China: Provisional measures intended to attract talent to Qianhai released

Global Watch ()

In July 2012, the State Council granted policy support to encourage the development of modern services industries, in particular, innovative financial services and products in the Qianhai Modern Services Industry Cooperation Zone (Qianhai). Recently, a few provisional measures on Qianhai were released by the relevant authorities including Provisional Measures on the Individual Income Tax (IIT) Rebate for Overseas Talents and Professionals in Short Supply in Qianhai (the 'IIT Rebate Measures') and Provisional Measures on the Assessment of Overseas Talents and Professionals in Short Supply in Qianhai (the 'Talents Assessment Measures'). These two new documents provide detailed guidelines to implement the IIT rebate program intended to attract talent to work in Qianhai.