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Destination China: Update of Individual Income Tax (IIT) reform implementation
15 January, 2:00 - 3:00 PM HKT (GMT +8)
Host: Tony Jasper
Presenters: Huan Wang and Irene Yu
A year has passed since the implementation of the new IIT law under the tax reform. Taxpayers and withholding agents are facing the first annual tax return filing season under the new IIT filing system. For a large number of taxpayers, it would be their first time to prepare their annual reconciliation return and make direct contact with the tax authorities. How to make sure you, being a taxpayer, file your own tax return correctly? As a withholding agent, what would be your responsibility during the annual tax return filing process? How to assist your employees with their initial attempt in self-reporting? What would be the impact if an annual tax return is not filed correctly or timely? We'll discuss:
- Regulation update.
- An overview of the individual tax credit system.
- Annual tax reconciliation requirement for resident tax payers.
- Self-reporting of foreign sourced income for resident tax payers, especially outbound Chinese employees.
- Preparation and planning for the coming annual tax filing.
Gain insights from Deloitte professionals on the updates on IIT reform implementation and get prepared for initial annual reconciliation tax filing.