China’s Ministry of Finance is proposing significant income tax reform. Already confirmed by the State Council, the Draft Amendments for the Individual Income Tax (IIT) Laws are currently undergoing further revision before coming into effect on 1 January 2019.
Under the draft amendments, foreign companies will need to examine how the changes affect the timing of the tax levy for foreign employees, foreign labour costs, contract profitability and budgeting requirements. The flow on effects this will have on withholding and tax equalisations will also require special consideration.
This event provides members with the tools to understand and operate under the effects of the proposed Draft Amendments for the IIT.