Search Results for: IIT

CHINA | Individual Income Tax — Special Additional Deductions

 
The Standing Committee of the National People’s Congress revised the Individual Income Tax Law of the People’s Republic of China (IIT).

The revisions came partly into effect in October 2018 predominantly affecting tax rates and general standard deductions for general income (please see previous tax-related articles).

From 1 January 2019, the revised IIT law goes into full effect and the added special deductions for overall taxable income will play a significant role in IIT calculations.

Under the revised IIT law, special […]

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China tax alert: revised Individual Income Tax promulgated

Summary

On 31 August 2018, the Standing Committee of the National People’s Congress promulgated the revised Individual Income Tax Law of the People’s Republic of China (IIT Law). A revision of the IIT Law, last revised in 2011, was highlighted by the Ministry of Finance during the third session of the Thirteenth National People’s Republic of China. Ten days later, the National People’s Congress released the Draft Amendments Seeking Consultation from the Public (Draft). The revised IIT Law retains the key […]

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