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On 19 June 2018, during the third session of the Thirteenth National People's Congress of the People's Republic of China ("PRC"), the Minister of Finance outlined the proposed amendments to PRC Individual Income Tax ("IIT") rules. On 29 June 2018, the National People's Congress released the full text of the draft amendments to the PRC IIT law on its official website seeking consultation from the public.
The proposed amendments to the PRC IIT Law have drawn considerable attention from the public and mark an important step forward on the IIT reform. The reform represents a fundamental change to the PRC IIT regime and details of the implementation rules have yet to be released.
Highlights of the Draft Amendments
Impacts of Reform
The revised PRC IIT law will take effect from 1 January 2019. The reform will likely have the following impacts:
In view of the potential impacts of the PRC IIT Reform on enterprises and individuals working in China, KPMG Shanghai Global Mobility Services team will lead a session to discuss the following:
09:00 Registration & Networking
09:15 Welcome Remarks
10:00 Audience Q&A
10:30 Session Ends