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Comprehensive Guide to IR56 Forms in Hong Kong

If you’re working and running a business in Hong Kong, you need to know about Forms IR56.There are several form types that employees and employees must be familiar with to remain compliant.

What Are Forms IR56

The IR56 forms in Hong Kong are a set of essential documents for employers and employees. These forms will be used to report income and deductions to be sent to the Inland Revenue Department (IRD). Each form serves a specific purpose. Here are some of the common IR56 forms that you should know:

IR56B – This is used to report employment income. All employers must provide these forms on an annual basis to their employees. These forms contain details of salary, bonuses, allowances, and any other income-related information.
IR56E – Non-resident employees will use this form to report their income. These forms contain information about the different tax regulations and will help non-resident employees accurately report their income.
IR56F – Income paid to office holders (directors or partners) of the company will use this form to report their income.
IR56G – This form is used to report income paid to individuals (other than employees). This includes contractors or consultants.
IR56M – Mariners and aircrew staff will use this form to report their income.

When Do Forms IR56 Need to Be Filed?

The forms need to be filed annually by employers. Deadlines for these forms should be on or before 31 March, which is the end of the tax year. Government Electronic Trading Services (GETS), which is a system that allows electronic filing, lets employers have until the 15th of April to file their submissions.

How to Complete Forms IR56?

To complete the forms, employers must provide all the details required about their employees’ income. This includes the following:

Personal details (Name, Hong Kong ID, address etc)
Salary
Bonuses
Commissions
Allowances
Other benefits
Contributions for the Mandatory Provident Fund (MPF)
Other relevant income or deductions

You need to make sure the correct forms are filled out. Our team at 3E Accounting can help you ensure all your employees’ forms are complete before submission. You can choose to file either through GETS or submit physical copies directly to the IRD’s office. You will need to keep a copy of these records for yourself just in case you get an audit in the future.

What Happens If You Don’t File On Time?

Penalties will be imposed by the IRD if you fail to submit your forms on time. Penalties also apply if there are inaccuracies in your submission, so it is important to be thorough before you do.

Get Professional Help Where It Matters Most

Don’t run the risk of getting penalties imposed against you. Let the experts at 3E Accounting take care of it. Forms IR56 are among the most crucial income and deduction reporting forms your company will have to comply with. With the different incomes and forms, it can be confusing. That is why our experts will handle it for you every step of the way.

For more information about our services, get in touch by contact us today.