A Brief of New Individual Income Tax Policies on Foreign Income
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.
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备注
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