bank account(s), it is likely you’ll have FBAR and Form 8938 (Statement of Specified Foreign Financial Assets) filing requirement. Below are answers to a few basic questions related to those forms. What is FBAR and 8938? FBAR: The FBAR (Foreign Bank Account Reporting) formerly called the Report of Foreign Bank [...]

6 12, 2022

Anything missing or need correction in your Hong Kong tax assessment?

2022-12-06T08:12:22+00:00HK/Foreign Taxes, Other Information|0 Comments

If you have timely filed your Hong Kong individual tax return for the year 20xx/20xx, you should have received/ will receive your Hong Kong tax assessment. Generally, the tax assessment should match with tax returns that you have filed to the Inland Revenue Department (“IRD”) and the employer’s return filed by your employer(s). However, you [...]

5 10, 2022

Looking to Reduce your Hong Kong Salaries Tax Liability?

2022-10-05T01:52:24+00:00HK/Foreign Taxes|0 Comments

Taxpayers are always searching for ways to reduce their tax liability. Here are some ways to reduce Hong Kong tax liability on your individual income tax return: Claim for deductions under salaries tax (i.e., outgoing and expenses, self-education expenses, approved charitable donations and contributions to the Mandatory Provident Fund (“MPF”) or Recognized Occupational Retirement Scheme). [...]

16 08, 2022

Taxes Applicable on Self-Employed Income

2022-08-16T07:21:13+00:00Company Reporting, Tax Filing Requirements|0 Comments

Post-pandemic world has seen more and more people started working for themselves either by setting up their own business or working as a freelancer which potentially triggers self-employment tax. In this short article we will briefly look at a few basic questions of the self-employment tax: Who is considered self-employed? Generally, a taxpayer is considered [...]

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