China Securities Journal stated that the government is planning to consider cutting the value added tax of Vat that are paid by coal companies from 17 percent to 13 percent to further support a sector that is stricken by a slow demand. The 17 percent tax was imposed on coal miners in 2009 after a [...]
China’s Ministry of Finance and the State Administration of Taxation jointly released the Circular Regarding Pre-tax Deduction Policies on Advertising and Business Promotion Expenses, which is retroactively effective from January 1, 2012 and will remain in effect through December 31, 2015. The purpose of the Circular is to address the dilemma faced by enterprises which [...]
China’s State Administration of Taxation (SAT) recently promulgated an announcement concerning the corporate income tax (CIT) treatment for non-resident enterprises in the value-added tax (VAT) pilot reform. The purpose of the Announcement is to clarify the confusion regarding whether the VAT amount should be included in the tax base for withholding tax levied on non-resident [...]
Shenzhen recently released a plan for the local implementation of a new national tax law that will levy a 20 percent tax on profits coming from sales of pre-owned homes. In addition the Guangdong Province Government used a regulation that will toughen restrictions on home prices and have already asked Shenzhen, Guangzhou, Foshan and Zhuhai [...]
For foreigners working in China, determining the applicability of individual income tax to one’s situation involves decoding a set of intersecting criteria and rules. Following this, you will need to calculate your precise liability and any applicable deductions. Lastly, consulting with a China taxation specialist can help optimize one’s overall income to achieve the most [...]
China will be increasing its support for its agriculture sector by renewing selected tax breaks that may have already expired as the government is planning another move to support the economy. The stumbling economy this year has led banks to tolerate risks when they lend, thus further reducing the supply of loans to small time [...]
Soon China will be offering zero tariff preference for around 97 percent of goods that are imported from lesser developed countries. China along with eight Pacific island countries have agreed to create a strategic partnership that will highlight mutual respect and common development. The agreement was announced at a meet between President Xi Jinping and [...]
Last Saturday the government announced their plans to institute a resource tax on coal starting this December. The tax will be set between 2 to 10 percent and the first official number will be issued for the long anticipated plan. That State Council along with the China’s Cabinet stated that the country imposed a new [...]
According to Premier Li Keqiang during that executive meeting of the State Council last week, that china is planning to impose taxes on coal starting December 1. The planned new tax will be levied as sales tax to coal and will replace the current tax being implemented based on output volume. Based on China’s resource [...]
Premier Li Keqiang said that the Central Government will be increasing its support to small firms by cutting down on their taxes and increasing their subsidies and hope that banks will step up to help them. Companies that have monthly sales revenues between 20,000 to 30,000 yuan will get their taxes waived. To rewards companies [...]
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