China Update: Changes on Individual Income Tax (“IIT”) and Social Insurance Policies on Foreigners in China
30. November 2021, Online
After a three years’ grace period, the preferential Individual Income Tax (“IIT”) policies which have been granted in the PRC to foreigners for almost three decades will be cancelled from 1 January 2022. The change will have a substantial impact on the policies on hiring and retaining foreign employees in China in the future. Companies must prepare for the new situation.
Another significant change refers to the policies on foreigners' participation in the Chinese social insurance scheme in Shanghai. After the old Shanghai local policies expired on 15 August 2021, foreigners working in China including Shanghai are now all required to participate in the Chinese social insurance scheme. What are the statutory requirements for foreigners to participate in the Chinese social insurance scheme? What are the benefits foreigners can enjoy and what are the risks, if companies do not duly provide the social insurances for foreign employees?
We would like to invite you to attend our webinar on 30 November 2021 to discuss these topics. Mrs. Jeanette Yu, Partner and Head of Employment & Pensions Practice Area Group and Mr. Gilbert Shen, Counsel and Head of Tax Practice Area Group of CMS, China will provide an overview and share their insights with you. As a participant, you will then have the opportunity to address your questions to the speakers directly.
The Webinar will be held in English. Participation is free of charge but requires registration. Please register here. You will receive a confirmation of registration a few days before the event. We look forward to your active participation in an open discussion. All information can also be found here on our website.
Please feel free to send us questions you would like to ask the speakers for a preselection.
We are looking forward to welcoming you to this event.