Beijing | Thursday, 20 September, 2018

BritCham Financial and Professional Services Forum in China

Christine Wang, Business Development Manager of Vistra China will share her insights on Individual Income Tax (IIT) reforms at the British Chamber Financial & Professional Services Forum to be held at JW Marriott Hotel Beijing on 20 September 2018.

China’s Ministry of Finance has drafted a tax cut, as part of the government’s efforts to boost consumption and reduce inequality.  These proposed changes are aimed at easing the tax burden for lower-income earners.  However, this means a tougher stance on both foreign workers and high-income earners.  The draft amendments for the IIT Laws are currently undergoing further revisions before coming into effect on January 1st 2019.

These amendments mean that foreign companies need to keep a much closer eye on draft changes that affect the timing of the tax levy on foreign employees, budgeting requirements and foreign labour costs, amongst others.  Expatriates living and working in China will not be subject to the 183-day-test, whereby a foreign individual who resides in China for 183 days of more in a year is now classified as a ‘resident’.  This test replaces the previous five-year-rule under which a foreign individual will be subject to Chinese tax on their worldwide income if they live in China for more than five years.

With extensive experience in advising international clients on localising businesses in the PRC, specifically in company structure, licencing, business scope, regulatory compliance, international taxation and market entry strategy, Christine Wang will present at the forum on how the IIT reforms could directly affect clients and their companies.

For details of the forum, please visit: https://www.britishchamber.cn/en/events/individual-income-tax/

Please contact Christine Wang for further information.