28 December 2023
Guangzhou Municipal Finance Bureau, The Guangzhou Municipal Science and Technology Bureau, the Human Resources and Social Security Bureau of the Guangzhou Municipality and Guangzhou Municipal Tax Service, State Taxation Administration (“the authorities”) issued the “Notice in relation to the Application Guidelines of Individual Income Tax Preferential Policies Subsidies for Overseas Talents in Guangdong-Hong Kong-Macao Greater Bay Area in Guangzhou Municipality (2023)” (“the Notice”) on 28 December 2023. The authorities announced that eligible overseas talents (including high-end talents and talents in shortage), working within the administrative region of Guangzhou Municipality, shall receive financial subsidies from the Guangzhou Municipal government on the portion of individual income tax already paid in Guangzhou Municipality that exceeds 15% of the taxable income in 2020, 2021 and 2022 tax years. 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. Application period is from 29 December 2023 to 29 February 2024.