[The Boy Plunger]

From the number below my user name, you can see this is my first posting, having taken time to read the contents for several days, weight on the cost benefits, I have decided to join and pay the subscription. (Maybe not monetary but once you join these boards, time is used almost everyday, so I pick mine carefully)

I will fire my first question to tap the resource you all seem to offer so generously...

I have read on several postings that on your first year working in HK, you are required to pay this year and next years tax, is this right. It seems very unfair and the reason I am relocating to HK is to avoid 40% tax from UK, but seems like I will suffer the same thing, please give some guidance …

Newbie

[KnowItAll]

You can always appeal the second years tax and they may give you a discount. Most people just bite the bullet as they're dealing with a far higher tax rate in their home countries, when compared to the two year tax bill that hits you in HK.

Depending on your salary range and job functions, you can allocate some of your salary to be "paid outside of Hong Kong" for responsibilities which are regional in nature. There are several ways to reduce your bill ... talk to good tax consultant / financial planner.

Like death, taxes are one thing we as humans cannot escape, unless we're related to the Li family.

[The Boy Plunger]

Cheers Knowitall!

Going on from that, so taxes need to be paid for last year and this year, so my second year in HK should return to normal ... Do you know any decent loan sharks?

I had also found out that I am required to pay 52 weeks of UK National Insurance before I make a clean break from Gordon Brown ...

Thanks for help, will live in DB when in HK around Feb 04, so drinks are in order, no doubt more questions to follow before that.

OK! time to pack up and head for the Central Line and suffer from the lottery of the London Undergound system...

[shri]

>> Do you know any decent loan sharks?

HSBC, Standard Chartered Bank.... the list goes on. All the banks offer tax-loans at extremely competitive rates, specially when compared to the US or UK.