Provisions of the New Individual Income Tax Law on "Other Income"
On 31st August 2018, the fifth session of the Standing Committee of the 13th National People's Congress (“NPC”) approved the seventh amendment to “The Individual Income Tax Law of the People's Republic of China” (“the IIT Law”).
Update on Measures of Employee Economic Compensation
The Ministry of Human Resources and Social Security released Renshebufa  No.87 to announce the invalidation and abolishment of regulations on 24th November 2017, including Laobufa  No.481 (“Circular No.481”) which had been widely referred and quoted to solve employment compensation issues before its different parts were replaced by other subsequently released laws and regulations.
Draft Measures on Due Diligence of Non-resident Financial Account Information in relation to Tax Matters for Public Comments
The State Administration of Taxation (“SAT”) released the “Draft Measure on Due Diligence of Non-Resident Financial Account Information in relation to Tax Matters for Public Comments” (“Draft Measure”) on 14th October 2016 as an effort to apply the Standard for Automatic Exchange of Financial Information in Tax Matters (“AEOI”) created by the Organization for Economic Cooperation and Development (“OECD”).
Application of Preferential Policies on Corporate Income Tax
On 12th November 2015, the State Administration of Taxation (“SAT”) promulgated some measures for the application of Preferential Policies on Corporate Income Tax (“CIT”) (the “Measures”) applicable for 2015 and after.
In order to attract foreign talents and investors to China, the Chinese government had enacted “Administrative Measure of Approval of Chinese Permanent Residency of Foreigners” in 2004. Further to this...
Further regulations regarding
tax reform in Shanghai
Following what we introduced in our last edition in respect of the tax reform pilot program in Shanghai, State Administration of Taxation (“SAT”) released its Decree No.65 on 2nd December, 2011 to clarify on the criteria for registering as a General Tax Payer (“GTP”), which will become effective from 1st January, 2012.
China Business Advisory 2010 Issue 12 - December 2010
Central Economic Conference detailed
five-year plan for economic development
Central Economic Conference took place on 10th December 2010 in Beijing. It was a meeting of the Central Committee of the Communist Party and the State Council held at the end of every year since 1994. It aims to review the country’s economic conditions in the past years and make plans for future years.
China would continue to adopt the proactive fiscal policy and moderately easy monetary policy
next year and endeavor to improve the economic growth quality, according to the Central
Economic Work Conference. President Hu Jintao and Premier Wen Jiabao addressed the meeting,
which is held once a year to set the tone for economic development for the following year.
China announced additional stimulus measures just in time for
• Special assistance for Hong Kong, Macau & Taiwan
• Tariff rate adjustments
• A fifth round of interest rate cuts, and
• New incentive packages for nine hardest-hit industries.
Being a senior citizen, I can remember when competitors were other local companies located down
the street or across town. Companies like McDonalds (1960’s) and Wal-Mart (1980’s) changed all
that, and today mom and pop stores have gone the way of the Model-T. While these two
companies are representative of the many businesses who are truly international in scope today,
the new generation of companies, such as Microsoft, Yahoo, Amazon and Dell – are Internet-based
businesses that can cheaply and efficiently reach potential clients in the remotest outposts.