The tax paid this year will definitely be higher than last year, because the economy will return to normal and income should increase; on the other hand, the tax relief will be reduced from 6,000 dollars last year to only 3,000 dollars this year.
The Hong Kong Inland Revenue Department has issued 2.44 million personal tax returns for 2023/24 on May 2nd, and they must be completed and returned to the tax bureau within the specified time limit. Now is the time to calculate your tax, or to make a tax plan quickly to reduce your tax expenses in a legal way.
Our company has compiled an excel sheet, which is a simplified version of the 2023/24 salary tax payable calculation sheet, which can help calculate the salary tax payable this year. You only need to fill in your relevant figures in the yellow boxes to calculate the salary tax payable for this year.
This excel sheet can also be applied to self-employed people, just enter the business profit (unlimited company) into the "Income" box. Excel calculation sheets can be found on this post down below. Or you can contact our colleagues to provide it. If you find the calculation sheet helpful, please forward it to your friends.
Please note that this is just a simple version of the calculation sheet and the calculation results are for reference only. The calculation sheet may not be able to handle some more complex situations (such as other tax exemptions or expenses, etc.). For accurate calculation of the tax burden payable, please seek professional advice.
If you have a more complicated situation, you can fill in the information in the attached form and give it to our company to calculate it for you.
(Some pictures are taken from the public Internet. If there is any copyright, please notify us for deletion)
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