Beijing has said that it will offer favorable tax incentives to overseas talent as part of efforts to lure professionals to work for organizations in the country’s Greater Bay Area high-tech region, which links Hong Kong and Macau with various cities in southern China, said Bloomberg.
The Ministry of Finance said in a statement that high-end foreign talent who work in the Greater Bay Area, and with skills that the country is short of, will be offered subsidies from local governments to help offset their individual income tax differentials between mainland China and Hong Kong.
Foreign talent would be exempt from paying individual income tax, with subsidies being given for a five-year term starting from January 1, 2019, according to the statement.
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