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.

SAFE made an announcement on January 26, 2017 in which they vow to improve examination of authenticity and compliance of foreign direct investment and expand the reform of foreign exchange administration. This expansion includes, deepening the scope of foreign exchange settlement regarding the domestic foreign exchange loans, permitting funds transfer under onshore guarantee for offshore (...)

SAT issued an announcement late December 2016 clarifying the documentation requirements for enterprises changing their second-level and below branches. Additionally, SAT clarified the tax deduction for asset losses incurred by these same branches.

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.