Full Guide on IIT Exempt Subsidies for Talents in GBA

Guangzhou has issued measures on IIT subsidies for talents in Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Today, we are gonna share more info about the measures and tell you how to calculate the subsidy.    In order to attract high-level overseas talents and promote the development of Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Guangzhou re-informed the Measures for the Administration of Financial Subsidies under the Preferential Individual Income Tax (IIT) Policy in the GBA.    We’ve posted an article introducing the measures, you can check it via the following link ↓↓↓   Money Saved! Overseas Talents Can Enjoy IIT Exempt Subsidies!    Today, we will tell you how to calculate the subsidy with detailed formula.    What is the IIT subsidy for talents in GBA?   Overseas high-end talents and overseas critically-lacking talents who work within the administrative area of Guangzhou shall be given financial subsidies if their IIT paid in Guangzhou exceeds the tax calculated at 15% of taxable income. The subsidy is exempt from IIT.    The computation of the balance of the IIT shall be based on one tax year, which begins on Jan 1st and ends on Dec 31st of the Gregorian calendar.      What are the IIT paid in GZ referred to in the Measures? The “taxes paid” refers to IIT paid for the following income streams in accordance with the Individual Income Tax Law of the People’s Republic of China:    Wages and salaries;  Income from remuneration for personal services;  Income from author’s remuneration;  Income from royalties;  Business operating income;  Subsidized income from talent projects or talent programs administered by governments, governmental departments or institutions directly affiliated with governments at the district level or above.       How to calculate the subsidy?   Financial subsidies shall be ranted in a lump sum based on categorized IIT computation (comprehensive incomes shall be computed with comprehensive method).      01 The annual settlement and payment shall be handled and have been handled according to the tax law Where the categories of individual incomes belong to comprehensive income or income from business operation, which shall be settled and paid in accordance with the provisions of the tax law, the paid amount of IIT shall be based on the actual amount of tax paid in the whole year after the settlement and payment procedures of tax refund/arrears in the following year.   02 The tax law stipulates that there is no need for annual settlement   If the individual income is not subject to settlement under the tax law, the amount of IIT paid shall be based on the actual amount of tax paid in the whole year after tax refund/arrears payments.   What is the computation formula? IIT balance = IIT paid – taxable income × 15%  Annual financial subsidy = ∑ (IIT balance by category each year × the proportion of IIT paid by category × subsidy period coefficient)   Note:   The proportion of IIT paid by category = the amount of IIT paid by category in GZ each year ÷ the amount IIT paid by category in China each year   Subsidy period coefficient = taxable income for the period entitled to financial subsidies ÷ taxable income for the whole year   01 Computation of IIT balance of residents   ① Resident comprehensive income categories (including four categories i.e wages and salaries, incomes from remuneration for personal services, authors remuneration and royalties)    IIT balance = the amount of IIT paid on comprehensive income – the amount of taxable comprehensive income × 15%   ② The category of income from business operation    IIT balance = the amount of IIT paid on income from business operation – the amount of taxable income from business operation × 15%   ③ The category of subsidies obtained by being enlisted in talents projects   IIT balance = the amount of IIT paid on subsidies obtained by being enlisted in talents projects – the amount of taxable income from subsidies obtained by being enlisted in talents projects × 15%   02 Computation of IIT balance of non-resident individuals   ① The category of wages and salaries of non-residents    IIT balance = the amount of IIT paid on wages and salaries – the amount of taxable income from wages and salaries × 15%   ② The category of income from remuneration for personal services of non-residents    IIT balance = the amount of IIT paid on remuneration for personal services – the amount of taxable income from remuneration for personal services × 15%   ④ The category of royalties of non-residents    IIT balance = the amount of IIT paid on royalties – the amount of taxable income from royalties × 15%      Getting confused? Don’t worry, HACOS can help!    HACOS has always been committed to providing customers one-stop business solutions including reliable financial and tax planning. Please feel free to contact us if you have any questions!  In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want!      Share to let your friends know! SOURCE | 广州税务 👇These Articles May Help You You’ll Be Blacklisted for These Transactions! Strict Rule! RMB With These Numbers Are All Fake! Pay Attention! How Much Money Can I Bring When Entering China?

