Payroll in Hong Kong
Payroll in Hong KongUpdated on Monday 21st September 2015
Rate this article
based on 1 reviews
based on 1 reviews
Hong Kong payroll
Any company in Hong Kong has certain obligations when it comes to the legal relationship with its employees and the manner in which it administers the wages for its workers. Payroll in Hong Kong encompasses all of the financial records kept of the salaries, bonuses and deductions offered to each employee.
Regardless of their type and size, companies in Hong Kong need to handle the specific accounting and financial reporting requirements. Payroll services can be performed in-house by a specialist or they can be outsourced to another company. If you need help with your reporting requirements, the experts at our law firm in Hong Kong can help you with payroll services.
The obligations of an employer in Hong Kong
An employer in Hong Kong will have to comply with several tax obligations. Upon hiring an employee, the company owner will need to maintain a record for that person. This document will include:
- personal information;
- the type of employment: part-time of full time;
- the employee’s position in the company;
- amount of remuneration;
- various benefits;
- period of employment as well as the employment contract and any amendments to it;
- contributions to the Mandatory Provident Fund (MPF);
The employer will also have to submit the following information to the Hong Kong Inland Revenue Department: changes in the employee’s personal information, any changes regarding the employment, the employee’s Hong Kong Identity Card No.
Payroll services in Hong Kong
Business owners in Hong Kong must keep all business accounting records, including the payroll records, for at least 7 years. Our team of experts can help you handle the payroll calculations and file the annual returns for the Inland Revenue Department.
Our law firm in Hong Kong can provide you with complete payroll services and personalized assistance. Our payroll package will include not only monthly assistance for payroll calculations but also the distribution of the salary to the employees, calculating the employee’s contributions to the MPF, medical insurance for staff members, monthly and annual reports and others.
For a complete and detailed list of our services please contact our Hong Kong law firm.