27 December 2023
Zhongshan Municipal Finance Bureau, The Zhongshan Municipal Science and Technology Bureau, the Human Resources and Social Security Bureau of the Zhongshan Municipality and Zhongshan Municipal Tax Service, State Taxation Administration (“the authorities”) issued the “Notice in relation to the “Administrative Measures for the Implementation of Individual Income Tax Preferential Policies Subsidies in Guangdong-Hong Kong-Macao Greater Bay Area in Zhongshan Municipality”” (“the Notice”) on 27 December 2023. The authorities announced that high-end talents and talents in shortage, working within Zhongshan Municipality, shall receive financial subsidies from the Zhongshan Municipal government. The subsidy shall be granted for the portion of individual income tax already paid in Zhongshan 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. The basic eligibility criteria for subsidy applicants is that applicants shall be permanent residents of Hong Kong and Macao. These measures shall be effective from 27 December 2023 and valid until 31 December 2027.