Paying taxes is very important. No matter where you live or what you do, you'll have to pay taxes provided you own assets and have an income source Every country has a system for collecting taxes. As a professional, you need to understand how the taxation system in your country works. First of all, the tax department, responsible for getting taxes from people and businesses, determines what kind of income you have, how much money you make.
Do You Understand Taxation Laws in Your Country?
- Thread starter nomad
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In my country, the local authorities require us to know the labor code by heart. If we cannot understand certain rules, we can ask for assistance from people who are working here. The international laws should be studied if the companies want to expand.
If I should be honest, there is still so much about tax and it's laws I don't fully understand yet. I tried collecting my tax number early last year. This would enable me pay tax easily but till date I have not been sent the number.
Hong Kong has a simple tax system. But I am just knowledgeable in the personal and business tax system. If you are an employee, you have to pay income tax. For business, pay profit tax. It's that simple.
- Thread starter
- #5
That's really bad. In our country, we can get our tax number in a couple of hours. WE can apply online and then walk to the office to get the tax number. Sadly, they don't send you tax number online, they only give you a printed tax ID
During the time of having our family business, we availed the services of an accountant firm to handle these things.
Because of the guidance I received, I have a good idea of our country's tax laws. While I would not say I am an expert, I do have quite an understanding of the basics.
I am just happy that my country deals with indirect taxation. I find those taxation laws to be very creepy and something I can barely understand.
