On 18 December 2018, the State Council of the People's Republic of China ("PRC") promulgated the Interim Rules for Allowed Deductions Before Individual Income Tax ("IIT") ("Interim Rules"). The Interim Rules will come into force on 1 January 2019 and will for the first time, allow certain personal expenses to be deducted from chargeable income for IIT purpose in the PRC.
This Update sets out a short summary of the key features of the Interim Rules.
If you would like information on this or any other area of law, you may wish to contact the partner at WongPartnership that you normally deal with or any of the following partners:
Joseph HE
Head – China Practice
d +65 6416 8218
e joseph.he@wongpartnership.com
Click here to see Joseph’s CV.
Miao MIAO
Partner – China Practice
d +86 21 3306 4990
e miao.miao@wongpartnership.com
Click here to see Miao’s CV.