Tax & Accounting

Anti-Dumping Tax Levied on Polyamide Chips

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Oct. 13 – Beginning today, the Ministry of Commerce will be imposing an anti-dumping tax on certain imported polyamide-6,6 chips coming from the United States, Italy, Britain, Taiwan and France. Polyamide-6,6 chips is imported to China for manufacturing plastics and textiles. Xinhua reports that the anti-dumping tax will be applicable for five years with a […]

China’s Export Tax Rebates Up 8.6 Percent

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Oct. 8 – Export tax rebates increased by 8.6 percent in the first eight months of the year, according to China’s State Administration of Taxation. China’s export tax rebates added up to RMB263.35 billion through August, an increase of 8.6 percent. In August alone, the rebate was RMB32.9 billion, up 8.5 percent year on year. […]

China Tightens Royalty Payments via Double Tax Treaty Residency

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BEIJING, Sept. 30 – The State Administration of Tax moved last week to clarify the treatment of royalties under the nation’s double tax treaties. Guo Shui Han (2009) No. 507, published on September 23 and taking effect October 1, sets out the scope of permitted royalties under double tax treaties (DTAs) as well as what […]

China Offers More Help for SMEs

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Sept. 23 – China’s State Council is offering more assistance to struggling small and medium enterprises (SMEs) by cutting taxes and expanding financing services. From 2010, companies with an annual taxable income of less than RMB30,000 will only need to pay enterprise income tax on 50 percent of their taxable income and the tax rate […]

Guidelines for Obtaining Import Tax Refunds

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Sept. 22 – Circular (2009) 84, which contains administrative measures for the “levy first and refund Later” mechanism for import taxes, was jointly issued last July by the Chinese Ministry of Finance, the People’s Bank of China, the General Administration of Customs and the State Administration of Taxation. These measures cover the treatment of applicable […]

Changes to Chinese Input VAT Credits on Fixed Assets

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Sept. 17 – The Ministry of Commerce and State Administration of Taxation jointly issued Circular Caishui (2009) 113 on Sept. 9, providing further clarification on the applicable methods of evaluating input VAT credits on fixed assets. The circular provides definitions for VAT purposes on buildings, structures, and attachments to land as well as the VAT […]

Employee Allowances and Benefits Now Taxable

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Sept. 17 – China’s State Administration of Taxation (SAT) has announced that it will begin taxing certain employee allowances like telecommunications and transportation as part of its general campaign to require more companies to report their tax activities in detail and tighten tax collection. According to the SAT, twenty percent of an employee’s telecommunications allowance […]

China Clarifies Tax Deduction for Charitable Donations

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Sept. 16 – The Chinese Ministry of Finance, State Administration of Tax and the Ministry of Civil Affairs have jointly issued Caishui (2009) No 85; which deals with the first batch of Charitable Social Organizations (CSO) eligible for the deduction of charitable donations for income tax purposes. According to China’s corporate income tax law, a […]

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