Hello,
I have interest earned from Hong Kong bank accounts.
Is it chargeable income?
If anybody can explain me, I would truly appreciate it.
Hello,
I have interest earned from Hong Kong bank accounts.
Is it chargeable income?
If anybody can explain me, I would truly appreciate it.
Where? Here? No I don't think so. Income tax is called salaries tax because I think it applies only to salaries - but I could be wrong!
For Hong Kong tax, no. Profits from personal investments (interest, dividends, capital gains, etc) are tax-free in Hong Kong. That's one of the reasons HK is such a great place to retire - you need a much smaller pot of savings to live off because the tax man doesn't take any of the income from it.
Last edited by PDLM; 17-08-2010 at 09:38 AM.
It is not taxable income in HK, but it is taxable by the U.S. if you are an American. The income usually goes onto Schedule B of U.S. IRS Form 1040.
If you don't live in Hong Kong, e.g. the UK and are domiciled there, you will have to pay UK taxes on the interest. It depends where you live.
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Last edited by hongkongwonder; 19-09-2010 at 03:36 PM.
Hi guys,
I am thinking about taking all the money I have sitting in an offset account in Australia and putting it in to a term deposit.
If I am no longer an Australian tax resident does that mean all interest earned will no longer be taxable? Regardless of currency or bank account location?