Key Developments in the Laws and Regulations of China in 2023
This newsletter selects and briefs key developments in the laws and regulations of China in relation to foreign investment until August 2023 for your reference.
Highlights of 2023 Revision to Company Law of China
On December 29, 2023, marking the 30th anniversary of the enactment of the Company Law, China released the Company Law of the People’s Republic of China (2023 Revision), introducing adjustments to various aspects, including shareholder capital…
China: EIT Preferential Policy for the Small Enterprises with Low Profit
From 1 January 2021 to 31 December 2022, small enterprises with low profit will be subject to EIT of 2.5% on the part of annual Enterprise Income Tax (EIT) taxable income that is no more than CNY 1 million.
Value Added Tax exemption policy for small-scale taxpayers
On March 24, 2022, the Ministry of Finance and the State Administration of Taxation (SAT) issued an announcement regarding the Value Added Tax (VAT) exemption for the small-scale taxpayers that will be applicable from April 1, 2022 till December 31…
China: Promotion for the Input Value Added Tax Credit Refund Policy
According to Announcement (2019) No. 39 issued by Ministry of Finance, State Administration Taxation and General Administration of Customs (Announcement No.39) as well as other related tax regulations, taxpayers that meet the following criteria…
China: Highlights of Envisaged Amendments to PRC Company Law
A few months ago, China released the Company Law (Second Draft Amendment). The envisaged amendments include company's organizational structure, shareholder capital contribution and other aspects. This article briefs some highlights in light of the…
China’s first attempt for Advance Tax Ruling: trail implementation in Shanghai
Shanghai introduces a trial Advance Tax Ruling (ATR) system, a significant step in China's tax administration. ATR, common in countries like Spain and the U.S., allows enterprises to seek formal tax opinions on future complex tax matters, enhancing…
Highlights of 2023 Revision to Company Law of China regarding liabilities of senior officers
On December 29, 2023, the seventh meeting of the Standing Committee of the Fourteenth National People's Congress voted to adopt the newly revised Company Law of the People’s Republic of China (2023 Revision), which will be implemented from July 1,…
China launches unilateral visa-free policy for Spain and other 5 countries on a trial basis
In order to facilitate cross-border communication, China has decided to expand the pilot scope of unilateral visa-free countries, and as a result, China’s visa policy will soon undergo significant changes.
Relief the Individual Income Tax burden of taxpayer in China: extending the preferential policy period or increasing the deduction standards
In August 2023, there are a number of individual income tax (IIT) preferential policies implemented by relevant Chinese government authorities with either extension of the preferential policy period or increased deduction standards. The aim is to…
Commission's decision on tax lease partially annulled
On February 2, 2023 the Court of Justice of the European Union (CJEU) partially annulled Commission Decision of 17 July 2013 which declared that the Spanish tax lease system was a state aid scheme and ordered it to be recovered from the investors…