{"id":4381,"date":"2015-06-17T10:32:12","date_gmt":"2015-06-17T09:32:12","guid":{"rendered":"http:\/\/www.ecovis.com\/focus-china\/?p=4381"},"modified":"2021-09-06T15:26:22","modified_gmt":"2021-09-06T13:26:22","slug":"iit-social-insurance-private-pension-seminar-tianjin","status":"publish","type":"post","link":"https:\/\/www.ecovis.com\/focus-china\/iit-social-insurance-private-pension-seminar-tianjin\/","title":{"rendered":"IIT, Social Insurance & Private Pension – Seminar in Tianjin"},"content":{"rendered":"

By<\/span>\u00a0ECOVIS Beijing<\/a><\/p>\n

On the 27th of May 2015,\u00a0Ms. Manuela Reintgen\u00a0of\u00a0ECOVIS Beijing\u00a0and\u00a0Mr. Klaus-Peter von der Eltz\u00a0of\u00a0Expatriate Care Consult\u00a0held a seminar on individual income tax (IIT), social insurance and private pension, in cooperation with the German Chamber of Commerce in Tianjin.<\/span><\/p>\n

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With regard to long-term employment in China, many issues concerning the terms of that employment, a suitable contract design and the ensuing insurance questions arise. Furthermore, the relations between contributions by employers and employees, the options for optimizing the individual income tax structure were discussed. Specifically, how a number of benefits can be used to minimze the taxable income while providing the same value.\u00a0Ms. Reintgen also emphasized the importance and urgency of properly handling these benefits and the individual income tax filings in general as China is lately paying close attention to foreigners’ tax filings<\/a>.\u00a0New to the audience was the new social insurance cap released by the PRC. Manuela Reintgen and Mr. Klaus-Peter von der Eltz focused their presentations on these points and gave practical advice.<\/span><\/p>\n

Manuela Reintgen explained for instance how the IIT burden could be reduced by implementing an annual bonus in the salary structure and showed how much RMB could be saved with this measure alone. When Klaus-Peter von der Eltz spoke about the benefits and drawbacks of the Chinese social insurance. He pointed out that it remains important to have a private provision in order to avoid any financial damages and be fully covered in case of health issues or accidents. People from Germany who don\u2019t speak Chinese should be aware of possible language barriers and that they might also have to deal with long queues and less privacy since the Chinese medical insurance only covers treatments administered in government-approved hospitals.<\/span><\/p>\n

All in all the seminar covered the following aspects:<\/span><\/h3>\n