China
Application Open for Preferential IIT Subsidy for Foreign Talent in 2023 in Dongguan, Zhuhai, and Zhaoqing in the Greater Bay Area
Guangdong’s individual income tax policy for foreign talent in the GBA has been reinstated in 2023, with Guangzhou, Zhuhai, Zhaoqing, and Dongguan announcing their application timelines and updated requirements for the subsidy. The deadline for application varies by city and for retroactive refunds.
The flagship individual income tax (IIT) policy for foreign talent working in China’s Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has officially kickstarted again in 2023, after being put on the back burner in 2022. Following an announcement from the Guangdong provincial authorities on the return of the policy, Guangzhou released a draft document outlining the updated requirements for foreign talent to enjoy the subsidy in the city. We outline the requirements of the GBA income tax subsidy and the latest changes to Guangzhou’s eligibility standards.
UPDATE (December 18, 2023): Zhuhai and Zhaoqing have also announced their timelines for the application of GBA IIT subsidy for the tax years 2021 and 2022, as well as the retrospective application of the IIT subsidy for the tax year 2020. According to Zhuhai‘s announcement, the acceptance period for the GBA IIT subsidy application in the city this year is from December 18, 2023, to January 5, 2024. Zhaoqing, on the other hand, will accept the GBA IIT subsidy application from December 10, 2023, to January 20, 2024, and in the case of incomplete application materials, the deadline for submitting the supplementary information can be postponed to January 25, 2024.
UPDATE (November 28, 2023): Dongguan has announced the deadline for the application of GBA IIT subsidy for the tax years 2021 and 2022, as well as the retrospective application of the IIT subsidy for the tax year 2020. According to the announcement, the acceptance period for the GBA IIT subsidy application in Dongguan this year is from November 15, 2023, to December 25, 2023. The system for accepting the application will close at 24:00 on December 25, 2023. Earlier on November 10, 2023, the city issued its renewed 2023 measures for the implementation of the GBA IIT policy.
This article is republished from China Briefing. Read the rest of the original article.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.
Business
AstraZeneca Stock Declines Amid Reports of Possible Probe Fallout in China – Reuters
AstraZeneca shares declined following reports of potential repercussions from a probe in China, highlighting concerns over regulatory scrutiny and its impact on the company’s operations and financial performance.
AstraZeneca Under Scrutiny
AstraZeneca faces potential fallout from a reported investigation in China, leading to a noticeable decline in its share price. Investors reacted sharply to the news, reflecting concerns over possible regulatory pressures that could impact the pharmaceutical company’s operations in the region. The drop in shares has prompted analysts to scrutinize the implications of this development for the company’s future prospects.
Market Reactions
The market’s immediate response indicates significant unease among shareholders as they weigh the risks associated with the potential probe. Financial analysts suggest that if the investigation leads to strict regulations or penalties, AstraZeneca could face challenges in maintaining its market position. This uncertainty highlights the fragile nature of investor confidence in the pharmaceutical sector, particularly in international markets like China.
Future Implications
As AstraZeneca navigates this turbulent situation, it remains to be seen how the investigation will unfold and what direct impact it will have on the company’s strategic direction. Keeping a close eye on the developments will be crucial for stakeholders. The pharmaceutical giant’s ability to respond effectively to these challenges will determine its future stability in the competitive global market.
Source : AstraZeneca shares fall on report of potential China probe fallout – Reuters
China
Strengthening Economic Relations Between China and Singapore: Trade, Investment, and Future Opportunities
Since 2013, Singapore has been China’s largest foreign investment source and trading partner. Both countries collaborate in the Belt and Road Initiative, with over 8,500 Chinese firms in Singapore. Their trade strengthened under the RCEP Agreement, growing by 4.4% in 2023.
Singapore has been China’s largest source of new foreign investment for 11 consecutive years since 2013. Likewise, China has remained Singapore’s largest trading partner, largest export market, and largest source of imports for 11 years in a row. Companies from both countries have jointly explored opportunities in the Belt and Road Initiative (BRI) markets, achieving positive outcomes in areas such as infrastructure, financial technology, legal services, and third-party market cooperation.
Currently, there are over 8,500 Chinese enterprises registered in Singapore, covering a wide range of industries, including trade, finance, shipping, infrastructure, logistics, and real estate. Singapore serves as a key hub on the Maritime Silk Road and plays an important role in the high-quality development of the BRI.
In this article, we explore the strengthening economic ties between China and Singapore, highlighting potential opportunities in bilateral trade and investment.
China and Singapore are both member countries in the Regional Comprehensive Economic Partnership (RCEP) Agreement. This is a Free Trade Agreement (FTA) between 15 countries and is the largest FTA in the world. Since the RCEP Agreement entered into force in 2022, China and Singapore’s year-on-year bilateral trade has increased by 4.4 percent by the fourth quarter of 2023.
Source: Ministry of Commerce, China
Singapore’s top exports to China are electrical equipment and nuclear machinery, two categories that have consistently been major imports over an extended period.
This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
Read the rest of the original article.
Business
International Aquarium Conference Shifts from Mexico to China: A Global Focus
Wuhan’s HHAn Polar Ocean Park successfully received the IAC flag, marking the 2027 event countdown. The city aims to promote aquatic research and biodiversity conservation through an upcoming science education museum.
Success of the Flag Handover Ceremony
The International Aquarium Congress (IAC) celebrated a significant milestone on November 1, 2024, in Guadalajara, Mexico, with the flag handover ceremony for the upcoming 13th IAC in 2027. This event, often dubbed the "Olympics of the Aquarium Industry," marks the return of the IAC to China for the first time since 2008. HHAn-Wuhan Polar Ocean Park received the flag, highlighting Wuhan’s prominence in aquatic research and conservation.
Wuhan: A Hub for Aquatic Research
Wuhan stands out as a leading center for aquatic organism research, housing the largest cluster of related institutions in China and globally. Its selection as the first inland city to host the IAC emphasizes its rich scientific heritage and commitment to environmental sustainability. The city’s advanced research capabilities and dedication to biodiversity make it an ideal venue for such a prestigious event.
Commitment to Environmental Education
Tan Wencheng, General Manager of HHAn-Wuhan Polar Ocean Park, expressed the park’s dedication to supporting Wuhan’s growth over the past 13 years. As a key urban tourism landmark, the park plans to construct a 2,000-square-meter science education museum focusing on Yangtze River aquatic organisms and ecological protection. This initiative aims to foster public understanding and appreciation for aquatic biodiversity and drive conservation efforts in the region.
Source : Global Spotlight on International Aquarium Conference as It Moves from Mexico to China