Shanghai
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…
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…
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.
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…
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…
Since the tax year of 2021 is ended, Chinese companies, including foreign invested ones, might be required to perform the filing of related party transactions for 2021 with the competent tax authority in 2022. There are four types of Chinese…
Since 2018, China started to implement the “Negative List” approach for the administration of foreign investment nationwide, and has updated the Negative Lists periodically since then. The Negative Lists set out in a centralized manner…
On December 31, 2021, the Ministry of Finance and the State Administration of Taxation have decided to continue that the IIT preferential policy of allowances for foreign individuals (e.g. home visit, housing allowance, children’s tuition fee…
On December 29, 2021, the executive meeting of the State Council has decided to continue the implementation of some IIT preferential policies as follows:
Recently, China formally passed the Personal Information Protection Law (PIPL), which is the first comprehensive national level personal data protection law of this country. PIPL will become effective as of November 1, 2021, leaving a short time for…
Taxpayers should pay attention to the following Chinese tax regulation updates regarding outbound remittance in China: one record filing for multiple remittances under one contract and the cancelation of the Local Tax Surcharges related to…
The subjected question is one of most popular questions raised by the foreign invested entities in China. Our answer is YES. The Chinese entities need to contribute the PRC social security for foreign employees working in China, and said foreign…