China's tax code has undergone significant revisions.

[MIKEJONES]

These new tax laws have aroused debate (and concern) among Shanghai's professional and commercial communities, as they appear to run counter to the city's ambitions to become the world's major financial, logistics, commerce, maritime, and economic center. We've already discussed Shanghai's goal of increasing the laowai population to over 800,000 people.
Carlo D'Andrea, founder and Managing Director of D'Andrea & Partners Legal Counsel and former Chairperson of the Shanghai European Chamber of Commerce, sat down with us. We receive some intriguing views from this fellow because of his expertise in law and his membership in one of Shanghai's top business associations. He's Italian, outgoing, and his laugh fills the room.
The present Individual Income Tax Law permits foreigners to take advantage of allowances such as rent, meals, and school fees for their children, which can be deducted from taxable income, lowering the amount of individual income tax (IIT) owed.

The savings in terms of IIT for individual person, as well as the firm, are significant in Below Links :

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Without a doubt. It will have a significant influence. In Shanghai, there are 99,400 foreign investment firms (FIEs) registered. This is equivalent to 27% of the city's overall GDP. Foreign enterprises account for around 30% of overall taxes and 13% of total employment. Shanghai's portion of industrial output is 30%, and its share of imports and exports is 73 percent.
The result will almost certainly be a significant reworking of package deals (unless the company can bear a nearly doubled staff cost). Many employees, notably senior professionals with higher salaries and greater non-taxable benefits, may be relocated outside of China. We will most likely witness an increase in the number of young foreign professionals, who typically have fewer or poorer perks.
To give you an idea of how a small or medium business can be affected. Consider a corporation with ten international employees, each having around six children enrolled in international schools. If the company wants to keep these personnel at their current pay levels when the law takes effect, it will have to pay an additional $1.9 million RMB. This can be a lot more difficult.