On 31st August 2018, the National People’s Congress approved the last amendment to the Individual Income Tax Law. Later, on 20th October 2018, the Ministry of Finance (MOF) called for comments on two important documents: the revised draft of the Implementation Rules of the PRC’s Individual Income Tax Law (Implementation Rules) and the draft of the Interim Measures for Special Additional Deductions of Individual Income Tax (Interim Measures).
The Implementation Rules further specify relative clauses of the new Individual Income Tax (IIT) Law. The new IIT law introduces the definition of China tax resident, which imposed significant influences on the non-domiciled individuals and is refined by the Implementation Rules. Particularly, the Implementation Rules still maintain the “Five-year rule” for non-Chinese nationals to avoid China tax on foreign sourced income, a sign of the perdurable commitment of the authorities to attract overseas talent to China.
The Interim Measures further specify the detailed standards and rules of the itemized deductions for specific expenditures proposed by the new IIT law. The Interim Measures propose to elaborate the scope of application, yearly or monthly standard deduction amount, the objection of the deductions, the time of the deductions and other practical rules of each itemized deduction. These specific rules on itemized deductions help individuals and companies to understand the new IIT law and to implement it effectively.
Both documents will be analysed and discussed extensively in this seminar by speakers from Cuatrecasas and Grant Thornton.
Agenda
08:30 - 09:00 Registration and Networking
09:00 - 09:10 Opening words by Mr. Alexander Prautzsch, Vice Chair of the Finance and Taxation Working Group, and Ms. Rosanna Terminio, Chair of the HR Working Group, European Chamber
09:10 - 09:50 The new implementation rules of the Individual Income Tax Law, by Ms. Ana Jorge, Associate of the Shanghai Office, Cuatrecasas, and Ms. Grace Lin, Principal Associate of the Shanghai Office, Cuatrecasas
09:50 - 10:30 Special additional deductions under the Individual Income Tax Law, Ms. Sherry Chen, Tax Senior Manager, Grant Thornton, and Mr. Mr. David Luo, Tax Partner, Grant Thornton
10:30 - 10:55 Q&A
10:55 - 11:00 Closing words by Ms. Rosanna Terminio
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