Income tax for individuals is computed on a monthly basis by applying the above progressive tax rates to employment income.

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1 Worldwide personal tax guide China Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible State Administration of Taxation (SAT) 1 January to 31 December Monthly tax returns due 15 days after month end, annual tax returns due by 31 March No No Monthly taxable income band RMB National income tax rates 1 1,500 3% 1,501 4,500 10% 4,501 9,000 20% 9,001 35,000 25% 35,001 55,000 30% 55,001 80,000 35% 80, % Income tax for individuals is computed on a monthly basis by applying the above progressive tax rates to employment income. Labour services income, royalties and rental or leasing income is subject to tax at a flat rate of 20%. Additional tax may be levied on abnormally high single payments for labour services. For these purposes, taxable income in excess of RMB 20,000, but not exceeding RMB 50,000, is subject to an additional tax charge equal to 50% of the tax normally payable. Taxable income over RMB 50,000 is subject to an additional tax charge equal to 100% of the tax normally payable. A Chinese individual is allowed a flat RMB 3,500 deduction each month in computing his or her net taxable income and expatriate employees are allowed a deduction of RMB 4,800 per month. Approved charitable donations are also deductible. This document has been prepared based on the legislation and practices of the country concerned as of 1 July 2013 by EY and published in its Worldwide personal tax guide, Tax legislation and administrative practices may change, and this document is a summary of potential issues to consider. This document should not be used as a substitute for professional tax advice which should be sought for the country of arrival and departure in advance of moving in order to discuss your circumstances. It is your responsibility to disclose your income to the tax authorities. This information is provided by EY in accordance with their Terms and Conditions. Neither HSBC nor EY accepts any responsibility for the accuracy of any of this information. By using this information you are accepting the terms under which EY is making the content available to you.

2 Who is liable? China residents are generally subject to tax on their China-source and non-china-source income. Non-residents are subject to tax on their China-source income only. Residence status for tax purposes China residents include the following persons: Individuals who have their domicile in China Individuals who do not have their domicile in China, but reside in China for one full year Individuals are considered to have resided in China for one full year if they reside in China for 365 days during one calendar year. In calculating the number of days an individual is present in China, temporary absences from China are not excluded. Temporary absence is defined as a single absence from China for a period of no longer than 30 days, or as multiple absences from China for an aggregate of no longer than 90 days. China-domiciled individuals are subject to China individual income tax (IIT) on their worldwide income. Non-China-domiciled individuals who have resided in China for more than 5 consecutive full years are subject to China IIT on their worldwide income for every full year of residence, beginning with the 6 year, regardless of the mode of payment and place of payment of the income. Income subject to tax Employment income - The types of taxable compensation under the China IIT law include, but are not limited to, wages and salaries, foreign service or hardship allowances, cost of living and automobile allowances, tax reimbursements, bonuses and equity compensation. The form of the individual income may be cash, physical objects, securities and economic interests in any other form. For employment income, non-china-domiciled individuals who have resided in China for one full year but less than 5 years are subject to China IIT on income earned from services rendered in China and on income earned from services rendered outside China but paid or borne by the individual s China employer. Individuals who reside in China continuously or intermittently for not more than 90 days during a calendar year are treated in the following manner: The expatriate is exempt from individual income tax if the salary is paid and borne by an overseas employer. Employment income paid or borne by the employer s establishment in China is subject to individual income tax to the extent that the income is attributable to services actually performed in China. Normally, the tax liabilities are apportioned to China and non-china services in accordance with the actual number of days the expatriate resides in China. The residency threshold is increased from 90 days to 183 days if the expatriate is resident of a country that has entered into a double tax treaty with China (a tax treaty expatriate). Individuals who reside in China for more than 90 days (183 days for tax treaty expatriates), but less than one year, are treated in the following manner: The expatriate is subject to individual income tax on employment income derived from services actually performed in China.

