• China: Completing tax related obligations for 2023 regarding related-party transactions and contemporaneous documentation

    Pursuant to Announcement of the State Administration of Taxation [2016] No.42, companies might have tax related obligations under certain circumstances for the matters in relation to: (i) reporting the business transactions with related parties, (ii) submission of country-by-country report, and (iii) preparing contemporaneous documentation, including master file, local file and special issue file.
  • China opens 2023 individual income tax filing for residents

    China’s State Administration of Taxation announces the 2023 individual income tax filing period for residents, detailing circumstances that a taxpayer is obliged to report, with options for self-filing, employer-assisted, or trustee handling.
  • 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, 2024. Apart from the four previous partial amendments to relatively limited provisions and the first comprehensive revision in 2005, this revision marks the second comprehensive revision of the Company Law since its promulgation in 1993, attracting widespread attention both domestically and internationally. This article briefs some highlights in light of the relevant provisions of the liabilities of directors, supervisors and senior executives in this revision.
  • 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 contributions, organizational structure of companies, liabilities of senior officers, etc. The implementation of this revision is scheduled to commence on July 1, 2024. This article provides an overview of the noteworthy changes to the Chinese corporate system resulting from this revision.
  • 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 certainty. The ATR applies to corporate taxpayers in Shanghai, though its applicability to non-resident taxpayers is subject to further confirmation with the in-charge tax authority.
  • 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 further relief the tax burden of taxpayer.
  • 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.
  • 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 relevant amendments to the current effective Company Law of People’s Republic of China.
  • Latest COVID-19 related regulations and policies in China

    Due to the ongoing situation of COVID-19 in China, especially in Shanghai, the Chinese government has introduced more regulations and policies or extended the deadline of the previously issued regulations and policies to further support both the economic development and the business. In this Newsletter, we will share with you detailed provisions of these policies in Shanghai focusing on the topics of labor and employment, leasing, tax, etc. Depending on the location of your business, there could be more specific implementation rules at local level.