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Insights e-Newsletter
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Tax updates on VAT and Business Tax
Regulations Updates Notice On the adjustment of VAT to the importation of aircraft On 29 Aug 2013, the MOF and SAT jointly released a notice, …
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China’s Revised Reporting Requirements for International Receipts and Payments (Circular 642)
In brief: In November 2013, the State Council announced new reporting measures for international receipts and payments, which will affect corporations registered In China, Chinese …
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Changes in dealing with Overseas Remittances
Come September 1st 2013 China will have a new tax law in relation to overseas remittances. The new law is named “Announcement on Issues Concerning …
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The Shanghai Free Trade Zone
Background The Shanghai Pilot Free Trade Zone (FTZ) is the first free-trade zone in mainland China. It was officially launched on September 29, 2013, created as …
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IIT and Social Insurance for foreigners employed in China
Individual Income Tax (IIT) General IIT Principles For individuals to pay tax in China (PRC Tax Resident), they need to be domiciled in China …
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Due date looms for adapting the Changes in the COSO Framework and the impact on Sarbanes Oxley 404 Compliance
Jean Kester, Partner, LehmanBrown International Accountants COSO’s Internal Control – Integrated Framework updated and issued in May 2013 is required to be transitioned into use …
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China’s New Exit-Entry Law and Implementing Regulation
Introduction As a result of the deliberations of the standing committee of the National People’s Congress on June 30th 2012, a new exit-entry law came …
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Update on China Secondment Arrangements
Background Expatriate secondment arrangements have been very common for companies that have operations in China. Under such arrangements, the foreign (Home Entity) seconds their employees …
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Managing Bribery Risk
The Environment Entities operating in China have long dealt with China’s tradition and culture of gift giving and favor exchange. Coupled with a reputation that …
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Foreigners and Taxation in China
Recently, there have been 3 changes to Chinas tax administration, the impact of which foreigners should be aware of. Broadly, these changes are to: the …
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LehmanBrown regulation updates on VAT consolidated filing
Consolidated VAT filing requirements The Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued circular Caishui [2012] No. 84, i.e. “Provisional …
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New IIT regulation
China Raises Individual Income Tax Threshold to 3500yuan and the new edition of individual income tax law shall come into effect on 1st September 2011. …