No Need for Extra Test! CHN to Recognize French Driving Licenses

China and France have signed an agreement allowing mutual recognition and exchanges of the two countries’ driving licenses. The agreement has been effective from Aug 17.  △ LE SERRE, a French citizen, got a Chinese driving license right after the agreement came into effect.    China and France have signed an agreement allowing mutual recognition and exchanges of the two countries’ driving licenses, according to the Ministry of Public Security (MPS).    Under the deal, which has come into effect on Aug 17, China and France will allow holders of valid driving licenses issued by either authority to drive directly or obtain driving permits without an additional test.      To be specific, people staying in the other country for less than a year will have their driving licenses recognized in the destination country, while those staying for more than a year can exchange their original licenses for local ones without separate tests.    Reciprocal treatment will be applied to students who study in each other’s countries.    According to, only French driving licenses issued after Sept 16, 2013 (in new European format) can be recognized and exchanged in China.      The agreement was signed to facilitate people’s travel by driving in the two countries, and further encourage bilateral trade cooperation and people-to-people exchanges, said the MPS.   It is reported that the authorities will further expand the scope of mutual recognition. China has mutually recognized driver’s licenses with the United Arab Emirates UAE and Belgium and inked such an agreement with Serbia.   We will keep following the latest policies and measures on exit-entry, business and daily life. Stay tuned!    If you have any questions about living in China, please feel free to contact HACOS!  In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want!      Share to let your friends know! SOURCE | Xinhua News / France Diplomacy / 沈阳日报 👇These Articles May Help You You’ll Be Blacklisted for These Transactions! Strict Rule! RMB With These Numbers Are All Fake! Pay Attention! How Much Money Can I Bring When Entering China?

Effective from Today! Overseas Arrivals Face Stricter Measures!

Hong Kong announced on Tuesday that the boarding, quarantine and testing requirements for persons arriving from overseas will be tightened from Friday. Let’s check the details!    Hong Kong decided to tighten health quarantine arrangements on inbound travelers from 16 countries to fend off the more infectious Delta coronavirus variant.    Effective from 12:00 a.m. on Friday (August 20), travelers from 15 countries, including the United States, France and Spain, will be required to be fully vaccinated and undergo a 21-day quarantine upon arrival, according to a statement of the Hong Kong Special Administrative Region government (HKSAR). Those countries will be upgraded from the medium-risk category to high risk.    Australia will be moved from low risk to medium risk so that non-vaccinated visitors from the country have to undergo quarantine for 21 days and those fully vaccinated will be quarantined for 14 days, or seven days with a positive antibody test.    The decision to tighten quarantine arrangements was to strengthen the local barrier against the importation of the virus in view of the recent surge of infections with the Delta variant overseas, the government spokesperson said.    Here’s the category of relevant overseas places and the relevant risk-based arrangements:   Group A   Persons who have stayed in Group A specified places on the day of boarding for/arrival at Hong Kong or during the 21 days before that day can only board flights for Hong Kong if they are Hong Kong residents (HKRs) who are fully vaccinated and hold a recognized vaccination record.    The boarding and quarantine requirements applicable to Group A specified places remain unchanged but the number of tests will be increased.    Details will be as follows:    Undergo compulsory quarantine for 21 days in a designated quarantine hotel (DQH);  Undergo six tests during compulsory quarantine;  Self-monitor for the subsequent seven days; and  Undergo compulsory testing in a CTC on the 26th day of arrival at Hong Kong.  Group B For HKRs who have stayed in Group B specified places on the day of boarding for/arrival at Hong Kong or during the 14 days before that day (the relevant period), but have not stayed in Group A specified places, the relevant quarantine requirements will be as follows:    Undergo compulsory quarantine for 21 days in a DQH; and  Undergo six tests during compulsory quarantine.    Relevant non-HKRs who do not hold a recognized vaccination record are not allowed to board flights for Hong Kong.    As regards relevant HKRs and non-HKRs who are fully vaccinated and hold a recognized vaccination record, their quarantine period can be shortened upon arrival.    The relevant quarantine and testing requirements will be as follows:    Undergo compulsory quarantine for 14 days in a DQH;  Undergo four tests during compulsory quarantine;  Self-monitor for the subsequent seven days; and  Undergo compulsory testing on the 16th and 19th days of arrival at Hong Kong, where the test to be taken on the 19th day must be conducted in a CTC.  Group C   For HKRs and non-HKRs who have stayed in Group C specified places during the relevant period, but have not stayed in Group A or Group B specified places, the relevant quarantine requirements remain unchanged yet the compulsory testing requirements will be enhanced.    Details will be as follows:    Undergo compulsory quarantine for 14 days in a DQH;  Undergo four tests during compulsory quarantine;  Self-monitor for the subsequent seven days; and  Undergo compulsory testing on the 16th and 19th days of arrival at Hong Kong, where the test to be taken on the 19th day must be conducted in a CTC.  As regards relevant HKRs and non-HKRs who are fully vaccinated and hold a recognized vaccination record, their quarantine period can be shortened upon arrival.      Besides the requirement of recognized vaccination records and the enhanced testing requirements, the relevant quarantine requirements remain unchanged.    Details will be as follows:    Undergo compulsory quarantine for seven days in a DQH;  Undergo two tests during compulsory quarantine;  Self-monitor for the subsequent seven days; and  Undergo compulsory testing on the 9th, 12th, 16th and 19th days of arrival at Hong Kong, where the test to be taken on the 19th day must be conducted in a CTC. We will keep following the updates on the latest pandemic prevention & control measures and entry-related policies. Stay tuned!    If you have any questions about coming to China, please feel free to contact HACOS!  In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want!    Share to let your friends know! SOURCE | HK Gov / 广州外国人服务 👇These Articles May Help You You’ll Be Blacklisted for These Transactions! Strict Rule! RMB With These Numbers Are All Fake! Pay Attention! How Much Money Can I Bring When Entering China?

