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Saturday, March 16, 2019, 14:06
China offers tax relief to overseas talent working in Bay Area
By Xinhua
Saturday, March 16, 2019, 14:06 By Xinhua

This photo taken on Feb 13, 2019 shows the Canton Tower in Guangzhou, China. (XINHUA)

BEIJING - China's Ministry of Finance (MOF) Saturday announced a favorable tax policy for overseas talent working in the Guangdong-Hong Kong-Macao Greater Bay Area.

READ MORE: HK welcomes Greater Bay Area development blueprint

The policy, effective from January 2019 to the end of 2023, applies to nine cities in Guangdong 

Based on the individual income tax differentials between the Chinese mainland and Hong Kong, overseas high-end talent and professionals in short supply that work in the Bay Area will get subsidies from Guangdong province and Shenzhen Municipality to offset the differentials, according to the MOF.

The subsidies will be exempt from paying individual income tax.

ALSO READ: Greater Bay Area creates vibrant economic engine

The policy, effective from January 2019 to the end of 2023, applies to nine cities in Guangdong -- Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing, the ministry said.

It said the move aimed to encourage the development of the Bay Area.

Consisting of the Hong Kong and Macao special administrative regions and the nine cities in Guangdong, the area covers 56,000 square km. It had a combined population of about 70 million at the end of 2017.  


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