China Announce Day-Counting Residency Test for Non-Doms
Personal income tax reforms in China were approved earlier this month. The new measures include several improvements to the current system, with the key changes listed below, which will be implemented in January 2019:
- A day-counting tax residency test for non-domiciled individuals.
- Anti-avoidance regulations & transfer-pricing adjustments.
- A tax clearance requirement upon migration to abroad.
- Stopping the deduction of charitable donations at 30% of taxable income.
- Consistent information sharing among governmental bodies & departments.