Throughout the final week of October, DP Group successfully held our series of seminars regarding the incoming Individual Income Tax Law Amendments, as the Decision on Amending the Law of the People’s Republic of China on Individual Income Tax has recently been adopted at the Fifth Session of the Standing Committee of the 13th National People’s Congress and will fully enter into force as of 1st January, 2019
The speakers at our seminars took varied and unique approaches on the legislation, from a general overview of the wide-sweeping changes, tax avoidance rules in the area of Individual Income Tax, to the impact on HR policy. The two seminars were spread across the major cities of the Southwest of China, Chongqing (October 30th) & Chengdu (October 31st).
Mr. Tommaso Colli of, PHC Advisory Tax & Accounting kicked off proceedings in introducing his firm’s presence here in China and globally while outlining the main focus of the incoming changes, where certain individuals tax burden shall be eased while others will have a tougher time in the next year. The reasoning behind these vast changes were also discussed as the Chinese Government reacts to the changing global landscape as well as adapting to ensure China’s future prosperity and consumption.
Mr Shane Farrelly of D’Andrea & Partners Legal Counsel Chongqing Office continued the discussion in explaining how tax compliance will be altered under the new amendments, specifically related to the introduction of comprehensive anti-tax avoidance rules in the field of individual income tax law, the Common Reporting Standards Regime in relation to the taxation of a tax residents global income as well as the merger of the Tax Bureau’s and how it will also have a knock-on effect on tax compliance moving forward.
Our guest speaker, Mr. Wen of the Chengdu Welfare Foundation for The Disabled & LinkLove Foundation, spoke on an even more niche area of the amendments, more specifically
the “Golden Tax” phase three & how to cut down the disabled employment security fund and save costs for enterprises as well as outlining how disabled workers can be best integrated into the workforce and the benefits a company can achieve in this respect.
Over the course of the events, HR professional, expatriates and representatives of foreign companies established in China attended in order to learn how to best prepare and to educate themselves before the amendments fully come into force next year.
The DP Group team would like to thank all of the speakers that delighted us over the two seminars, the attendees and of course the stellar assistance from the EUCCC Southwest Branch for organizing the seminars.