The part not more than three times of the local average salary in the previous year will be exempted from IIT. The exceeding portion shall be taxed as salary and wages.
Late interest penalty shall be 0.05% per day for overdue IIT. Apart from late interest penalty, there shall be another once-off fine at 50% to 300% or 500% of the overdue IIT.
a) Monetary awards granted by provincial governments, ministries and commissions under the State Council, units of the People’s Liberation Army at army level or above, or by foreign or international organizations for achievement in science, education, technology, culture, public health, sport or environmental protection, etc; b) Interest earned on state treasury bonds or other financial instruments […]
Individual income tax on salaries and wages is computed at progressive rates ranging from 3% to 45% as follows. An allowance of RMB 3,500 and RMB 4,800 per month are deducted from salaries and wages to arrive taxable income for local employees and foreigners, respectively. No. Taxable income Tax Rate Quick calculation deduction 1 […]
a) Income derived from services rendered within China pursuant to the holding of an office, employment, or the performance of a contract; b) Income derived from leasing properties in China; c) Income derived from the transfer of real properties, such as land use rights, buildings in China, or assignment of other properties within China; d) Income derived from granting licensing rights for use […]
IIT can be exempted if and only if a)he/she stays in China temporarily for a total of no more than 90 days in any one tax year, or not more than 183 days where a tax treaty applies, and b)his/her income is paid by an overseas entity and the payment is and shall not be […]
Yes. If an foreigner has stayed in China for more than one full year, then he/she will be subject to Chinese individual income tax on his/her global income both derived inside China and outside China. However, as a concession, if the foreigner has lived in China for more than one year, but less than five years, his/her income derived from […]
The prevailing Chinese IIT laws and regulations are applicable to both foreign and Chinese individuals. However, there are many special rules for foreigners regarding exemptions to certain types of income or compensation under certain circumstances. a)China residence for his/her world wide income b)Foreigners having China-sourced income
Enterprises should reasonably specify anticipated net residual value according to fixed assets’ nature and uses status. Fixed assets’ anticipated net residual value rates can not be changed once they are determined. The depreciation years of different assets regulated by tax law are set out below. No. Types of Fixed Assets Depreciation years 1 Buildings 20 […]
There is no specific rule on capital gains currently in China. Capital gains should be consolidated to profit and loss of the company and pay corporate income tax if taxable income is arrived.
