02 June 2023
The Department of Finance of Guangdong Province, the Department of Science and Technology of Guangdong Province, Human Resources and Social Security Bureau of Guangdong Province, the State Tax Administration of Guangdong Provincial Tax Service (“the authorities”) issued the “Notice in relation to Further Implementation of Individual Income Tax Preferential Policies in Guangdong, Hong Kong and Macao Greater Bay Area” (“the Notice”) on 2 June 2023. The authorities announced for overseas high-end and urgently needed talents working in the Guangdong Hong Kong Macao Greater Bay Area, the portion of the individual income tax paid in the nine cities of the Pearl River Delta that exceeds 15% of the tax amount calculated based on the taxable income shall be subsidized by the government of the nine cities of the Pearl River Delta. The subsidy is exempt from individual income tax. The maximum amount of individual income tax subsidy for each taxpayer in each tax year shall not exceed RMB5 million. The Notice shall come into effect from 21 June 2023.