Q:
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When we should keep this record?
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A:
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Your tax obligations commence when you hire the first employee
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Q:
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What documents we should keep?
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A:
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On hiring the employee, you have to maintain a record of that person's :
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personal particulars
(name, address, identity card or passport number with place of issue, marital status)
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nature of employment
(full time or part-time)
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capacity in which employed
(e.g. sales manager, salesman, worker, in-house lawyer, accountant, director)
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amount of cash remuneration
(regardless of denomination in domestic or foreign currency and remuneration paid outside Hong Kong)
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non-cash and fringe benefits
(such as quarters, holiday journey benefits, share award, share option)
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employer's and employee's contributions to the Mandatory Provident Fund (MPF) or its equivalent
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employment contract and amendments to terms of employment
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period of employment
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Q:
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Which document we should be provided to IRD?
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A:
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You have to inform the Inland Revenue Department ("IRD") the following:
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any change in the employee's personal particulars (such as change in residential and postal address, change in marital status)
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any change in the employee's terms of employment (such as a change from full time to part-time)
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the Hong Kong Identity Card No. of the employee
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Q:
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How long we should keep the record?
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A:
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Business owners are required to keep business accounting records, including payroll records, for at least 7 years.
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FAQ
