HONG KONG, Feb. 24 – As the region slowly recovers from the effects of the financial crisis, some business may still be struggling to manage their cash flow.
Hong Kong’s Inland Revenue Department allows payment of taxes by installment for taxpayers having financial difficulties. Taxpayers will need to submit an installment application to the agency and if approved a surcharge not exceeding 5 percent of the outstanding amount will be imposed. Read the rest of this entry »
Feb. 18 – Hong Kong’s Inland Revenue Department will add to the tax services available under its eTAX program starting April 2010 allowing companies to also submit their profits tax return for 2009/10.
A corporation or partnership can file their profits tax return online if they meet the following criteria:
HONG KONG, Feb. 10 – The Financial Services and The Treasury Bureau has submitted a public consultation paper suggesting plans for a Financial Dispute Resolution Center and Investor Education Council in the territory.
The Financial Dispute Resolution Center will provide a one-stop service venue for resolving monetary disputes between an individual consumer and a financial institution through mediation and if need be arbitration. On the other hand, the Investor Education Council will aim to improve financial literacy by educating the public on the best market products suitable to their needs. Read the rest of this entry »
Feb. 9 – Crispins Property Investment Management (CPIM) has released a bulletin examining the property market in the tropical South China Sea island of Hainan and the resort city of Sanya.
Sanya has long been regarded as “China’s Hawaii” and with its beaches, coconut palms and great sea food it has developed into a popular destination for Chinese and expatriate tourists. The latest bulletin provides details of pricing, availability, and why Sanya is bucking the trend when it comes to purchasing residential units in China. Read the rest of this entry »
BEIJING, Jan. 29 – Local governments will raise minimum wage levels as soon as next month from 10 to 12 percent given the recovering economy and rising inflation.
Beginning next month, Jiangsu Province will increase minimum wage levels from RMB850 to RMB960, the same level Shanghai and Hangzhou. Beijing will soon follow suit with a 10 percent increase in minimum wages to RMB880 per month by April 1 reports The Global Times. Read the rest of this entry »
HONG KONG, Jan. 28 – For employees chargeable to tax and intending to leave Hong Kong for more than a month, the Inland Revenue Department (IRD) requires at least 1 month notification before departure to settle all tax liabilities.
This applies to cases when a taxpayer intends to migrate to another country or to study or work overseas. The employer must also need to temporarily withhold payments of salaries to the employee until the IRD issues a letter of release. Non-compliance with such requirements by the individual or the employer may lead to penalties. Read the rest of this entry »
Jan. 22 – China Briefing just released two new titles on doing business in the country; expanding the Asia Briefing roster of invaluable resources for both the new and experienced foreign investor.
Human Resources in China
Due to the rapidly changing nature of the labor market and the laws that govern it in China, it can be very difficult for foreign investors and managers to understand how to manage human resources on the mainland. Produced in association with the human resource professionals at Direct HR, a specialist China recruitment firm, this technical guide is designed to cover the most important issues related to managing a Chinese workforce and details HR issues that both local managers in China and investors looking to establishing an office on the mainland should be aware about.
For more information on our guide to Human Resources in China, including a list of the topics covered, click here. Read the rest of this entry »
HONG KONG, Jan. 19 – The Secretary for Financial Services and the Treasury have approved an adjustment of interest rates on tax reserve certificates.
The new annual rate of interest will be 0.0433 percent from 0.0667 percent starting January 4. The interest will be credited when the certificates are used to pay tax and no interest is due when the principal value of a certificate is repaid to its holder. Read the rest of this entry »
GUANGZHOU, Jan. 19 – Guangdong authorities have issued a new circular extending the deadlines for local taxation declarations on six public holidays.
Extended tax declaration deadlines will apply to the New Year, Spring Festival, Qingming Festival, International Labor Day, Dragon Boat Festival and National Day holidays. Read the rest of this entry »
Jan. 18 – Hong Kong authorities approved a US$8.6 billion express rail link connecting the territory with Guangzhou and Shenzhen over the weekend sparking protests.
The controversial project was approved by a 31-21 vote dominated by pro-establishment lawmakers. Protesters surrounded the Hong Kong legislature on Saturday claiming the project only benefited a privileged few, failed to seriously consider cheaper alternatives moreover leading to the destruction of homes in the New Territories. Read the rest of this entry »
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm,
please contact one of our specialists at china@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
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