31 December 2020
The Department of Finance of Guangdong Province and the Guangdong Provincial Tax Service State Taxation Administration (the authorities) issued the “Notice on Continuing to Implement the Preferential Individual Income Tax (IIT) Policy in the Guangdong Hong Kong -Macao Greater Bay Area (GBA)” (the Notice) on 31 December 2020. The authorities announced that they would continue to implement the preferential IIT policies in the GBA, provide overseas high-level and urgently-needed talents (including Hong Kong and Macao permanent residents) who work in the GBA with subsidies according to the difference between one's IIT paid on eligible personal income and 15 % of the taxable value of the same eligible income and grant IIT exemption treatment for the subsidies. The Notice is valid from 1 January 2020 to 31 December 2023.