Further Bailout with Stage Taxes Deferrals for Micro, Small, and Medium-scaled Manufacturing Enterprises

Mr. Keqiang Li, the prime minister (“PM”) of People’s Republic of China, announced on 10th October 2021 measures to support micro, small, and medium scaled enterprises (“MSMEs”) in manufacturing industry by delaying taxes payments such as corporation income tax (“CIT”), value-added tax (“VAT”), consumption tax and urban construction and maintenance tax (UCMT).

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Improved Withholding Method for Individual Income Tax

On 4th December 2020, State Administration of Taxation (“SAT”) issued Announcement [2020] No. 19 - "Improved Withholding Method for Individual Income Tax (“IIT”)" in an effort to provide further support to steady employment, encourage consumption, and easing tax burden for individuals.

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Time flies! Sino-Bridge is about to accomplish one more successful year of serving our clients along with their prosperity and enter into our 27th year of business operation in Hong Kong and Mainland China.

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Further Clarification regarding Transitional Matters Concerning Tax Collection and Administration for the All-round Enforcement of the Latest Individual Income Tax Law

As introduced in our last issue, China has enacted and issued several tax laws and regulations regarding the new Individual Income Tax Law ("IIT”).

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Update on Measures of Employee Economic Compensation

The Ministry of Human Resources and Social Security released Renshebufa [2017] No.87 to announce the invalidation and abolishment of regulations on 24th November 2017, including Laobufa [1994] 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.

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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”).

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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.

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Administrative Measures on General Anti-Avoidance Rules

China’s first set of General Anti-Avoidance Rules (“GAAR”) was introduced in 2008 which was directed at Corporate Income Tax Law (“CIT Law”).

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Release of New Directory of Investment Projects Requiring Government Approval

After the promulgation of the previous Directory of Investment Projects Requiring Government Approval in 2004, the Economic environment and market conditions of China has changed a lot.

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Chinese permanent resident’s entitlements

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...

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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.

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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.

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China would continue its policies next year

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.

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China’s Economic Presents for Christmas

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Team Up With Others

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.

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