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2020 has been one of a very dynamic year ranging from the first year in the new China annual reconciliation filing and application for Greater Bay Area ("GBA") individual income tax ("IIT") financial subsidy, to complex tax and deployment issues arising from remote working and travel disruption.
Individual taxpayers and withholding agents in China have been facing challenges brought by major adjustments in policies and practical implementation under the China IIT reform, and the 2019 annual reconciliation filing has marked a perfect completion to the first year of this reform.
Similarly, taxpayers in Hong Kong have been facing challenges brought by changes in tax rules and practices. From the year 2018/19 onwards, double taxation triggered by working in a double tax treaty counterpart of Hong Kong would no longer be mitigated by the unilateral tax relief under Section 8(1A)(c) of the Inland Revenue Ordinance. Instead, a foreign tax credit ("FTC") could be claimed if the taxpayers qualify as a Hong Kong tax resident - yet the adverse impact on holdover of provisional tax would arise due to limitation in tax rule.
Furthermore, due to the outbreak of COVID-19, the issues on tax residence status, unexpected double taxation, and demand for change in benefit policies, and tax equalization policy for talent retention and policy competitiveness have been caused.
The Italian Chamber of Commerce has invited PwC experts to share their insights and recommendation on how enterprises and individuals could better manage the above challenges.
Topics to be covered include:
- Recap and experience sharing of the first China annual reconciliation filing for IIT.
- Updates on China IIT incentive in the Greater Bay Area.
- Challenges in foreign tax credit claim and impact on holdover application.
- The requirements and the recent trend of applying for a Hong Kong certificate of resident status.
- The IRD's view on certain salary tax issues shared by the IRD and the HKICPA.
- Tax and HR policies impact due to unplanned travels, the extension of stays, and remote working patterns.
Speakers
Louis Lam
Partner, Global Mobility Services, at PwC Hong Kong
Louis is the China South Leader of Global Mobility Services with over 20 years of experience specializing in Hong Kong / China cross border individual tax consulting and compliance. He advises clients in drafting company policy and employment terms covering housing benefits, remuneration package structuring, tax equalization, termination package, and talent mobility policy; negotiate and manage tax audit and penalty; cross border social security planning, etc.
Louis has extensive experience advising overseas, China and Hong Kong clients in private equity and asset management industries, and leading global financial institutions, to design and enhance pre-/post-IPO employee share based compensation schemes, carried interest plans, and co-investment plans, with a holistic approach to cover talent mobility and retention, market trend, tax, foreign exchange, finance, legal, etc. perspectives; and to assist in performing applicable tax and foreign exchange registration and compliance reporting.
He is a Certified Tax Adviser (Hong Kong), and members of Taxation Institute of Hong Kong (TIHK), Association of Chartered Certified Accountants (ACCA), and Hong Kong Institute of Certified Public Accountants (HKICPA).
Victor Yuen
Senior Manager, Global Mobility Services at PwC Hong Kong
Victor Yuen is a Senior Manager in Global Mobility Services. Victor is responsible for providing Hong Kong and China individual tax consulting and compliance services for international and local companies. Victor has more than 10 years of experience and he serves companies in different industries, including leading global financial institutions.
Victor is involved in various individual tax consulting projects, including assisting clients in drafting mobility policy and tax equalization policy to support mobility employees.
Victor is a member of the Hong Kong Institute of Certified Public Accountants.
