As he delivered the Government Work report on March the 5th, Premier Li Keqiang announced new tax cut plans to ensure a reasonable economic growth rate. Since the VAT reform inception in 2012 (seeing business tax replaced with VAT) and its extension to the last four sectors, the tax cuts have been very beneficial to (...)
Shanghai Municipal People’s Government announced in Circular No. 9, amendments to the policy framework for encouraging MNC’s to set up regional headquarters in the city. Recognizing that Shanghai plays a leading role in China’s opening-up reform, the circular relaxes the business scope and the assessment criteria for Regional Headquarters. Additionally, the Circular clarifies that branches (...)
The Circular provides that certain consumer goods will be subject to import tariffs at the temporarily reduced rates from December 1, 2017. The List of Adjustments to Temporary Import Tariff Rates on Certain Consumer Goods is distributed in the Circular, covering 187 items, such as "mineral water", "whisky", "other medicines (consisting of mixed or unmixed (...)
The Announcement n. 37 consists in an official interpretative guidance of the rules related to the administration of withholding tax on China-source income derived by nonresident enterprises. The document provides clear explanation and guidance on collecting the enterprise income tax on China-source income derived by nonresident enterprises and gives solutions on some practical issues. The (...)
The action Plan announces the launch of a nationwide campaign against trademark infringement from September 2017 until February 2018, focusing on eradicating the manufacture and sale of trademark infringing commodities and the fabrication of labels of registered trademarks. It calls for cooperating with right owners, industry associations, e-commerce platforms and other related parties, to counter (...)
According to the Announcement, when handling formalities for applying for customs inspection and quarantine, the inspection candidate shall provide the assurance of conformity issued either by the consigner of outbound goods or by the consignee of inbound goods. The assurance of conformity should cover the commitment of observing laws, guarantee for conformity, responsibilities for quality (...)
The Announcement No. 40 applies to the annual final settlement from 2017 and thereafter, it centers on the collection scope of R&D expenses, and improves and specifies criteria to get information about some R&D expenses. Respective standards for the labor expenses paid to workers, expenses of direct input, depreciation expenses, and amortization of intangible (...)
Data is considered a fundamental resource in China and data security has become a major issue related to national, economic, and social development. Aiming to protect national interests, the new Data Security Law was passed by Chinese authorities in June 2021, coming into force on September 1st, 2021. The purpose of the Law is to (...)
From August 15th, 2021 all foreigners residing and working in Shanghai will be required to pay social security contributions on a mandatory basis. This update follows the expiry date of the local Notice of Shanghai Municipal Human Resources and Social Security Bureau (Hu ren she yang fa [2009] No.38, the Notice), which had provided (...)
On June 10th, 2021, the Standing Committee of the 13th National People’s Congress adopted the Hainan Free Trade Port Law, effective immediately. The law stipulates that Hainan will establish a free trade port policy and institutional system. The Chinese authorities’ goal is to achieve the liberalization of trade, investment, cross‑border capital flows, and safe flow (...)