China's Ministry of Finance and State Administration of Taxation have jointly issued three announcements that extend the implementation of certain individual income tax preferential policies. This includes the following:
Announcement No. 30 of 2023, which provides that the exclusion of annual year-end bonuses in calculating monthly salary income is extended until the end of 2027 (from 2023), with bonuses taxed according to a separate calculation, which is essentially meant to prevent bonuse…