Hong Kong Budget 2018 Highlights for HR and Payroll Professionals

Hong Kong Budget 2018 has been released on Wednesday, 28 February 2018 by Financial Secretary, the Hon Paul MP Chan.

1. Income Tax Bands proposed to be changed.

Old Rates (2017-18)	Marginal tax rate	New Rates (2018-19)	Marginal tax rate
First $45000	2%	First $50000	2%
Next $45000	7%	Next $50000	6%
Next $45000	12%	Next $50000	10%
Remainder	17%	Next $50000	14%
		Remainder	17%

The above proposal will reduce the tax burden of 1.34 million taxpayers.

2. The basic and child allowance will be increased to $120,000 from existing 102,500.

3. Allowance for dependent parent or grand parent aged between 55 and 59 will be increased to $25000 from existing 23575

4. Dependent parent or grand parent aged 60 or above will be increased from 47150 to 50000.

5. Deduction ceiling will be increased for elderly residential care expenses (that you or your spouse have paid to a residential care home for the care of a parent or grand parent) from $92000 to $100000.

6. A Personal Disability allowance of $75000 has been introduced.

Comments

Difference Between IT Governance and GEIT (Governance of enterprise IT)

Chapter 1 Concepts of governance and management of enterprise IT DIFFERENCE BETWEEN IT GOVERNANCE AND GEIT According to our study material, IT Governance refers to the system in which directors of the enterprise evaluate, direct and monitor (First they evaluate i.e. form an opinion, then they direct i.e. what should be done and then in last they monitor i.e. what should be done is actually being done.) IT Management to ensure effectiveness, accountability and compliance of IT. My dear friends, note the line (effectiveness, accountability and compliance of IT) i.e. only of IT. Now what is GEIT???? lets start with a definition..... GEIT is the system by which IT activities in a company are directed and controlled to achieve business objectives with the ultimate objective of meeting stakeholders needs. And as given in earlier post Corporate Governance is a system by which company is directed and controlled to achieve objectives of increasing stakeholder

Work Day Interface PECI (Human Capital Management) Introduction

Workday is a very popular Human Capital Management Software but they do not have good Payroll Processing Capabilities which is the final outcome of a Human Capital Software. To address this, they have given a good interface i.e. PECI Interface i.e. (Payroll Effective Change Interface). It is latest interface version given by Workday for integrating Human Capital Software with a Payroll and Statutory Compliance Software for calculating organisation tax compliance and Employee Salary. In this article, let us discuss the strengths and weakness of Workday interface and how organisations can overcome that. Strengths: This workday interface extract all the transactions in XML format which is very easy to analyse and study for any potential error or gap. It works on Pay Group ID logic where data is interfaced as per pay group id mapped to employees. With each transaction, Workday PECI use 'Update' or 'Added' Flag so Payroll vendor can easily identify the tran

Macau (SAR) Tax with Calculator

Link to Macau Tax Calculator: http://www.dsf.gov.mo/tax/tax_downloadapps.aspx?lang=en Introduction · Individuals are subject to tax on income arising in Macau. Residency of an individual has no significance in determining tax liability. · Professional Tax is imposed on employment and self-employment income arising in Macau. For the purpose of tax, taxpayers are divided into employees and professional practitioners. · Tax Year End is 31st December. · PAYE System is used to withhold taxes · TFN: When an individual commences employment, they will be requested to quote their Tax File Number (TFN) to their employer. · Tax Amount is rounded up to the nearest dollar. · When are estimates/prepayments/withholding of tax due in Macau? For example: monthly, annually, both, and so on. · Monthly for expatriates, quarterly for Macau residents and non-residents with a working permit. Types of Taxable C

MJ Blogs

Search This Blog