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Originally Posted by ZunZhine
Btw, I was also looking for info on tax, it appeared that tax in HK is at a flat of approximately 15% after deducting all the allowable allowances.
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It's not exactly a flat-rate tax system.
http://www.ird.gov.hk/eng/pdf/pam61e.pdf will explain everything.
But from the figures you provided earlier, it should come out to around 15% at the end.
Quote:
Originally Posted by ZunZhine
Apart from the above, I was also told that some places in China (correct me if wrong) do impose witholding taxes when one trasfers their money/ income back to their country of origin, and a huge sum would be lost.
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That's because the Renminbi is not fully convertible over the capital account, so they have capital controls in place to make sure people can't speculate on the currency. Restricting in/outflows is one of them. Same logic applies to how you can't exactly go to a money changer in mainland China and convert a bunch of USD into RMB, or vice versa. Even if you buy/sell RMB in HK, everything ultimately goes thru the Bank of China.
HK is one of the free-est places in the world, economically, so you won't have this problem at all. They'll wire your money wherever you want, no questions asked.