AIRINC recently conducted a “pulse survey” to understand how global companies operating in China who maintain expatriate staff in the country are responding to the outbreak. Out of the 110 companies who participated in the survey, 99 companies or 90% are considering implementing specific actions for assignees in China in response to the spread of the COVID-19.
Novel Coronavirus (2019-nCoV) has continued to spread over the past week and the World Health Organization named the virus a Public Health Emergency of International Concern (PHEIC) on Thursday, January 30. As of Friday morning in China, there were 9,776 confirmed cases and 213 deaths. The WHO stressed in their Thursday press briefing that 99% of cases are in Mainland China. 60% of cases and 96% of deaths are in Hubei province, the epicenter of the outbreak where Wuhan is located. Isolated cases are still emerging internationally, with confirmed cases in Thailand, Hong Kong, Japan, Singapore, Australia, Taiwan, Malaysia, Macau, South Korea, United States, France, Germany, United Arab Emirates, Canada, Italy, Vietnam, Cambodia, Finland, India, Nepal, Philippines, and Sri Lanka.
On December 31, 2019, health authorities in China informed the World Health Organization (WHO) of a unique strain of viral pneumonia-like illness emerging in Wuhan City, Hubei Province, China. Many of the infected first identified were vendors or visitors at a wet market that sold fish and wild animal meat, which was subsequently closed on January 1, 2020.
China has implemented measures that generally reduce social security contributions. The reductions are primarily targeting employer contributions to the social insurance programs and are part of a multi-year effort to unify pension systems at the national level. However, the social insurance wage base has increased in Shanghai, resulting in an increase in employee contributions to social security for Shanghai taxpayers. The net effect is a reduction in income tax for Shanghai taxpayers as the increased employee social contributions are deductible.
There has been a widespread outbreak of African Swine Fever (ASF) in Asia. ASF is a virus that causes hemorrhagic fever in pigs, with a mortality rate approaching 100%. The disease kills pigs rapidly, typically in two to ten days, but is harmless to humans.
When I took the metro at 6am on a Sunday morning in Beijing, trains were running every three minutes. This past quarter I surveyed six cities in China. The largest of these cities, Beijing, Shanghai, and Chengdu, all have modern and efficient metro systems.
The Chinese government has enacted amendments to the individual income tax law, which was implemented in two phases - October 1, 2018 and January 1, 2019. The changes that are effective October 1, 2018 include amending the tax rates, tax brackets, and increasing the monthly basic deduction.
Guangzhou and Shenzhen have stable but strong and growing rental markets. While rents for units in some of the most popular buildings increase every year, rents in less competitive buildings tend to decrease.
The Chinese government has enacted amendments to the individual income tax law, which will be implemented in two phases – October 1, 2018 and January 1, 2019. The changes that are effective October 1, 2018 include amending the tax rates, tax brackets, and increasing the monthly basic deduction.
AIRINC and Worldwide ERC are organizing a half-day briefing to share key global mobility trends from AIRINC’s survey and discuss how companies can structure its mobility operations, policies, and assignment packages to effectively deploy cross-border transfers and meet business objectives.