China introduced the biggest changes to its individual income tax (IIT) system since at least 2011 with the passing of a new IIT law in 2018. The new law brought forward a host of changes to individual taxation in China, including by revising tax brackets, expanding deductibles, and altering residency rules for foreign workers. The quick and unclear rollout has left individuals and businesses scrambling to make sense of the changes. To help foreign investors and taxpayers understand the ins and outs of the updates, this issue of China Briefing offers a comprehensive guide to China’s IIT reforms.
In this Issue:
- What You Need to Know About the IIT Reform
- The IIT Reform’s Impact on Expatriates
- How to Calculate and Pay IIT for Your Employees
- IIT Calculation Methods for Lump-sum Annual Bonuses
For more information and to download the report click here.