Amendment to the PRC Individual Income Tax Law in 2018

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Posted by：Admin|Published：2019-10-25 11:24:07|hits：200

On June 19, 2018, the draft version of the “Amendment to the Law of the People’s Republic of China on Individual Income Tax” has been submitted to the Standing Committee of the National People’s Congress for the purpose of discussions and published on its own website to solicit public opinions for one month. After receiving over 130,000 pieces of opinions by July 28, 2018, the Standing Committee of the 13th National People’s Congress has discussed and passed the latest version of the “Amendment of the PRC IIT Law ” on August 31, 2018. The is the 7th revision to the “Law of PRC IIT” (the “Revised IIT Law”) ever since it was published in 1980. The Revised IIT Law will become effective from January 1, 2019.

This New Flash summarizes the key changes that will be brought about by the Revised IIT Law starting from January 1, 2019 and the major impacts on PRC tax residents, Non-PRC tax residents and high net-worth individuals.

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