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China: Individual Income Tax Reform
On 31 August 2018, China’s top legislature passed a new individual income tax law. The two most significant provisions that may have a huge impact on PRC HNWIs are:

1) Tax residence rule

The new law defines resident individuals and non-resident individuals as two types of taxpayers. An individual who stays in China for 183 days will be determined as PRC tax resident.

2) Anti-avoidance provisions

The amendment will give tax authorities additional powers over tax avoidance schemes.

For more details on the new individual income tax law, please contact your tax advisor.