On 19th June 2018, during the third session of the Thirteenth National People’s Congress of the People’s Republic of China (“PRC”), the Minister of Finance outlined the proposed amendments to PRC Individual Income Tax (“IIT”) rules. Ten days later, the National People’s Congress released the full text of the draft amendments seeking consultation from the public.
The Draft- Key Amendments:
- New Tax Residence Rules
- Consolidation of tax categories and the introduction of “Comprehensive Income”
- Adjusted income tax brackets
- Increased monthly standard deduction for Comprehensive Income
- Introduction of additional itemized deductions
- Introduction of general anti-avoidance rules (GAAR) for individuals
- Tightened PRC IIT compliance and enforcement
In view of the potential impacts of the PRC IIT Reform on enterprises and individuals working in China, the European Union Chamber of Commerce in China will be holding a seminar in Shanghai on Monday 3rd September 2018 to discuss the following:
- IIT Reform in China: What’s in the draft law?
- Potential impact of the reform
- Challenges to be faced by both individual taxpayers and companies
- How individuals and companies can prepare for the changes
If you have any comments or concerns regarding this draft amendment, please send them to Mr Antonio Salvador Salvador at asalvador@europeanchamber.com.cn
Agenda
15:30-16:00 Registration and Networking
16:00-16:10 Opening words by Jeanette Yu, Vice Chair of the HR Working Group, European Chamber
16:10-16:55 Presentation by Jason Jiang, Director, Tax-Global Mobility Services, KPMG Advisory and Lina Hu,
Senior Manager, Tax-Global Mobility Services, KPMG Advisory
16:55-17:15 Q&A Session
17:15-17:25 Closing words by Jeanette Yu, Vice Chair of the HR Working Group, European Chamber
Terms & Conditions
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