We do this through value-added, transparent and independent audits, evaluations and investigations. The OIG promotes efficiency and effectiveness to deter and prevent fraud, waste and mismanagement in AOC operations and programs. We foster an environment that inspires AOC workforce trust and confidence in our work. The OIG is a high-performing team, promoting positive change and striving for continuous improvement in AOC management and operations. ![]() We do this through value-added, transparent, and independent audits, inspections and evaluations, and investigations. ![]() No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.The Architect of the Capitol's (AOC) Office of Inspector General (OIG), promotes efficiency and effectiveness to deter and prevent fraud, waste, and abuse in AOC operations and programs. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. GMS Flash Alert is a Global Mobility Services publication of the KPMG LLP Washington National Tax practice. 164 - Notice of issues concerning the transitional policies on preferential tax treatments under the amended IIT law (“Circular 164”).Ģ Tax payable on bonus = RMB 300,000 x 25% - RMB 2,660 = RMB 72,340 (tax is borne by the individual).ģ Tax payable on bonus = RMB 300,000 x 45% = RMB 135,000 (tax is borne by the individual).Ĥ Tax payable on bonus = (RMB 300,000 / 6 x 30% - RMB 4,410) x 6 = RMB 63,540 (tax is borne by the individual).ĥ Tax payable on equity-based incentives derived in June = RMB 300,000 x 20% - RMB 16,920 = RMB 43,080 (tax is borne by the individual).Ħ Tax payable on equity-based incentives derived in December = (RMB 300,000 + RMB 300,000) x 30% - RMB 52,920 – RMB 43,080 = RMB 84,000 (tax is borne by the individual).ħ Tax payable on equity-based incentives derived in June = (RMB 300,000 / 6 x 30% - RMB 4,410) x 6 = RMB 63,540 (tax is borne by the individual).Ĩ Tax payable on equity-based incentives derived in December = x 6 – RMB 63,540 = RMB 115,500 (tax is borne by the individual).ĩ Tax payable on reimbursement received for housing rent and dependent children’s tuition = (RMB 30,000 x 12 + RMB 300,000 – RMB 1,500 x 12 (special additional deduction for rent currently applicable to taxpayers in Shanghai) – 1,000 x 12 (special additional deductions for children’s education currently applicable)) x 45% = RMB 283,500 (tax is borne by the individual). Companies and individuals interested in learning more about the latest developments and hot topics are welcome to get in touch with us.ġ Caishui No. We will monitor the latest developments in preferential IIT policies and discuss policy trends and practical cases with local tax authorities. In view of the complexity and technicality of tax-related matters, companies and individual taxpayers may also consider seeking support from professional institutions to make sure that they fulfil their obligations accurately and in a timely manner and avail themselves of the preferential policies they are eligible for. ![]() Review and assess eligibility for existing financial subsidy programmes (such as preferential IIT policies for attracting highly-skilled talent to work in the Greater Bay Area, Shanghai Free Trade Zone Lingang New Area, and Hainan Free Trade Port) and apply accordingly to effectively minimise financial burden which may arise from cessation of preferential IIT policy.Communicate with employees in a timely manner on regulatory changes, potential financial impact to foster workforce stability.Perform a cost analysis based on policy updates, review and adjust the company policies to facilitate talent attraction and retention.Keep abreast of policy updates to help ensure appropriate company and personal budgeting are performed on a timely basis.While KPMG in the PRC anticipates that the Chinese authorities will announce policies or guidance in relation to the tax treatment of certain employment remuneration items discussed in this article in the coming months, we recommend that companies and individual taxpayers consider the following well in advance in preparation for tax year 2022:
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