China Statistical Communiqué 2009 Released
Mar. 2 – The State Bureau of Statistics recently released the National Economic and Social Development Statistic Communiqué 2009 which showed improvement in the overall situation of the national economy and new progress being made in social undertakings. The report confirmed and illustrated a set of plans and policies issued by Beijing to cope with […]
Paying Tax by Installment in Hong Kong
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 […]
Revised Regulations on Audit Laws Released
Feb. 22 – China’s State Council has recently released revised implementing regulations for audit laws applicable beginning May 1, 2010. The revised rules cover responsibilities and limits of audit offices, audit procedures, and legal obligations. Specifically, it says that audit officers should avoid conflicts of interests with companies being audited, and audit authorities have the […]
China Increasingly Sophisticated in Handling of Transfer Pricing Audits
Feb. 19 – China’s State Administration of Taxation has been developing and implementing growing resources on transfer pricing audits, both in terms of increasing personnel in charge of audits, and improving audit practices by issuing a number of tax circulars starting in 2007 to address specific issues related to transfer pricing. Recently, instead of focusing […]
Online Filing of Profits Tax Return in Hong Kong
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: Gross income does not exceed […]
Administration Rules for Foreign-Invested Partnerships Released
Commentary: Chris Devonshire-Ellis Feb. 16 – China’s State Council has released the administration measures for the establishment of foreign-invested partnerships in China, as outlined in the State Administration of Industry and Commerce Circular [2010] No. 47. The measures take effect from March 1, 2010 and provide an alternative to the establishment of joint ventures and […]
Important VAT Notice for China-Based SME’s Over Tax Threshold Status
Feb 15 – The Chinese State Administration of Taxation has clarified the situation for small taxpayers whose annual turnover has exceeded the small taxpayer threshold. Issued on January 25, Guoshuihan [2010] No. 35 requests that local tax bureaus bring forward and recognize all small taxpayers whose income exceeds the threshold to general taxpayer status by […]
New Circular Clarifies Tax Treatments for Technology Related Services
Feb. 12 – The State Administration of Taxation has issued a circular clarifying issues raised by local tax bureaus for transitional tax treatments for technology-transfer-related services. Circular Guoshuihan [2010] No. 46 is meant as a supplement to the implementation of an earlier Circular 507 issued in September 2009. The implementation of Circular 507 led to […]