The new Individual Income Tax Regulation will come into effect on January 1st 2019. The implemented changes bear several major impacts for both – companies and their employees. These include tax resident rule, consolidating income with similar nature for taxation, allowing items deduction for specific expenses, amended tax income brackets and tax rates as well as standard deduction. The challenges and opportunities arising from this reform are going to be presented and discussed in the scope of our seminar.
For our seminar on the Individual Income Tax Reform, we are very delighted to welcome Sheila Zhang, Director of Global Mobility Services and Maggie Zheng, Senior Manager of Global Mobility Services at KPMG as well as Jun (Nigel) Zhang, Head of Compensation & Benefits at Volkswagen Group China.
We invited KPMG to introduce the changes of the law and how it effects foreign companies as well as presenting changes and challenges for expatriates, local employees as well as their employers. We are furthermore looking forward to Volkswagen's insights on necessary preparations for the tax reform, strategic challenges and opportunities of the new regulations as well as the impact on employees' benefits.