IIT Preferential Treatment
According to China’s existing Individual Income Tax (IIT) law, which came into effect on 1 January 2019, expatriates in China can continue to claim these tax-exempt expatriate allowances until the end of the transition period, ending 31 December 2021.
Annual Bonus in China
In our article we discuss how the Individual Income Tax on bonuses is calculated following the end of the preferential tax rate according to China’s Individual Income Tax framework.
Employment Income Transfer China
In this article we discuss the method for individuals to transfer income from employment to a bank account abroad safely and compliantly.
Income Tax in China
We provide an overview of everything you need to know about China’s Individual Income Tax system.
Explaining China’s Social Security System and Housing Fund Scheme for Employers
When hiring employees in China, employers must abide by relevant laws and regulations and as such are required as well to make contributions to social security and the housing provident fund. In this article, we provide an extensive overview of China’s social security system and the housing provident fund from an employer’s perspective.
Annual IIT Settlement 2020
In December 2019, the State Administration of Taxation issued a tax circular on the final settlement of individual income tax in 2019. The circular serves to further clarify the process of annual tax settlement and to establish a reasonable and orderly system for the settlement and payment of comprehensive income from personal income tax.
China Cuts Pension Contributions for Employers across All of China: Implications for Businesses
China has lowered employer contributions to the country’s Pension Fund. These significant reductions to employer social security contributions may be one the country’s most underestimated tax reforms in recent times.
China’s Recent Tax Reforms and Implications for EU SMEs
China has recently implemented changes and reforms to the Individual Income Tax (IIT), the Value Added Tax (VAT) and Corporate Income Tax (CIT) in China. This webinar, addresses the main changes of these reforms and will elaborate on their impact for EU businesses operating in China.
Updates to China’s Individual Income Tax Reform: IIT exemption on foreign-sourced income and calculating IIT for non-domiciled individuals
Recent updates to China’s Individual Income Tax provide further clarification regarding IIT exemptions on foreign-sourced income and the Tax Residence rule. These updates also provide further guidance for calculating IIT for individuals not domiciled in China.
Implications of China’s Individual Income Tax Reform: IIT calculation, itemized deductions and expat allowances
China released another update to the country’s IIT Law. The new Individual Income Tax (IIT) Law outlines procedures to claim itemized deductions, introduces a new IIT withholding method and finalizes its reform to expatriate allowances.