17 May 2024
The Shenzhen Municipal Bureau of Finance and the Shenzhen Municipal Tax Service, State Taxation Administration (“the authorities”) issued the “Notice in relation to the Implementation Measures of Individual Income Tax Preferential Policies in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone” (“the Notice”) on 17 May 2024. The authorities announced that Hong Kong residents working in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, shall be exempted for individual income tax for the portion of their individual income tax burden exceeding that of Hong Kong. This Notice shall be effective from 27 May 2024 and valid for 1 year.