The European Chamber Finance & Taxation Working Group is pleased to have Shenzhen Tax Bureau to brief the members on the new Individual Income Tax Law (IIT) and handle members questions. During this seminar, Tax Experts will help you to understand comprehensively the new IIT and its implication for both foreigners and Chinese citizens. It will also cover IIT incentives for GBA area talents.
The new IIT Law effective from 1st January 2019 brings significant changes to China’s IIT regime as well as foreigners in China. In this respect it is also important to understand when seconded foreign employees (sent to China by their HQ) are actually becoming subject to China's new IIT law. This seminar will cover the below topics:
- What the updates of New IIT Law ?
- What are the implications of New IIT Law?
- What are the implications of dispatching foreign employees to China ?
- What are the policies for IIT incentives for GBA area talents?
- Can foreign employees establish a permanent establishment of the HQ?
- How should we respond to this new changes of New IIT Law?
- How to optimize the IIT strategies under the new Law?
Outline:
Section 1: Key Changes of PRC Individual Income Tax (“IIT”) for Foreigners – Valeria Manunza
- New Criteria for China Tax Resident
- New 6-year Rule
- New Counting Method for Staying Days in China
- China Tax Resident Certificate
Section 2: How to Define Tax Liability and What are the Filing procedures – Amber Liu
- Defining Source of Income, from overseas or China?
- Different Tax Liability under Different Staying Days in China
- Different Tax Withholding Method for Tax Residents and Non-residents
Section 3: Preferential Tax Policies – Amber Liu
- Tax Exemption Benefits vs. Specific Additional Deductions
- Preferential Taxing Method For Annual Bonus during Transitional Period
- IIT incentives for GBA area
Section 4: Dispatching foreign employees to China - Amber Liu
- Can foreign employees establish a permanent HQ
- Tax Implication for the employer
- Tax Implication for employees
Section 5: Suggested Actions for the Company to Take – Valeria Manunza
- Internal Review of the Company Policy and Process
- Build IIT Strategies under the New Law
- Timely Update of the New Rules to foreign employees
Section 6: Q&A
Tentative Agenda:
1:30-2:00pm Registration and Networking
2:00-2:35pm IIT Updates from Shenzhen Tax Bureau Q&A in Chinese with English subtitle
2:35-3:35pm Filing procedures & preferential policies
3:35-3:45pm Coffee Break
3:45-4:45pm Dispatching foreign employees & suggested actions for company to take, Q&A
Bank Transfer Information
RMB Bank Account
A/C Name: 中国欧盟商会
A/C No.: 7110210182500027543
China CITIC Bank 中信银行京城大厦支行
Capital Mansion Sub Branch
No. 6, Xinyuan Nan Road
Chaoyang District, 100004 Beijing
北京市朝阳区新源南路6号京城大厦
S.W.I.F.T. Code: CIBKCNBJ100