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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).
The US taxable GILTI amount is subject to a 50% GILTI deduction allowance (up to the end of 2025, thereafter the GILTI deduction reduces to 37.5%) and is subject to tax at 21%. If nil tax is paid on the foreign pool of GILTI profits, the GILTI US effective tax rate in 2018 is 10.5%. Double tax relief is available for 80% of the pool of foreign tax credits attributed to the GILTI income.