17 March 2020
The Shenzhen Bureau of Human Resources and Social Security and Shenzhen Bureau of Finance jointly issued the “Notice on Implementing the Individual Income Tax (“IIT”) Preferential Policies in the Guangdong-Hong Kong-Macao Greater Bay Area” on 17 March 2020. Starting from 1 January 2019, if non-resident high-end talents and talents in shortage (including Hong Kong permanent residents) meet the conditions stipulated in the Notice, the Shenzhen government will grant financial subsidy to the talents for the IIT paid exceeding 15% of the taxable income. The financial subsidy is exempt from IIT. The Notice is effective from 27 March 2020 to 31 December 2023.