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An IR56 taxpayer is a worker required to pay their own taxes (PAYE) on their wage or salary. They are not self-employed.
What is the purpose of the form 56?
Form 56 is used to notify the IRS of the creation or termination of a fiduciary relationship under section 6903 and provide the qualification for the fiduciary relationship under section 6036.
What is IR56E?
The Inland Revenue Department (IRD) requires that all incorporated businesses prepare and submit a Form IR56E anytime they hire a new employee to join their company or firm. Form IR56E is an employer-obligated form that must be completed and submitted within a particular time frame to avoid penalty.
What is the IR56M form?
Notification of Remuneration Paid to Persons Other Than Employees (IR56M)
What is the difference between IR56B and IR56M?
(f) Income received by persons other than employees should not be reported on the Form IR56B. Such payments should be reported on the Form IR56M. However, if the recipient is a corporation or non-local person, filing of Form IR56M is not required.
IR56E refers to the notification letter filled by the employer about the start of employment of its employees. IR56E is a tax form only for new employees. The employer must submit this form to the Inland Revenue Department (IRD) within 3 months of the employees employment.
What is the difference between IR56G and IR56F?
IR56G. Similar to IR56F, this form pertains to employees who are about to leave the company. The difference is that Form IR56G is designed for leavers who are leaving Hong Kong for an extended period of time, while Form IR56F is for leavers remaining in the country.
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