Over the next five years, subsidies will be granted to
overseas high-end and urgently-needed talents working in the
Greater Bay Area. China Briefing explains the current tax situation
and incentives introduced.
According Cai Shui [2019] No. 31 ("Circular
31"), which was released by the Ministry of Finance
earlier this March, overseas high-end and urgently-needed talents
(including Hong Kong, Macau, and Taiwanese residents or "HKMT
residents") working in the Greater Bay Area will be eligible for
subsidies to offset differences in the individual income tax burden
between mainland China and other regions. The subsidies will be for
a period of five years, ending December 31, 2023.
China's State Council aims to turn Hong Kong, Macau, and its nine neighboring
cities in the south of Guangdong province into an economic
super-region, known as the Greater Bay Area.