
CFOs with employees in the country need to plan for new residency rules and ensure compliance. The most significant reform of China’s individual income tax (IIT) laws in 38 years has numerous implications for foreign workers and the multinational corporations that employ them. Michelle Zhou, a partner at KPMG, presented many of the critical elements of the changes to a group of CFOs at a recent NeuGroup meeting in Shanghai. Big picture. CFOs—who are responsible for income reporting—need to proactively…