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  On November 6, Guangzhou finance bureau issued < Interim Measures of Guangzhou for Administration of Financial Subsidies under Preferential Individual Income Tax (IIT) Policies in Guangdong-Hong Kong-Macao Greater Bay Area (GBA)> (hereinafter referred to as the measures).   Overseas high-end talents and critically lacking talents who work within the administrative area of Guangzhou shall be given financial subsidies if their IIT paid in Guangzhou exceeds the tax amount computed at 15% of their taxable income. The subsidy is exempt from IIT.  The computation of the balance of IIT shall be based on one tax year,  which begins on January 1st and ends on December 31st of the Gregorian calendar.

The overseas high-end talents mentioned in the measures shall conform to the standards of Guangzhou overseas high-end talents catalogue. The overseas talents in short supply mentioned herein shall conform to the catalogue of talents in short supply in Guangzhou, and the taxable income of individual income tax in the tax year shall be more than RMB 300,000 Yuan. Overseas high-end talents and scarce talents (hereinafter referred to as applicants) who meet the requirements of the measures shall also meet the following conditions:

(1) The applicant shall be a permanent resident of Hong Kong or Macao, a Hong Kong resident under the Hong Kong’s Admission Schemes for Talents, Professionals and Entrepreneurs, a Taiwanese resident, a foreigner, or a returned overseas Chinese or a returned overseas Chinese student who has obtained the right of long-term residence abroad;

(2) The applicant shall work or be employed by enterprises and other institutions registered in Guangzhou during the tax year, or alternatively provide independent personal services in Guangzhou, work in Guangzhou for a minimum of 90 days during the tax year, and pay IIT in Guangzhou according to law;

(3) Within three years before applying for financial subsidies, the applicant shall have no information records of major tax violations, no records of dishonest acts such as false reporting, false collection, fraud, misappropriation of financial funds, violation of scientific research ethics and integrity, and no records of serious violation of laws or regulations, such as being included into the blacklist of debtors for law enforcement, being subject to criminal punishment or ordered to suspend production or business, being revoked of the business license or permit, or receiving administrative punishment involving large sum of fine. The applicant is not directly or primarily responsible for the above acts or records of the withholding agent, nor is he the legal representative or responsible person of the withholding agent.

The above records can be inquired through www.creditchina.gov.cn, www.credit.gz.gov or shared government information.

Financial subsidies are processed once a year, and applications for financial subsidies in the current year are accepted from July 1st to August 15th of the following year.

Where an eligible applicant fails to submit an application within the prescribed time limit, a supplementary application can be made during the subsidy application period in the next year. If it is overdue again, it shall not be accepted or subsidized. (source: Guangzhou finance bureau)