22 December 2023
Foshan Municipal Finance Bureau, the Foshan Municipal Science and Technology Bureau, the Human Resources and Social Security Bureau of the Foshan Municipality and Foshan Municipal Tax Service, State Taxation Administration (“the authorities”) issued the “Notice in relation to the “2023 Application Guidelines of Individual Income Tax Preferential Policies Subsidies in Guangdong-Hong Kong-Macao Greater Bay Area in Foshan Municipality”” (“the Notice”) on 22 December 2023. The authorities announced that high-end talents and talents in shortage, working within the administrative region of Foshan Municipality, shall receive financial subsidies from the Foshan Municipal government. The subsidy shall be granted for the portion of individual income tax already paid in Foshan Municipality that exceeds 15% of the taxable income. The subsidy is exempted for individual income tax. The maximum amount of individual income tax subsidy for each tax year shall not exceed RMB 5 million per taxpayer. Applicants shall be Hong Kong and Macao permanent resident during the tax year corresponding to the granted subsidy. The application period shall be effective from 25 December 2023 and valid until 20 February 2024.