China's tax code has undergone significant revisions.
These new tax laws have aroused debate (and concern) among Shanghai's professional and commercial communities, as they appear to run counter to the city's ambitions to become the world's major financial, logistics, commerce, maritime, and economic center. We've already discussed Shanghai's goal of increasing the laowai population to over 800,000 people.
Carlo D'Andrea, founder and Managing Director of D'Andrea & Partners Legal Counsel and former Chairperson of the Shanghai European Chamber of Commerce, sat down with us. We receive some intriguing views from this fellow because of his expertise in law and his membership in one of Shanghai's top business associations. He's Italian, outgoing, and his laugh fills the room.
The present Individual Income Tax Law permits foreigners to take advantage of allowances such as rent, meals, and school fees for their children, which can be deducted from taxable income, lowering the amount of individual income tax (IIT) owed.
The savings in terms of IIT for individual person, as well as the firm, are significant in Below Links :
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