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Insights e-Newsletter
State Administration of Taxation updates selected IIT Policies
On 17th August 2009, the State Administration of Taxation (SAT) issued tax notice Guo Shui Fa (2009) No. 121 (hereafter referred to as Notice No.121), …
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China Internal Control Standard for Listed Companies: Effective 1st July 2009
On 28 June 2008, the Chinese Ministry of Finance, CSRC, CIRC, CBRC and the National Audit Office jointly issued a Standard (Draft version) relating to …
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Criteria for foreign MNCs establishing Regional Headquarters in Shanghai
The Shanghai Municipal Foreign Economic Relation & Trade Commission (SMERT) is responsible for recognising the Regional Headquarters of foreign multinational corporations established in Shanghai. It …
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Liberalization of trade in services between Hong Kong and Mainland China under CEPA
From 1st October 2009, Mainland China will further relax 29 liberalization measures covering 20 service sectors, whilst also introducing two new sectors – research & …
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Further Increase in Export Refund Rates for certain commodities
Based on the ‘Notice of Further Increase in Export Refund Rates for certain Commodities’ issued by the Ministry of Finance and the State Administration of …
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Shanghai Incentives to attract Foreign Investments
Recently, in conjunction with changes to various taxation and customs regulations the Shanghai authorities have also undertaken measures to further attract foreign investment and trade. …
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The State Administration of Taxation Releases New Circular to Strengthen Tax Collection and Administration
The State Administration of Taxation (“SAT”) recently released a tax notice, Guoshuifa [2009] No.85 (hereafter referred to as “Circular 85”) setting out the Guidelines for …
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HOW TO CALCULATE VAT REBATES
In our April tax newsletter, we discussed how China has increased VAT rebates six times since the second half of 2008. Our Firm has received …
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Measures for Determining Value of Goods and Articles Contravening the PRC Customs Regulations
The value of the contravening goods or articles has been adopted by the PRC Customs as the basis for assessing penalties. Nevertheless, there have been …
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Pitfalls, considerations and the latest regulations for Processing Trade in China
China’s processing trade has gone through many development stages during its 30 year history, and it continues to play a vital role in China’s economy. …
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New transfer pricing regulations and their impact on foreign businesses in China
China has finally unveiled a set of highly comprehensive rules and regulations governing Related Party Transactions under the newly unified legislations for Corporate Income Tax. …
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Business Tax – Enlargement of scope of charge
The PRC State Administration of Taxation (“SAT”) and the Ministry of Finance issued the Detailed Implementation Rules (“DIRs”) for Business Tax on 15 December, 2008. …
