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Introduction
Tax evasion is an illegal method of obtaining a tax benefit. Tax avoidance is the attempt to obtain a tax benefit by legal means. A taxpayer can achieve maximum tax efficiency through tax planning. Hong Kong has a simpler system than many countries like the UK, US, or Australia as they only have profit tax, salaries tax and property tax. This simplicity, in many instances, allows Hong Kong to offer countless tax planning opportunities to help arrange your affairs in a more tax-efficient way.
Things to consider
– Maximising tax efficiency through personal planning
– Mitigating against inheritance tax
– Efficient planning to ensure maximum preservation of your estate
– Forecast of future requirements and liabilities
– Long-term financial planning
Summary
Effective tax planning can help you make the most out of your money. Hong Kong has a low tax rate and filling in returns is easy compared to the labyrinth of rules and deductions in the US, Canada, UK or Australia. This simpler system allows for the typical expat to take advantage of these benefits whilst residing in Hong Kong.
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For more interesting and useful articles, click on the links below:
- Top 5 Mistakes that UK Expats make about Domicile and Tax
- Top 5 Actions to Ensure a Tax Efficient Return to the UK
- Top Tax Tips for UK Expats
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