income

Kristina Koehler-Coluccia, Head of Business Advisory at Woodburn Accountants & Advisors, offers a quick guide on the income tax implications of China’s “six-year rule” for foreigners working in China In 2019, China introduced a significant change to its individual income tax (IIT) system by implementing the “six-year rule” for foreigners. This rule, which starts applying in 2024, determines how foreign residents are taxed on their overseas income. What is the… …

China has extended its preferential individual income tax policy for foreign professionals living and working in China until 31 December 2023. A series of exemptions and allowances, including housing rental and children’s education, were previously set to change on 1 January 2022 The extension of the individual income tax (IIT) preferential policies means that non-China domiciled tax residents (i.e., people who do not have a domicile in China but live… …

Minimum wages in China continue to grow, with Fujian, Qinghai, and Guangxi provinces all having raised theirs so far in 2020. While the provinces of Qinghai and Fujian had announced their 2020 minimum wage increase last year, Guangxi is the only province to announce and implement an increase to its statutory wage after the coronavirus outbreak. Last year, seven regions (Chongqing, Shaanxi, Shanghai, Beijing, Hebei, Fujian, and Qinghai) in China… …