Dezan Shira Awarded Most Active Firm at Milan’s China Awards
Dec. 1 – Dezan Shira & Associates was awarded the Lombard Elite prize for most active professional firm on the Chinese market at the fourth annual China Awards in Milan on November 25. The awards, organized by Fondazione Italia Cina and Milano Finanza and supported by the Italian Ministry for the Economic Development and the […]
Vehicle Sales Tax Breaks to Continue Next Year
Nov. 30 – Vehicle sales tax breaks and rebates for fuel-efficient vehicles are set to be extended to next year ensuring the continued strength of the Chinese automobile market. The preferential tax policy was intended to be applicable only until the end of this year when vehicle purchase taxes were slashed by half for vehicles […]
SAT Clarifies Income Tax Levy for Subleasing Property
Nov. 30 – China’s State Administration of Taxation has released a circular clarifying issues on individual income tax levy for individuals subleasing property. The circular highlights the following issues on individual income tax for rental incomes from individuals subleasing property as follows:
Deadlines for VAT Deduction Vouchers Clarified
Nov. 26 – China’s State Administration of Taxation (SAT) has released a circular explaining the deadlines of tax deductions for VAT deduction vouchers effective January 1, 2010. According to the circular, taxpayers who are given special VAT receipts after January 1, 2010 for invoices for roads and inland river freight forwarding and invoices for motor […]
Shanghai Expats Now Eligible for Social Security and Pensions
SHANGHAI, Nov. 25 – Shanghai’s Human Resources and Social Security Bureau has announced rules to extend the city’s social security program to expatriate employees. The moves mean that expats will be able to claim for coverage for sick pay and work place injuries provided they pay into the system. Previously expatriate staff had to contribute […]
VAT Blow for Wigmakers
Nov. 25 – China’s State Administration of Tax has issued Circular Guoshuihan (2009) #625 clarifying that human hair is not considered an agricultural product and is therefore applicable to 17 percent VAT instead of a reduced rate 13 percent for agricultural products. Asian human hair is extensively used in the wig making industry for both […]
China Joint Ventures: Moving Contractual Liabilities Out of China
Part Six in our “Joint Ventures as a Strategic Investment” series By Chris Devonshire-Ellis and Richard Hoffmann NOv. 24 – In this concluding part of our series on China joint ventures we discuss alternatives to the legal pitfalls that can befall a joint venture domiciled in China. On the premise that an investor has read […]
Ministry of Finance Clarifies Tax Exemptions for NGOs
SHANGHAI, Nov. 20 -The Ministry of Finance has released two circulars clarifying the scope of tax-exempt income and tax-exemption identification for non-profit organizations (NGOs). On the circular on tax-exempt income, there are five types of income considered as tax-exempt income for NGOs including money donated by individuals, units, and government subsidies. In addition, companies that […]