In China, individual income tax ('IIT') is calculated on an accumulated basis. From August 32 2018, the revised Individual Income Tax Law reformed taxable income for tax residents to be measured on a consolidated basis from the 1 January to 31 December (tax year). In other words, the tax rate applied in January should be…
Read moreTag: Individual Income Tax Law of the People’s Republic of China (IIT Law)
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…
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