The SAT Announcement No. 23 clarifies different matters related to tax collection and administration, such as: the VAT filling period, the registration of normal VAT taxpayer status, the use of invoices, the issuance of VAT invoices, the cancellation of VAT invoice verification requirement for some taxpayers and others.
Effective as of June 9th, SAFE’s new policy (“Circular 16”) aims to accomplish three objectives: to further the reforms made to the foreign exchange management system, to more effectively attend to the needs and goals of domestic enterprises in regards to their investment ventures and to encourage easier cross-border investment/financing arrangements.
The new policies stipulate that for labor dispatching services provided by general taxpayers, the total price (including additional charges) may be taken as sales amount subject to VAT. They also clarify that the income from pledge-style purchase of financial instruments under resale agreement and from holding of policy-based financial bonds, belongs to the interest income (...)
HK residents are now able to use their Certificates of Resident Status [CoRS] issued by the pertinent Hong Kong authorities in order to avoid paying taxes in both zones. The informational materials necessary to complete the newly revised CoRS application have been expanded to include recent detailed business operation material from the applicant.
Since its inception in February of 2009, the Chinese government has used the "Food Safety Law of the People's Republic of China" as the backbone for a complete overhaul of the country's food safety regulations. The above law was since revised in 2015 and has been supplemented with related announcements of varying specificity. One of (...)
On July 11th 2016, General Manager of Orcom C&A Marco D’Amore, travelled to Paris to give a presentation entitled “Doing Business in China: Mainland China vs. Hong Kong SAR”. The event was kindly hosted by the Chambre de Commerce et d’Industrie de Paris (CCIP). Marco D’Amore’s previous career experience, coupled with his numerous years of (...)
The State Council introduced a Circular in which they layout 20 new policies to attract foreign investments to make China’s economy more developed and technology driven. Four main provisions are being made to encourage these foreign investments including, upgrading foreign investment in manufacturing “China-made 2025”, opening foreign service industry, promoting fair competition between foreign and (...)
On January 6th, The Ministries of Education and Human Resources, Foreign Affairs, and Social Security jointly announced that foreign college graduates who have received masters degrees or higher within the last year can now obtain Chinese work visas without prior postgraduate work experience. Individuals must meet all approval conditions for the work experience requirement to (...)
The SAT, GAC and MOF jointly announced the support of duty free imports to encourage science and technology innovation during China’s 13th Five Year Plan. The importation of books, articles and other materials for scientific research or teaching that are imported by publication entities for scientific institutions shall now be exempt from value added tax. (...)
The SAT has announced three stricter measures for the Customs Import VAT that corporations must abide by. These measures include correct corporate name on all certificates and new timing specifications for reporting imported goods. There will also be enhanced regulation of tax payment certification information with taxpayer’s actual import business information.