3 Assessable income includes all employment income, whether it is paid (or borne) by an employer inside or outside China. Employment income attributable to services performed outside China is exempt from individual income tax. Normally the tax liabilities are apportioned to China and non-china services in accordance with the actual number of days the expatriate resides in China. Self-employment income - Taxable income includes compensation for independent personal services performed in China, bonus payments and income specified as taxable by the Ministry of Finance. Except for individual proprietorship enterprises and individual equity partnership enterprises, no measures exist for the carryover of losses. Investment income - Interest, dividends and other investment income from China sources are subject to tax at a flat 20% rate, with no deductions allowed. Dividends, interest, royalties and rental income received by non-resident foreign nationals from China sources are normally subject to a 10% withholding tax under most double tax treaties entered into by China on the approval of the local tax authorities in charge. Dividends paid by foreign-investment enterprises to non-resident foreign nationals in China are exempt from China IIT. Directors fees - Directors fees are considered income from independent personal services and are taxed as income derived from labour services. However, directors fees paid to a company director are taxed as wages and salaries if he or she is an employee of that company or a related company. If the director is not also an employee of the company, his or her directors fees may be taxed under the labour service category. Temporary relief - Under a temporary measure, for dividends and profit sharing derived by individuals from domestic listed companies, only 50% of the income is chargeable to IIT. Also, interest income derived by individuals from domestic banking institutions on deposits is temporarily exempt from IIT. Taxation of employer-provided stock options - Taxable income is recognised on the date an employee exercises an employer-provided stock option. For foreign nationals, stock option income is taxable if it is considered attributable to China employment. In general, a stock option that is granted and vested when the employee is resident in China is considered to be China-source taxable income. The amount of taxable income is the difference between the fair market value of the stock on the exercise date and the exercise price. Capital gains After deducting costs and related expenses, income derived from the sale or transfer of movable or immovable property in China is taxed at a flat 20% rate. Capital gains derived from transfers of shares listed on China stock exchanges in the secondary market are temporarily exempt from China IIT. Foreign individuals are subject to a 20% tax on gains derived from the sale of equity in a foreigninvestment enterprise in China (for example, an equity joint venture). The applicable tax rate may be reduced for individuals resident in treaty countries.

4 Social security Chinese nationals employed by China entities are eligible for the social security system in China. Under the new China Social Security Law, which took effect on 1 July 2011, foreign nationals working in China must also participate in the China social security system. They must participate in basic pension schemes, basic medical insurance, work-related injury insurance, maternity insurance and unemployment insurance. Social security tax rates vary among different cities. Employers and employees are subject to social security taxes at an average rate of 30% and 11% of gross income, respectively. For this purpose, the amount of gross income is capped at 3 times the average salary in the city for the preceding year as published by the local government. Tax filing and payment procedures Foreigners must register with the local tax bureau or, if individuals are engaged in offshore oil and gas exploration activities, with the local offshore oil tax bureau. Foreigners subject to China IIT may need to complete a tax registration form and provide an employer s certification stating the amount of their compensation, along with copies of relevant passport pages to verify their date of arrival. Although the recipient of income is responsible for payment of income tax, it is generally collected through a withholding system under which the payer is the withholding agent. All taxpayers, including those earning China-source income but not covered by the withholding system, and employees who are paid outside China must file monthly income tax returns and pay the relevant tax to the local tax bureau. The Chinese residents with foreign-source income must file annual reconciliation tax returns and pay tax due within 30 days after the end of the calendar year. If the foreign tax year is different from the China tax year and if it is difficult to file income tax returns within 30 days after the end of the calendar year, it is possible to file the reconciliation returns within 30 days after the foreign taxes have been paid. Foreign taxes paid on this income are allowed as a tax credit, up to the amount of China IIT levied on the same income. Individuals who are taxpayers are now required to register and file annually with a tax bureau in charge if any of the following circumstances apply: The individual s annual income exceeds RMB 120,000. The individual receives wages or salaries from 2 or more sources in China. The individual receives income from outside China. The individual receives taxable income, but he or she has no withholding agent. Other circumstances specified by the State Council exist. China resident individuals earning more than RMB 120,000 a year must undertake the annual filing within 3 months after the end of the tax year. Foreigners departing from China must pay all taxes before departure and may need to complete the relevant deregistration formality with the local tax authorities. Late payment of tax is subject to a daily interest charge of 0.05%. A penalty of up to 5 times the amount of unpaid tax may be levied for tax evasion or refusal to pay tax.

5 Double tax relief and tax treaties An individual subject to China IIT on worldwide income may claim a foreign tax credit against income subject to tax in another country. The credit is limited to the China tax payable on the same income. China has entered into double tax treaties with 97 countries.

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