Saturday, February 17, 2007

Tax time - ouch!

My tax bill has finally arrived. Unfotunately, I miscalculated the provisional tax catch up which means my tax bill is higher than my expectation. I suppose I should not complain too much since I am only paying tax at the rate of 16%.

I will have to pay in two installments at the end of March and the end of April (instead of at the beginning of January and the beginning of April).


Adventures In Money Making said...

16% is pretty good. but then again, i hate paying any tax!

traineeinvestor said...

It does cost something to run a country: police, hospitals, schools, roads, customs etc. That said, tax rates in most countries are much higher than they should be. In Hong Kong the biggest areas of waste are the civil servants (on average they have total compensation packages 260% higher than the private sector and have job security for life), public housing and government works projects.

Of course Hong Kong is better than many other developed countries where taxpayers have to fund election bribes, military forces and the debt burden imposed by generations of dishonest and morally corrupt politicians desperate to win or retain public office at taxpayer expense.