Guangdong Extends Tax Declaration Deadlines
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.
China’s Corporate Tax Audit Considerations
By Sabrina Zhang Jan. 15 – Corporate tax considerations are an important part of any company’s annual tax reconciliation and year-end account closings. Here we take a brief look at some important expenses and deductions enterprises can file for as well as some of the regulations for branch office CIT filing. Advertising expense and business […]
China Ups 1-Year Bill Yield to Taper Lending
Jan. 12 – The People’s Bank of China increased its benchmark one-year bill yield by 8 basis points for the first time in 5 months. The one year bills were sold at a yield of 1.84 percent in an effort to taper huge bank lending amid fears of inflation and the property market overheating. “The […]
2010 China Expat Income Tax Planning
Update (January 15, 2013): For information regarding expatriate income tax filing for the 2012 tax year, please click here. By Dezan Shira & Associates Jan. 12 – China has a multi-tiered system of tax liabilities for foreigners, which has led to some confusion, particularly over the so-called 90 or 183 days rule. For those sent […]
IBM Expands into Accounts Receivable Lending in China
Jan. 11 – International Business Machines (IBM) has launched a financing business in China indicating how the company is diversifying into service, consulting and financing businesses. The company’s first accounts-receivable lending license in the country will apply to the Tianjin Binhai New Area, a special economic zone located in the northeast city of Tianjin. Chip […]
China Raises Interest Rates to Cool Economy
Jan. 8 – China’s central bank hiked interest rates on three-month treasury bills by around about 4.04 basis points for the first time since August in an effort seen to temper the overheating economy. The yield on three-month treasury bills were changed from 1.3280 percent yield to 1.3684 percent. The move led to a hike […]
New Issue of China Briefing Magazine: Preparing for Annual Audits in China
Jan. 7 – The January/February issue of China Briefing magazine is out now and available for download (click on the image – complimentary subscription required). It’s annual audit season in China, a time when companies take stock of their business on the mainland, prepare annual corporate income tax filings, and review any outstanding issues that […]
Tax Administration Clarifies Foreign Tax Credits Relating to Overseas Income
Jan. 7 – China’s Ministry of Finance and State Administration of Taxation jointly issued Circular Caishui (2009) 125 on December 25, 2009, providing clarification on the foreign tax credit scheme (FTC) mechanism concerning overseas-sourced income for taxpayers. This will affect expatriates whose remuneration is paid partially in their home domicile or externally from China. Based […]