Exemption for IIT Declaration Extended
In a move to further reduce the burden on taxpayers, the Ministry of Finance and SAT announced that for individuals resident in China whose consolidated income from 1 January 2024 to 31 December 2027 does not exceed 120 thousand yuan per year but where supplementary tax needs to be declared and paid, or where the annual supplementary tax does not exceed 400 yuan, the individual is exempt from the comprehensive income tax declaration and payment.