(Yicai Global) June 24 -- Nine cities in the Guangdong-Hong Hong-Macao Greater Bay Area, including Guangzhou, Shenzhen and Zhuhai, will give personal income tax breaks for top workers coming from Hong Kong, Macao, Taiwan, as well as for overseas returnees.
Local governments in these cities will exempt scarce talent from income taxes that exceed the threshold of 15 percent, according to a document released by China's State Taxation Administration and the Department of Finance of Guangdong Province. The other cities include Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing.
The new policy could lower the duties of a worker who makes CNY1 million (USD145,560) per year by two-thirds to CNY150,000 (USD21,813), according to the Shenzhen government.
The applicants need to have a permanent residence permit in Hong Kong, Macao or Taiwan, or be students from the mainland who have such permits or passports issued overseas.
Editor: Emmi Laine