Updates on Flying to China! These Flights to be Suspended!

China’s Civil Aviation Administration (CAAC) recently has issued circuit breaker directives on several flights. Let’s check the details and plan your trip to China in advance.  Suspension on These Flights   The Civil Aviation Administration of China (CAAC) has issued “circuit breaker” directives on several airlines’ flights to China as some passengers on these flights have been tested positive for coronavirus.    The involved domestic and overseas airlines include:  Air China  China Southern Airlines  Iraqi Airways  Kenya Airways  Aeroflot  Myanmar Airways International The list of airlines and flights that received the directives is as follows. If you’ve planed to fly to China in recent days and bought the tickets for the involved flights, please contact the airlines as soon as possible.    On August 4, CAAC issued circuit breaker directives on three flights. Iraqi Airways’ flight IA473 will be suspended for 2 weeks from Aug 16. China Southern Airlines’ flight CZ350 and flight CZ6044 will be suspended for 2 weeks, respectively from Aug 9 and Aug 30,    On Aug 5, CAAC issued a circuit breaker directive on Kenya Airways’ flight KQ882. The flight will be suspended for two weeks for Aug 9.      On Aug 12, CAAC issued circuit breaker directives on multiple overseas and domestic airlines. Air China’s flight CA180 will be further suspended for two weeks from Aug 23, and the flight CA722 will be suspended for two weeks from Aug 16.    Both China Southern Airlines’ flight CZ348 and Air China’s flight CA908 will be further suspended for two weeks from Aug 16.    As for overseas airlines, Aeroflot’s flight SU208 will be suspended for two weeks from Aug 16. Kenya Airways’ flight KQ882 will be further suspended for two weeks from Aug 23.      On Aug 12, CAAC issued circuit breaker directives on two flights of Air China. The flight CA180 will be further suspended for two weeks from Sept 6, and the flight CA942 will be suspended for two weeks from Aug 12.    On Aug 13, CAAC issued circuit breaker directives on three flights. Air China’s flight CA934 will be suspended for two weeks from Aug 16. Myanmar Airways International’s flight 8M711 will be suspended for two weeks from Aug 23.    Kenya Airways’ flight KQ882 will be further suspended for two weeks from Aug 30.    We will keep following the updates on the latest entry policies and flight schedule. Stay tuned!    If you have any questions about coming to China, please feel free to contact HACOS!  In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want!    Share to let your friends know! SOURCE | CAAC 👇These Articles May Help You You’ll Be Blacklisted for These Transactions! Strict Rule! RMB With These Numbers Are All Fake! Pay Attention! How Much Money Can I Bring When Entering China?