Transfer Money Out of China – Don’t Let Time Run Out

This is a short post to remind anyone who worked and paid taxes in China in 2012 about using the 2012 tax document to transfer money out of China. If you want wire money from China to another country and have not yet used the 2012 tax document that proves you paid your Chinese income taxes that year, you only have a few days left to do that.

money in ChinaProof of Chinese income tax paid

Before you can wire money you earned in China out of the country, you have to prove that you paid income taxes due to China. An official tax document with red stamps does that.

For income earned in 2012, you should have received this official tax document at the beginning of 2013 from your company HR department. This tax document lists the 2012 taxes you paid each month and the total for the year. You can use this only before the end of 2013 for transferring money out of China.

How to transfer money out of China

You will need the 2012 tax document, your passport, employment contract, and potentially other documentation – check with your bank representative, since requirements seem to differ slightly from bank to bank and over time. You can also read more about transferring money in the last section of my longer post about banking in China.

Before I close I just have to make a disclaimer (I bet you knew this was coming) that I am not a tax professional or a financial planner, so don’t take my words here for professional advice. This is informational only. I just wanted to make sure that you are aware of this timing limitation and not let the opportunity slip by. Because this is, in my opinion, the easiest way to transfer a larger sum of money from China to the US or other foreign countries.

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