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Insights e-Newsletter
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. …
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Shanghai: New provision on the establishment of regional HQs by foreign MNCs
The Shanghai Municipal Government recently issued the new provision, ‘Shanghai Municipality, Establishment of regional headquarters by Foreign Multinational Corporations’ to encourage multinational companies to set …
New Measure for Remittance from China
The State Administration of Taxation (SAT) and the State Administration of Foreign Exchange (SAFE) jointly issued the following new circular, Huifa [2008] No.64, otherwise referred …
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Further Round of Uplifting VAT Export Refund Rates
As a measure to help the Chinese export-oriented enterprises withstand the current global economic crisis, support labor-intensive medium-sized and small-sized enterprises as well as upgrade …
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China Tax Update on New Computation of Withholding Income Tax on Passive Income
The New Corporate Income Tax Law and its implementation regulations took effect on 1 January 2008, stating that the withholding income tax (“WHT”) should be …
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China increases VAT Export Refund Rates
On 21 October 2008, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued Caishui [2008] No.138 (“Circular 138”) to increase …
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Legal Representative, Power, Limitation and Risk
The legislation relating to a Legal Representative in China came about during the times when China was going through rapid changes and the Chinese economy …
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New Policy of Accounting
On 15 February 2006, China issued the new Accounting Standards for Business Enterprises (“ASBEs”) .The new ASBEs consist of a Basic Standard and 38 Specific …
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New Policy of Taxation
On 16 Match 2007,the National People’s Congress adopted the enterprise income tax law, which will be effective from 1 January 2008. It’s a key signal …
