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MGI Asia publishes new whitepaper: Individual Income Tax Reform in the PRC

13th December 2018

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MGI Worldwide and MGI Asia are proud to announce the publication of a new whitepaper entitled 'Individual Income Tax Reform in the PRC'.

Supported by contributions from MGI Asia member firm LehmanBrown International Accountants, the paper examines changes to legislation around Individual Income Tax (IIT) within the People's Republic of China (PRC) that will come into effect from January 1st, 2019.

A detailed analysis of the five major areas of reform can be found within the whitepaper. These reforms include:

  1. Introducing the concept of resident and non-resident
  2. Re-classifying the income categories and adjusting tax brackets
  3. Improving the deduction standard; expanding the scope of deduction
  4. New tax filing requirements
  5. Introducing an anti-tax avoidance rule

Each area is examined in the paper in line with businesses and individuals operating in China, with the combined reforms representing a major shift in IIT policy for the PRC that MGI members in both Asia and the rest of the world should be aware of.

A little more about LehmanBrown

LehmanBrown International Accountants have been a member of the MGI Worldwide network since 2006 and operate offices in Beijing, Guangzhou, Hong Kong, Macau, Shanghai, Shenzhen and Tianjin, China.

The company is a China-focused accounting, taxation and business advisory firm, combining years of international expertise with practical China experience and knowledge.

Download the full paper HERE

For more information, please contact LehmanBrown Senior Partner Dickson Leung at dleung@lehmanbrown.com

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