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IIT Subsidies in China's GBA: Filing Applications and To Do Checklist for Overseas Talents
MultimediaPresenter(s):
Since the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) first rolled out the plan on individual tax income (IIT) incentives for overseas talents in 2019 – nine cities in Guangdong province have processed the first round of IIT subsidy applications for 2020.
At the beginning of July 2021, Guangzhou kicked off the second round of application for access to the IIT subsidies – other cities are not far behind. To ensure timely access to the subsidies, it is recommended that eligible individuals and enterprises monitor regional announcements, make appropriate preparations, and file applications as soon as possible.
In the meantime, due to the implementation of the amended PRC IIT Law and relevant regulations, certain benefits for foreign workers will be replaced, while other will cease to be exempt from their IIT starting next year. The policy change has sparked concern among foreign individuals as well as their employers.
How should overseas talents prepare and react to the upcoming changes and new policies, especially in the post COVID-19 period? In this webinar hosted by our tax and accounting experts in the GBA, Jenny Tan, Lynn Shen and Karen Liu along with International Business Advisory Manager Guilherme Campos, the following topics were discussed:
- Changes brought by the amendment of IIT law and its impact on expatriates
- Interpretation of the preferential IIT policy for overseas talents working in the nine GBA cities in Guangdong province
- How to apply for IIT subsidy in the GBA in the post-COVID-19 era, and how to make up for a missed application
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