An Introduction to GBA and its New IIT Policies

On 17 October, Dezan Shira & Associates in collaboration with AustCham South China and Spanish Chamber of Commerce in South China will host a seminar to provide an overview of the GBA initiative as well as a summary of the key points of its new IIT Law.

The Greater Bay Area (GBA) represents a national development strategy to economically and socially integrate the nine cities in Guangdong province, as well as the Special Administrative Regions of Hong Kong and Macau, to create a world-class city cluster rivalling the world’s leading bay areas in San Francisco, New York and Tokyo.

To support the smooth implementation of the GBA plan and attract overseas talents to work in this region, China has rolled out measures to grant subsidies to overseas high-end and critically-lacking talents (including Hong Kong, Macau, and Taiwanese residents or “HKMT residents”).

On March 14, 2019, China’s Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly released Cai Shui [2019] No.31 (Circular 31). The Circular allows eligible overseas talents to receive government subsidies to offset differences in the individual income tax (IIT) burden between mainland China and other regions. The plan will last for five years and end on December 31, 2023.

On June 22, Guangdong province released Yue Cai Sui [2019] No.2 (GD Notice 2), which sets out the main criteria and principles for implementing the preferential IIT policy, including the requirements of applicants and the standard and scope of differential subsidies.

This seminar feautures the following key topics:

• An overview of the GBA initiative
• Who will benefit from preferential individual income tax (IIT) policy?
• How to calculate and apply for the subsidy?
• What are the unclear items for foreigner to declare IIT under the new law?
• Key take-aways on China IIT filing for foreigner (initial registration, timeline, tax free items, etc.);
• Important opportunities and issues businesses may face;
• How DSA service teams can help?

Speaker Profile

• Marcos Salgado    Assistant Manager, Business Advisory Services

Marcos works on multidisciplinary projects across Southern China, Hong Kong and Singapore. His specialization lies on corporate law, international tax planning and foreign direct investment with a focus on the Spanish-speaking markets.

• Daisy Huang        Senior Manager, Corporate Accounting Services

Involved in the audits of companies in different business sectors, Daisy specializes in corporate structuring, tax planning, internal control improvement and accounting and financing issues relating to foreign invested enterprises, and advises our international clients on tax and internal control matters.

• William Lin          Senior Commercial Representative of Austrade Shenzhen

William has been fully engaged with Australian export promotion then investment facilitation since 1996 and has also undertaken various Austrade industry team leadership roles at post and North East Asia regional level in the past 15 years. 

Agenda

16:00 - 16:05    Welcome

16:05 - 16:35    Presentation by Marcos Salgado

16:40 - 17:10    Presentation by Daisy Huang

17:15 - 17:45    Presentation by William Lin

17:50 - 18:30    Panel Discussion

Dezan Shira & Associates is offering all registrations to enjoy FREE entry to this event.

For Registration, please kindly contact Bonnie Zheng at bonnie.zheng@dezshira.com.