Tax & Accounting

Foreign-Invested R&D Centers Exempt from Import Taxes on Goods for Scientific Development

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Nov. 3 – In an effort to encourage more scientific research and development, the Chinese government has issued tax exemption incentives for foreign-invested research and development firms in China. From July 1, 2009 to December 31, 2010, qualifying foreign-invested R&D centers will be exempt from having to pay import taxes on goods for scientific and […]

China Joint Ventures: Financial Due Diligence

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Part Three in our “Joint Ventures as a Strategic Investment” series By Chris Devonshire-Ellis and Richard Hoffmann Oct. 30 – Financial due diligence in China can be an awkward issue to resolve, not least because there are no publicly available records systems in China that permit viewing of reported accounts. Instead, field investigations must be […]

China Clarifies Business Tax and Tax Relief Measures

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Oct. 28 – The Ministry of Finance and State Administration of Taxation jointly released Circular 111 on September 27, clarifying the scope of the China’s business tax and providing temporary tax relief. The BT regime was amended at the end of 2008 to bring within its scope any service, regardless of whether either the provider […]

Customs Increase Emphasis on Dutiable Value, HS Classification and Country of Origin

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Oct. 23 – The General Administration of Customs (GAC) has released GAC Order [2009] No. 49, that aims to strengthen customs enforcement by focusing on the dutiable value of imported goods, the harmonized system (HS) classification of imported and exported goods, and processing trade beginning October 1. The GAC’s revenue target for the year is […]

VAT Refunds for China-based Manufacturers Contracting Overseas

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Oct. 21 – The State Administration of Tax has issued Guoshuihan [2009] No. 538 concerning treatment of export VAT refunds (exemptions) on overseas contracted projects carried out by manufacturing enterprises. According to the circular, a manufacturing enterprise with VAT general taxpayer status exporting goods of its offshore contracted projects is entitled to the following treatments:

Individual Income Tax Treatment for Stock Compensation Schemes

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Oct. 16 – The Chinese State Administration of Tax has released circular Guoshuihan [2009] 461 clarifying  individual income tax treatment for income generated from share appreciation rights and restricted share units granted to employees by listed companies, as well as those from various stock plans. This circular completes the regulatory requirements for IIT treatment of […]

WFOE Branches: Differences in Tax Registrations

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By Richard Hoffmann Oct. 15 – Increasingly, companies that have already invested in a WFOE in China wish to set up branches in other cities to further develop their national business. Branches may have the same scope of business as the parent WFOE, however there are differences in the registration procedures for branches depending upon […]

Business Tax Exemption Policies on Financial Products and Services

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Oct. 15 – The Ministry of Finance and the State Administration of Tax have jointly released Caishui (2009) 111, which details a number of business tax exemption policies. The circular contains details on exemption from business tax (BT) on financial products trading businesses carried out by individuals, but also a number of BT exemption policies […]

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