How would the 7th amendment to the Individual Income Tax (IIT) Law affect both employers and employees?个人所得税法第七次修正案对雇主及雇员的影响

Event Sign Up

QIBA October Event

18:00 - 20:00, Wednesday, October 24, 2018

3F, Hyatt Regency Qingdao


Agenda

18:00 - 19:00 Cocktail Hour

19:00 - 20:00 Presentation

Free for QIBA members,¥200 for guests.


Speaker

WX20181016-200244@2x.png

Mr. Milano Fang, Partner, Tax, KPMGQingdao, Certified Tax Agent

Mr. Milano Fang has over 14 year’s tax professional experiences in providing PRC tax and regulatory consulting services to multinational companies, as well as providing International Executive Service to expatriate employees.  Before joined KPMG in 2008, he worked for another one of the big 4 accounting firms as a tax professional.His expertise covers various industry sectors, with a special focus on manufacturing and Private Equity industry.

With in-depth knowledge and extensive experience in tax planning and structuring for M&A transactions, Milano has led a large number of tax advisory, tax due diligence and tax defence services for some reputable international and domestic clients in China. In 2011, he worked inKPMG London office on a secondment basis.

In addition to his role in KPMG, Mr. Fang is also aGuest Lecturer of Shandong University for postgraduate students majored in Taxation, devoting his many efforts to educating tomorrow’s tax professionals.

Brief Introduction

From 1 January 2019, the new Individual Income Tax (IIT) Law will take effective.  In other words, we only have a couple of months to prepare ourselves for the new regulations, because Individual Income Tax is always one of the most important considerations for both employers and employees. And, any change in relevant laws and regulations will cast a big impact upon individuals and organisations alike, not only for local citizens, but also for expats.

On 31 August 2018, the 7th amendment to the PRC Individual Income Tax (IIT) Law was approved by the Chinese National Congress. The amendment unveils a new Individual Income Tax (IIT) regime, which is a historical breakthrough on the current IIT framework and will produce a profound impact in China to both employers and employees.

The IIT Law is refined in multiple areas:

1) Revising the criteria in determining the resident and non-resident status;

2) Implementing a mixture of aggregate and scheduler taxation system to replace the current scheduler taxation system;

3) Optimising tax rates structure and adjusting tax brackets to reduce tax burden for taxpayers;

4) Increasing the standard basic deduction and introducing specific additional deductible items;

5) Introducing anti-tax avoidance rules, etc.

Particularly for expatriate employees, the new IIT rules would bring significant impact and uncertainties, for example:

1) Would the PRC tax burden be reduced?

2) Will the “five-year” exemption rule on foreign-sourced income continue?

3) Benefits-in-kind to be repealed?

4) Preferential IIT treatment on annual bonus?

In addition, the new IIT Law would affect the employer’s cost and global mobility policy as well.

Before get ourselves ready, we definitely need some professional inputs of great credibility. Come to meet Milano Fang, tax partner of KPMG Qingdao, with QIBA on Wednesday 24th October, at Hyatt 3F, from 18:00 to 20:00.

showqrcode.jpeg

(Please scan the code to sign up)


rererere.png

QIBA十月活动

2018年10月24日,周三,18:00 -20:00

青岛鲁商凯悦酒店三楼


活动流程

18:00 - 19:00自助交流酒会

19:00 - 20:00主题讲座

QIBA年度会员免费,非会员¥200/位


演讲嘉宾

WX20181016-200244@2x.png


房锡伟先生,毕马威会计师事务所合伙人(税务)

房锡伟先生毕业于上海财经大学,加入毕马威前曾就职于另外一家国际四大会计事务所,迄今拥有14年的税务专业服务经验,特别是在非居民税收方面,房锡伟先生具有丰厚的理论和实操功力,成功协助多家知名跨国公司顺利完成与各地税务机关关于非居民税收案件的谈判。他的团队为多家山东地区的外商投资企业外籍员工以及国内走出去企业外派员工提供个人所得税合规性申报服务。他还积极参与过涉及不同行业的大型税务咨询、税务尽职调查项目及税务合规性审阅工作,在企业并购重组交易架构的安排与筹划,尤其是跨国公司投资税务架构的安排方面有独到见解,并曾主导了某大型央企对外投资项目的海外架构的筹划及搭建工作。2011年,房锡伟先生曾被外派至毕马威伦敦办公室工作。

在毕马威的繁忙工作之余,房锡伟先生非常热心于将自己积累的大量实践经验用于未来人才培养,并受聘于山东大学税务研究生任客聘导师,每年为山东大学税务研究生进行授课。

内容简介

201911日起,新个税法将全面实施。也就是说,我们现在只有2个多月的时间来调整,并做好充足的准备,因为无论对于雇主还是雇员,个人所得税永远是最重要的考量之一,而关于个税的任何变动都会对个人及其所在的机构产生重大影响,这不仅仅关乎中国本土居民,也关系到外籍人士和机构。

2018831日,中华人民共和国个人所得税法第七次修正案由全国人民代表大会表决通过。本次修正案开启了个税新税制,对现行个税制度进行了历史性变革,这些变化对每一个纳税人及其雇主将产生深远的影响。

新个税法对现行税法进行了多方面的完善,如:

1)修订居民和非居民判定标准;

2)推行综合与分类相结合税制,取代现行单一分类税制;

3)优化税率结构,调整税率级距以降低纳税人税负;

4)提高基本减除费用标准,增加专项附加扣除;

5)引入反避税规则等等。

对于外籍员工,新个税法对其影响更大并且带来诸多不确定性,诸如:

1)外籍员工的个税税负是否会降低?

2)现行税法下的五年规则是否仍继续适用?

3)免税补贴是否会被取消?

4)年终奖优惠处理是否仍有效?

此外,新个税法对其雇主的用工成本及全球劳务派遣政策也产生影响。

您是否已做好准备?当然,在进行相应准备之前,我们需要具有公信力的专业人士帮我们来理解这些规定。对此,我们QIBA特地邀请毕马威青岛办公室税务合伙人房锡伟先生对新个税法进行全方位深度解读。1024日,星期三,18:0020:00,青岛鲁商凯悦酒店3楼,QIBA恭候您前来聆听。

showqrcode.jpeg

(请扫描二维码报名)


QINGDAO INTERNATIONAL BUSINESS ASSOCIATION
QIBA ©2011-2018. ALL RIGHTS RESERVED.
Powered by ETSOO
SmartERP Login