“Author Archive”

SAT Clarifies EIT Payment Issues for Non-resident Enterprises

SAT Clarifies EIT Payment Issues for Non-resident Enterprises

China’s State Administration of Taxation (SAT) issued the “Announcement on Several Issues Concerning the Administration of Non-resident Enterprise Income Tax (EIT) (SAT Announcement [2011] No.24)” on March 28, 2011, clarifying non-resident enterprises’ tax liabilities on their China-derived incomes from security fees, financial leasing, property rentals, equity investments as well as equity transfers. The Announcement took [...]

Apr 19 2011, 7:15 am | Posted in Featured,Finance | Read More »

Firms Conducting Temp Audits in China Need MoF License

Firms Conducting Temp Audits in China Need MoF License

Foreign accounting firms entrusted by their overseas principals to conduct temporary auditing on entities in Mainland China now need to apply for qualification approval from provincial financial departments. “The Interim Provisions on Overseas Accounting Firms Engaging in Temporary Auditing Activities in Mainland China” – formulated by the Ministry of Finance – apply to those accounting [...]

Apr 13 2011, 7:15 am | Posted in Featured,Finance | Read More »

Hong Kong Statutory Minimum Wage to Come into Force

Hong Kong Statutory Minimum Wage to Come into Force

The Minimum Wage Ordinance (MWO) was passed by Hong Kong’s Legislative Counsel and will come into force on May 1, 2011. The initial statutory minimum wage (SMW) rate is HK$28 per hour. The same protection applies also to employees with disabilities, who may choose to undergo a productivity assessment to determine whether they should be [...]

Apr 7 2011, 1:13 pm | Posted in Featured,Finance | Read More »

Shenzhen Announces 2010 Joint Annual Inspection for Foreign Invested Enterprises

Shenzhen Announces 2010 Joint Annual Inspection for Foreign Invested

Shenzhen announced that it will implement joint annual inspections of foreign invested enterprises (FIEs) between March 1 and June 30, 2011. All FIEs registered in Shenzhen prior to December 31, 2010 are required to apply for joint annual inspection with seven departments including the Shenzhen Science, Industry, Trade and Information Technology Commission, Finance Bureau, Statistics [...]

Mar 29 2011, 11:21 am | Posted in Featured,Investment Relations | Read More »

China Releases New Guidelines on Renewable Energy Architecture

China Releases New Guidelines on Renewable Energy Architecture

On March 3, 2011, the Ministry of Finance and Ministry of Housing and Urban-Rural Development (MOHURD) published a circular on carrying forward renewable energy architecture, stressing broader reach and improved implementation at all levels of government. Significant points of the March 2011 circular include: Promoting higher renewable energy production targets from solar, geothermal, and biofuel [...]

Mar 23 2011, 5:20 am | Posted in Featured,GreenTech | Read More »

China Levies Huge Tax Bill on Foreign-Owned, Offshore Transaction

China Levies Huge Tax Bill on Foreign-Owned, Offshore Transaction

Over RMB2 billion charged in enterprise income tax on sale of assets, despite company not being in China China’s State Administration of Taxation has levied its largest enterprise income tax on a nonresident taxpayer in China. The government-run China Taxation News reported that the SAT collected RMB2.19 billion (US$332 million) in EIT from an anonymous [...]

Mar 15 2011, 7:13 am | Posted in Featured,Taxation | Read More »

Businesses Now Required to Use Special Invoice Chop

Junior consultant

Foreign investors in China are required to use a new admin stamp to process invoices. Details and examples shown. Effective from February 1, 2011, all invoices must be affixed with a special invoice stamp, according to the “Measures of the PRC on the Administration of Invoices” promulgated by the State Council on December 20, 2010. [...]

Mar 8 2011, 1:58 pm | Posted in Featured,Licensing | Read More »

Shenzhen Housing Fund to Impact Foreign Companies

Shenzhen Housing Fund to Impact Foreign Companies

The Shenzhen municipal government recently issued the “Interim Measures on the Administration of Housing Funds (Shenfu [2010] No. 176),” dictating that all government agencies, public institutions, enterprises, private non-enterprise entities, social groups (collectively “entities”) and their on-the-job workers and staff with or without Shenzhen household registration in Shenzhen should pay to the housing fund monthly [...]

Feb 25 2011, 10:32 am | Posted in Featured,Finance | Read More »

The Contributor

China Briefing hosts a wealth of business intelligence on legal, tax, and operational issues in China from a practical perspective. Knowledge, expertise and commentary for China Briefing is regularly contributed by Dezan Shira & Associates´ professional legal and tax staff. Currently located in Futian district, Dezan Shira & Associates has been assisting foreign companies in Shenzhen for 22 years.

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