Taxing times for chief executive at top of rag trade

PUBLISHED : Monday, 27 February, 2006, 12:00am
UPDATED : Monday, 27 February, 2006, 12:00am

While Hongkongers have been people complaining about the lack of tax cuts in the budget last week, Heinz Krogner says our tax regime still sounds like heaven to him.

As a German, he pays 55 per cent income tax and forked out Euro4 million ($36 million) last year.

But it is not as if he cannot afford it after cashing in 4.2 million of the 10 million share options accumulated during 11 years at the firm.

According to a disclosure to the stock exchange, he sold the Esprit shares for an average of $54.15 to realise $227 million in November.

On top of the 55 per cent income tax, Mr Krogner also donated 8 per cent of his salary to the Catholic church.

Mr Krogner also pays tax to the United States government as part of his income comes from that country.