15 May 2024
The Shenzhen Municipal Bureau of Finance, the Shenzhen Municipal Human Resources and Social Security Bureau, the Shenzhen Municipal Science and Technology Innovation Bureau, and the Shenzhen Municipal Tax Service, State Taxation Administration (“the authorities”) issued the “Notice in relation to the “2023 Tax Year Overseas High-end and Urgently Needed Talents Individual Income Tax Subsidies Application Guidelines in Shenzhen Municipality”” (“the Notice”) on 15 May 2024. The authorities announced that during the tax year, applicants can apply for individual income tax subsidy in Shenzhen Municipality. The subsidy amount is calculated by subtracting the estimated tax amount from the individual’s total tax paid within the year. This subsidy is exempt from individual income tax. The maximum amount of individual income subsidy shall not exceed RMB5 million. These Application Guidelines shall be effective from 15 May 2024 and valid for 1 year.