新闻 - J & K Investment Consulting

According to the latest policy, the annual salary requirement for foreigners applying for working staff Permanent Residence (green card) in Shanghai has been raised, the applicant should have had an annual salary not less than 6 times the average annual salary of urban employees in the previous year in the region, for 4 consecutive years.

In addition, the applicant must have paid indivudual income tax annually not less than 20% of their salary.

Taking the Shanghai average salary for 2022 as an example, this means that the minimum individual income tax requirement has increased from RMB120K to about RMB173K per year, and will be adjusted annually.

On April 25th, China’s Ministry of Foreign Affairs (MFA) announced that PCR testing requirements for all overseas arrivals to the Chinese mainland will be scrapped.

Starting April 29th, all travelers to China can present an antigen test taken within 48 hours prior to boarding, dropping a PCR test requirement. In addition, airlines are no longer required to check pre-boarding PCR test results, according to the spokesperson for China's Ministry of Foreign Affairs, Mao Ning.

These new rules are in effect as of this Saturday, April 29:

-No COVID tests will be checked during check-in when flying to the Chinese mainland.

-Instead of a PCR test result, passengers can show a negative rapid antigen test (RAT) result issued within 48 hours before check-in. This result may be checked upon arrival to the Chinese mainland.

-In other words, if you are planning on flying to the Chinese mainland, have a RAT kit ready to use before you check-in for your flight.

A reminder for anyone traveling abroad from the Chinese mainland – while many countries have scrapped COVID testing requirements, you may still need to prove your vaccination status.

Make sure to double check the rules before you travel. According to Mao, China will continue to scientifically optimize its prevention and control policies based on the pandemic situation, and better safeguard the safety, health, and orderly exchange of Chinese and foreign personnel.

For small low-profit enterprises, the portion of their annual taxable income that does not exceed RMB 1M shall be included in the taxable income at a reduced rate of 25%, and the enterprise income tax shall be paid at a tax rate of 20%.
For individual businesses with an annual taxable income of no more than RMB 1M, individual income tax will be levied at a reduced rate of half based on the current preferential policies.
The term "small low-profit enterprises" as mentioned in this announcement refers to enterprises with 3 conditions: annual taxable income not exceeding RMB 3M, number of employees not exceeding 300 people, and total assets not exceeding RMB 50M.
The implementation period of this announcement is from January 1, 2023 to December 31, 2024.