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teawah
Newbie
Joined: Sep 30, 2007
Posts: 1
Status: Offline
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  Posted:
Sep 30, 2007 - 11:42 AM |
 
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| Post subject: Moving to Shanghai and Ques re:Tax, Relocation, and Banking |
Hello everyone :
This is so great to have this forum. I am moving to Shanghai end of October, and would like some advice. Thank you all in advance for any and all advice!!
a. does anyone know about income equalization tax and how that works?
b. I am also moving to a furnished housing already, but out of curious, was wondering if you can recommend what I MUST BRING (aside from
personal affects, medications, books/computers laptops?.
c. Also, about the banking situation, I will continue to have my us bank accounts, but how has people handled being to upkeep say a US-based mortage and being paid HK Dollar or RMB.
Thank you everyone !!
Teawah |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18042
Location: ZhongShanParkArea SH
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Sep 30, 2007 - 12:31 PM |
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a) your company, if you are being offered tax equilization, will usually have an accounting firm take care of all this and ultimately, you will pay the same tax as if you were still working in your home country (this case being US as I see). that means the company takes the 80k exemption, pays your China taxes, and handles the US taxes and ultimatley you only pay the same as if you were home.
b) Furnished here ranges from just furniture (bedroom, dining, living room and some closets along with drapes etc) to fully furnished and appointed including linens sheet snad small appliances for kictchen etc) So really you need to look at the lease and see what they are including.
c) Banking at local banks makes local cash easier to access. Conversion of pay to USD to wire to US to pay Mortgage is one solution. There are others that maybe others can figure out. Some prepay everytime they are in the US from here. |
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Thoughts & updates about Shanghai On my Blog for more details:Random Thoughts about Living in Shanghai...and more |
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yuyu
Reacher
Joined: Dec 01, 2003
Posts: 216
Status: Offline
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| Posted:
Oct 13, 2007 - 12:14 PM |
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For the money conversion in a legal way, you only allow to convert 50K USD every yr. if you need more than that you would go to black market but please make sure you are getting TT money not cash, cash cant wire to oversea... |
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p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6293
Location: Shanghai
Status: Offline
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Oct 13, 2007 - 05:43 PM |
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C)I have part of my income deposited in my US Bank in USD.
Bill pay via Internet for tnose US accounts |
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Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
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