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This excerpt taken from the C 10-Q filed Aug 7, 2009. SPECIFIC EXPATRIATE ASSIGNMENT ALLOWANCES
Listed below are the major expatriate allowances. Citigroup will pay any taxes due on these allowances.
· Housing Allowance
Citigroup will pay a housing and utility allowance designed to cover the cost of housing in your assignment country. This amount is based on your family size (which includes only those who accompany you on assignment) and is limited to an amount determined for your country of assignment. The allowance is subject to periodic reviews and may change based upon survey data provided by an independent consultant. Any rental and utility costs in excess of the country allowance for your family size is your responsibility.
Citigroup will pay all taxes incurred on this housing allowance.
· Moving Allowance
At the beginning of your assignment, you will receive a one-time lump-sum moving allowance of US$7,500 to cover some of your incidental moving expenses.
· Goods and Services Differential
To cover the difference in the cost of goods and services between New York and Hong Kong, a Goods and Services (G&S) Differential will be paid to you, if applicable, as a
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tax-free monthly payment. The amount provided can change monthly depending on inflation, foreign exchange rates, salary and family size. It is paid only if the cost of goods and services, as determined by our outside consultant, exceed the costs in New York.
This excerpt taken from the C 10-Q filed May 11, 2009. SPECIFIC EXPATRIATE ASSIGNMENT ALLOWANCES
Listed below are the major expatriate allowances. Citigroup will pay any taxes due on these allowances.
· Housing Allowance
Citigroup will pay a housing and utility allowance designed to cover the cost of housing in your assignment country. This amount is based on your family size (which includes only those who accompany you on assignment) and is limited to an amount determined for your country of assignment. The allowance is subject to periodic reviews and may change based upon survey data provided by an independent consultant. Any rental and utility costs in excess of the country allowance for your family size is your responsibility.
Citigroup will pay all taxes incurred on this housing allowance.
· Moving Allowance
At the beginning of your assignment, you will receive a one-time lump-sum moving allowance of US$7,500 to cover some of your incidental moving expenses.
· Goods and Services Differential
To cover the difference in the cost of goods and services between New York and Hong Kong, a Goods and Services (G&S) Differential will be paid to you, if applicable, as a
4
tax-free monthly payment. The amount provided can change monthly depending on inflation, foreign exchange rates, salary and family size. It is paid only if the cost of goods and services, as determined by our outside consultant, exceed the costs in New York.
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