China’s New Individual Income Tax: Overview & Implications

  • When:
    Wednesday, 17 October 2018, 6:30pm - 8:30pm
  • Where:
    Room Houston, ATLAS Workplace, 3F, Shanghai Agile International Plaza, 寰图办公空间,休斯顿会议室 ,雅居乐国际广场三楼
    525 Xizang Middle Road
    上海市西藏中路525号
  • Price:
    RMB 50 including two drinks & snacks. Members only.

In mid-June this year, during the most recent session of China’s 13th National People's Congress, the Minister of Finance outlined proposed amendments to PRC Individual Income Tax (IIT) rules. On 31 August, the Fifth Session of the Standing Committee of the National People’s Congress passed the amendments to the IIT Law. This is the seventh amendment since the enforcement of IIT Law in 1980, marking the most significant reform throughout the history of China’s IIT Law. 

The amended IIT Law will become effective on 1 January, 2019. However, the new tax brackets and standard deduction amounts have been implemented with effect on 1 October, 2018. The revised IIT Law is expected to reduce the tax burden for the working class, expand the scope of taxation of foreign individuals in China as well as the associated costs to their onshore and offshore employers, and impact on the global investment strategy and relevant tax compliance costs for HNWIs (High-net-worth Individuals).

In view of the potentially significant impacts of the tax reforms on both enterprises and individuals working in China, the Chamber's Financial Services Focus Group (FSFG) invites tax experts from PwC’s Global Mobility Services team to lead a session to discuss the amendments, their broad impact, the challenges faced by individual taxpayers as well as enterprises and what individuals and companies can do to prepare for the upcoming changes. The session will cover the following key areas:

  • The new tightened definition on tax residents and its relevant implications to foreign employees working in China
  • Potential impacts to existing tax and remuneration arrangements arising from the new aggregate taxation system
  • Challenges to companies and individuals due to the new specific additional deductions
  • Impacts arising from the new anti-tax avoidance provision
  • New tax compliance requirements for employer withholding filing and individual self-reporting filing, and major consideration arising from the new annual reconciliation filing requirement
  • New IIT collection and administration environment under the unique taxpayer identification number and information sharing
  • How to manage tax reform challenges from both corporate and individual perspective

The session will be moderated by FSFG member, Giles Henman, a Partner of St. James’ Place who will provide ample opportunity for questions and answers at the end of the presentation.

Agenda

  • 6:30pm Registration & Networking
  • 7:00pm Welcome Remarks
  • 7:05pm Presentation(s)
  • 7:50pm Audience Q&A
  • 8:30pm Session Ends

Venue Sponsor                  Wine Sponsor

                         HS 

No-show Policy: Please note you must cancel your reservation in writing to the event contact staff 24 hours in advance. No-shows without prior notification will be charged a no-show fee of RMB100. 

Walk-in Policy: Please note that members who attend the event without prior reservation will be charged an extra walk-in fee of RMB50 if spaces are still available.

Speaker Introduction

Miranda Ye

GMS Senior Manager, PwC

Miranda Ye joined PwC in Shanghai in 2001 and has broad range of diversified knowledge in international compensation strategy, individual income tax planning, expatriate tax compliance, mobility process and global programme management across industries.  She is also specialise on equity matter to help both multinational and domestic companies to achieve the talent management purpose.

Miranda provided professional advices for many Fortune 500 Companies and Chinese Unicorn.  Miranda’s clients include enterprises in industries such as resources, real estate, retail and consumer products, manufacturing, services, high-tech and mutual fund.

Miranda is a China Certified Tax Agent.

Fred Zhang

Tax Manager, PwC

Fred Zhang is a tax manager of PwC Global Mobility Service team. He joined PwC in Shanghai in 2010 and has rich experience on individual income tax compliance and planning, policy and process aspects of international assignment programs.

Fred has provided advice to many multinational and domestic companies on managing double taxation exposure, international assignment cost management and compensation package structuring for expatriate employees. He also provides regulatory advice for companies offering equity compensation and assisting with the registration of the equity plans with tax bureau and State Administration of Foreign Exchange.

Fred holds professional certificate of Global Professional in Human Resources (GPHR) from the Society for Human Resource Management in the USA.

Giles Henman

Principal, Henman Wealth (a Partner Practice of St. James’s Place)

Giles’s early career was spent as an Accountant for one of the world’s leading accountancy practices where he gained a broad knowledge of business across many sectors and in particularly the challenges involved in international businesses. He specialises in assisting High Net Investors protect and grow their wealth with the St. James’s Place Private Client team as well as providing effective and far reaching wealth and succession solutions to his various clients.

In 1988, Giles was recruited to join the financial services industry by a division of one of the UK’s oldest private banks, Hambros, London, rising to Regional Director Level where he gained valuable insight into the financial markets and its various instruments through a rigorous training and development model. He is specialised in all areas of wealth management, including life protection, retirement and education planning, wealth protection, savings and investments.

As a Partner of St. James’s Place Wealth Management based in Shanghai, Giles’s emphasis is on maintaining a long-term relationship with his clients and helping them achieve their financial and personal goals in life.

Event contact

Hilary Wu
+862162185022
hilary.wu@britishchambershanghai.org