Bay Area policy woos foreigners
Print Edition
China鈥檚 Ministry of Finance has announced a favorable tax policy for overseas talent working in the Guangdong-Hong Kong-Macau Greater Bay Area.
Based on the individual income tax differentials between the Chinese mainland and Hong Kong, overseas high-end talent and professionals in short supply who work in the Greater Bay Area will get subsidies from Guangdong Province and Shenzhen to offset the differentials, the finance ministry said on Saturday.
The subsidies will be exempt from paying individual income tax.
The policy, effective from January 2019 to the end of 2023, applies to nine cities in Guangdong 鈥 Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing, the ministry said.
It said the move aimed to encourage the development of the Guangdong-Hong Kong-Macau Greater Bay Area.
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