What is the employer’s return?
Employer’s return is a tax return form required by the Hong Kong Inland Revenue Department for all employers to declare employees’ salaries, benefits, stock options and other items. Tax forms usually include IR56B, IR56E, IR56F, IR56G, IR56M and other different types of forms.
Why is employer’s return important?
Hong Kong’s employer’s tax return is an important document, which involves the employer’s tax declaration and declaration of employees’ salaries, benefits and other items. By filling out the employer’s tax return, the employer can ensure compliance with the Hong Kong tax law and the regulations of the Inland Revenue Department, and can smoothly complete tax declaration and payment.
Benefits of filing employer’s returns
- Compliance with legal requirements
Submitting the employer’s tax return on time is a basic requirement to comply with the Hong Kong tax laws and regulations of the Inland Revenue Department. Employers need to ensure the timeliness and accuracy of tax returns.
- Reduced fine
If the employer fails to declare taxes accurately, IRD may impose fines on it, and timely filing and correcting tax returns can reduce or avoid fines.
- Improve tax records
The employer’s returns contain records about salaries, benefits, etc., which can help employers establish a complete tax record for future inquiries and declarations.
Notice on filing employer’s return
- Well prepared
Before filing out the tax return form, employers need to prepare relevant salary, benefits, stock options and other records to ensure that the data filled in is correct.
- Pay attention to deadlines
The Inland Revenue Department will set tax return deadlines, and employers need to submit tax returns within the specified time. Failure to submit on time may result in fines.
- Ensure accuracy
When filing out tax forms, employers need to ensure the accuracy of the data, including records of compensation, benefits, and more.
Read more: Quick Guide on Tax | How to Complete Employer’s Return?
Workstem
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