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How Overseas Talent in the GBA Can Optimize their 2020 Individual Income Tax
MultimediaPresenter(s):
China introduced the preferential policy on individual income tax (IIT) subsidy for overseas professionals and talents working in nine cities in Guangdong in 2019, including Shenzhen. These subsidies will help foreign workers lower their tax costs by cutting tax to 15% of annual taxable income, a rate equivalent to the IIT rates in Hong Kong, SAR.
These cuts can have substantial benefits, especially for individuals who may be paying at the highest 45% rate.
Our tax specialists from Dezan Shira & Associates gave an overview of the subsidy program and share with you their experiences navigating the application process.
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