The "Interim Measures for the Implementation of the Financial Subsidies for the Preferential Policies on Individual Income Tax for Guangdong-Hong Kong-Macao Greater Bay Area" has been officially released. These measures take effect on January 1, 2019, with a trial period of one year.

As provided in the measures, financial subsidies shall be given to overseas high-end talent and other urgently needed personnel who have paid more than 15% of their taxable income in individual income tax in Zhongshan. The subsidies are exempt from individual income tax.

The range of individual income included in the deficiency payment involves the following: income from wages and salaries, income from remuneration for personal services, income from author's remuneration, income from loyalties, business income, the subsidized income obtained by being selected into the government talent projects or other talent projects.

The measures enacted also refine the standards of subsidies for overseas high-end talent and urgently needed personnel in Zhongshan. Apart from meeting the requirements of "overseas high-end talent" and "urgently needed personnel", some basic conditions should be followed.

First of all, the applicants should be: permanent residents of Hong Kong and Macao, Hong Kong residents who have gone through the "Hong Kong Immigration Plans" (outstanding talent, professionals, and entrepreneurs), residents of Taiwan, foreign nationals, returnees who have obtained long-term residency abroad, and overseas Chinese. 

Secondly, the applicants shall work in Zhongshan during the tax year, in which they apply for the financial subsidies and pay tax in Zhongshan according to the law.

Those who apply for the qualification of talent by the end of December of each year may apply for the financial subsidies of the current year.