28 December 2023
The 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 Administrative Measures for the Implementation of Financial Rebate for Individual Income Tax Preferential Policies in Guangdong-Hong Kong-Macao Greater Bay Area (2023 Revision)” (“the Notice”) on 28 December 2023. The authorities announced that eligible overseas talents, working within the administrative area of Guangzhou Municipality, shall receive financial subsidies from the Guangzhou Municipal government. The subsidy shall be granted for the portion of individual income tax already paid in Guangzhou 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 permanent residents of Hong Kong and Macao. These measures shall be effective from 28 December 2023 and valid until 31 December 2027.