The Announcement clarifies that beginning on January 1, 2017 and ending on December 31, 2019, any eligible small low-profit enterprise with the annual taxable income less than CNY500,000 (inclusive), irrespective of the tax levy based on account examinations or on assessment, will be entitled to the EIT at a reduced rate of 20% based on (...)
The Announcement N.56 stipulates that an enterprise, after being qualified as a high-tech enterprise, could apply for the entitlement to tax incentives as of the year in which the certificate of high-tech enterprises is issued and complete record-filing formalities with the competent tax authority as required.
The Circular n.56, jointly issued by MOF and SAT, has significant importance for the asset management industry, bringing on one side tax relief for taxpayers and, on the other side, easing the tax administration process for tax authorities. The Circular sets forth definitions of a "manager of asset management products" and "asset management product", and (...)
The Circular states that, starting from September 1st, 2017, Chinese financial institutions which issue bank cards must collect and report information to the State Administration of Foreign Exchange (SAFE) on the use of their bank cards for all oversaeas transactions greater than CNY 1,000. This also includes cash withdrawals.
During the 19th EU - China Summit, the Directorate General for Agriculture and Rural Development of the European Commission and the Ministry of Commerce of the People's Republic of China met to finish discussing the protection of geographical indications.
Good for taxpayers, the announcement states that a corporate partner who invests in at least two qualified partnership venture captial enterprises is allowed to calculate, in aggregate, the deductible investment amount and the income it has gained.
Effective July 1st, it will NOT be possible anymore to register accounting VAT invoices without a taxpayer identification number.
According to the Measures, a non-resident or a passive non-financial entity controlled by a non-resident, when opening a financial account, must provide a detailed announcement of the name, current home address, country (region) where it's a tax resident, taxpayer identification number, place and date of birth etc., in order to prove the tax resident's identity (...)
According to the Circular, all advertising expenses and business promotin costs incurred by enterprises manufacturing or selling cosmetics, mediceines, or beverages (excluding liqour) may be deduced, up to 30% of sales revenue.
China’s GAC announces 12 notable revisions to the customs declaring requirements to ensure consistency with other customs regulations. The newly issued rules make revisions to the Royalty Fee, as well as modify the declaration protocol for entities located in bonded zones, export processing zones and other customs supervision areas, affecting both import and export operations.