BEIJING, July 1 (Xinhua) -- High-end talents working in Hainan Free Trade Port and talents in urgent need for the construction of the Port are entitled to enjoy favorable personal income tax deductions, according to a circular released by China's Ministry of Finance on Tuesday.
The circular stipulates that if the amount of personal income tax paid by those talents exceeds 15 percent of their taxable income, they shall be exempted from the excess part.
Based on the circular, comprehensive income from Hainan Free Trade Port (including salaries, labor remuneration, author's remuneration, and royalty fees), operating income, and subsidized income recognized by Hainan Province are qualified to enjoy such favorable tax policy.
Taxpayers will enjoy the above preferential policy when handling the annual settlement and payment of personal income tax in Hainan Province.
The policy will be effective from January 1, 2020 to December 31, 2024. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)
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