Chinese expats in the financial services industry have been grappling with the issue of reporting their foreign income to the China tax authorities. Experts argue that now is the time for China tax residents to recognise their worldwide tax obligations. The Ministry of Finance (MOF) and the State Taxation Administration (STA) of the People’s Republic of China on 17 Jan 2020 […]

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China’s double taxation agreements will continue to apply when China’s new individual income tax (IIT) rules are implemented, offering some relief to citizens who identify as tax residents in other jurisdictions. On 1 January 2019, the People’s Republic of China (PRC) will implement its new IIT rules that it updated in response to the Common Reporting Standard (CRS) international exchange […]

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Chinese HNWIs should heed the new tax clearance requirements and the revision to the definition of ‘tax resident’ in China’s individual income tax (IIT) reform, according to tax specialists. On 29 June, the People’s Republic of China (PRC) released the draft of the IIT reform. Together with a series of subsequent additions and amendments, the new rules have raised concerns amongst local […]

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