A Brief of New Individual Income Tax Policies on Foreign Income

作者/编者:Daisy Duan, Wang Yan, Chen Yijing and Sun Huanyu
作者单位:金杜律师事务所
创作年代:2020
出处/来源:金杜律师事务所
学科分类:经济法学
所属机构:金杜律师事务所
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摘要

The Announcement on Individual Income Tax Policies Relating to Foreign Income was issued on On January 17, 2020, and further clarifies Chinese individual income tax (IIT) policies with respect to foreign income. Many Chinese people now work abroad with the development and acceleration of outbound businesses. The principle that Chinese tax-resident individuals must pay IIT on their worldwide income, including income sourced within territory of China (domestic income) and income sourced outside China (foreign income) is immutable. At the same time, China allows foreign tax credits for qualified taxes paid outside China regarding foreign income to eliminate double taxation. This Announcement provides detailed guidance on taxation and tax administration on foreign income of Chinese tax-resident individuals, especially in relation to foreign tax credits, in the context of the newly amended IIT Law.

关键词: Individual Income Tax; Foreign Income; China; Announcement No.3

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A Brief of New Individual Income Tax Policies on Foreign Income

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