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Individual income tax finalization for foreigners in China. By Eunice Ku. Jan. 14 â Individual income tax (IIT) is normally withheld from wages or salaries by employers and paid to the tax authorities on a monthly basis (within 15 days of the end of each month).
In other words, it is the difference between total output tax and total input tax. Here input tax refers to a tax on inputs, i.e. local purchases made from a registered dealer whereas output tax means a tax on outputs i.e. tax on sales made within the state. VAT is an acronym used for Value Added Tax.