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Events RoundUp: Time for Tax

Events RoundUp: Time for Tax
 
     
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If you earn RMB 120,000 or more in a year, you will need to declare your income by filing an annual return by March of the following year.  However, foreigners who were away from China for more than 30 consecutive days or 90 days in total during the year are exempt and do not need to do anything.

To prepare the return, you will need a summary of your total income earned. This may include income you have earned offshore if you work mostly in China. On the return you also need to enter the total amount of taxes that were paid to the Chinese tax authority throughout the year.  Typically this will have been done by your employer withholding part of your salary to pay to the tax authority.

The annual return is a simple one page form in which you input the total income and the taxes for each category of income. However, if you don’t want the hassle of doing it yourself, companies such as PricewaterhouseCoopers can help with the preparation and filing.

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