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Human Resource & Tax Alert Issue No. 2023002 – Extension of preferential IIT policies to 2027
According to the announcements issued by the Ministry of Finance (MOF) and the State Taxation Administration (STA) at the end of 2021, the preferential policies for one-off annual bonus and foreign individual subsidies and allowances shall be extended to 31 December 2023.
On 18 August 2023, the two departments issued further announcements about these topics, including Announcement on Continued Implementation of Individual Income Tax Policies for Subsidies and Allowances for Foreign Individual (Announcement [2023] No. 29 of MOF and STA) (hereinafter referred to as “Announcement No. 29”), Announcement on Continued Implementation of Individual Income Tax Policies for One-off Annual Bonus (Announcement [2023] No. 30 of MOF and STA) (hereinafter referred to as “Announcement No. 30”), and Announcement on Continued Implementation of Policies Relating to Annual Individual Income Tax Reconciliation on Consolidated Income (Announcement [2023] No. 32 of MOF and STA). The key provisions of the above announcements are as follows.
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