Tax subsidies for high-level overseas professionals in SZ

 High-level and badly needed professionals from overseas, including expats, working in Shenzhen can apply for the subsidies for their individual income tax for the year 2020 from Aug. 16 to Sept. 30.

The applicants should meet one of the following criteria: permanent residents of Hong Kong and Macao, mainland residents who have settled in Hong Kong and Macao without mainland household registrations, residents of Taiwan, foreign nationals, returned overseas students who have obtained long-term residency abroad, or overseas Chinese, according to a notice issued by authorities in Shenzhen recently.

Applicants are required to have signed a labor contract with a Shenzhen employer and have worked in Shenzhen for more than 90 days in 2020. They must have been selected into major talents projects, have been recognized as overseas high-level talents, have been holders of Guangdong talents cards, or have obtained permanent residency permits in China, work permits or high-end talent confirmation letters.

They should be research team members and management talents of major innovation platforms, middle-level managers or above, or team members undertaking major vertical research projects at or above the municipal level in universities, research institutes, hospitals and other related institutions, and leaders of key disciplines and key specialists at and above the municipal level.

They can also be managers, scientific research team members, core technology workers and outstanding young talents at headquarters companies, Fortune 500 companies and their branches and high-tech enterprises, large-scale core enterprises, listed companies and high-growth technological innovation-oriented enterprises.

According to the tax incentives, the applicant must pay the prescribed legal individual income taxes (IIT) in Shenzhen, with the IIT paid exceeding the tax amount computed at 15 percent of the talent’s taxable income.

The subsidy amount is calculated by the paid IIT in the tax year 2020 minus taxable income that multiplies 15 percent. The maximum individual income tax subsidy is 5 million yuan (US$771,177).

Qualified applicants or their employers can apply through http://tyrz.gd.gov.cn by Sept. 30 and the authorities will give out subsidies after qualification checks.