The new law states that the minimum threshold for personal income tax exemption will be raised from 3,500 yuan ($513) to 5,000 yuan per month or 60,000 yuan per year.
The cost of the OBU tax break to the government has risen to $325 million a year, up from $200 million in 2013-14 and $160 million in 2006-07, according to Treasury figures.
The new regime will be called the International Business Center (IBC). The timeline for the repeal of the HQ regimes and the effective date of the IBC regime will be announced by the Ministry of Finance, working with the Council of State.
In a number of cases, notices have been issued to individuals or business entities to explain their transactions, the officials said.
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Australia is committed to working with other countries, through the G20 and the OECD, to develop sustainable, multilateral responses to address the challenges to our tax systems arising from digitalization.
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