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.
The SAT is promoting the use of VAT E-Invoices to reduce tax operation costs. This is being done through electronic invoices that will save social resources and create a fairer tax landscape. By issuing the Opinions, SAT further clarifies and encourages general acceptance of e-invoices in the e-commerce, telecommunications, courier service and public utility sectors, (...)
The State Council has announced the plan for seven new free trade zones that will be opened in Liaoning, Zhejiang, Henan, Hubei, Sichuan, Shaanxi and Chongqing Municipality. These FTZs will each serve specialized functions meant for the region they are in. For example, the new Hubei FTZ which will be used to develop the Yangtze (...)
The State Administration of Taxation recently released the Announcement n.6, including 62 articles and aimed to improve transfer pricing on transactions related to intangibles and intra-group services. The Announcement can be broadly divided into 5 parts: special tax investigations, comparability factors and transfer pricing methods, specific provisions on intangible assets, specific provision on services, mutual (...)
The GAC expanded the scope of enterprises subject to the paperless customs clearance operations to enterprises with various credit ratings. Moving to paperless customs clearance will increase the implementation of policy measures for stable foreign trade growth, and expand the scope of trade facilitation.
Hong Kong is now implementing new tax policies that will reduce total tax revenue by $2 billion per year. The updates procedures will affect tax under personal assessment. The new rules will widen marginal tax bands, increase dependent allowances, and extend entitlement periods. There will also be a one off deductions of salaries tax under (...)
China is making large changes to relax visa policy in order to secure top global talent. These changes will help people applying for the first time and to current visa holders looking to extend their stay in China. The changes will first be introduced in 9 cities and province-level governments as well as 11 free (...)
In addition to the latest version of the Catalogue for the guidance of foreign investment Industries, Shanghai FTZ will loosen restrictions over foreign capital’s access to accounting, auditing, architectural design, rating services and other sectors. Relevant departments are now researching the specific policies for the ease of restrictions.