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    Sarbanes-Oxley: Five years on

    By Andy Scott Aug. 2 – Monday was the fifth anniversary of the signing of the Sarbanes Oxley Act, a law that has had a huge impact on business and accounting practices both in the United States, and overseas. One will remember that as a result of the financial scandals in the United States like[…..]

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    China cuts individual income tax on bank savings

    China’s State Council has announced that individual income tax on bank savings will be cut from 20 percent to 5 percent starting August 15, 2007. Income tax was leveled on personal bank savings on Nov. 1, 1999 as a means of encouraging consumption and investment, adjusting personal income and increasing national revenue. This reduction is an attempt[…..]

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    Potential for withholding tax on repatriation of dividends?

    By Chris Devonshire-Ellis  July 24 – A question has been raised concerning an omission that has occurred within China’s new corporate income tax (CIT) law which could mean withholding taxes being levied on the repatriation of after-tax profits for overseas businesses with foreign invested enterprises in China. Not yet commented on elsewhere, (eagle eyed Dezan Shira &[…..]

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    Housing fund contributions change for Beijing, Shanghai and Guangzhou

    Provincial tax authorities recently announced an amendment to the regulations that govern tax free contributions to basic pension funds, basic medical insurance, unemployment and housing funds (Cai Shui (2006) Circular 10). Effective July 1, 2007, provincial supervision bureaus have put in place new regulations on housing fund contributions for Beijing, Shanghai and Guangzhou. When it was issued[…..]

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    VAT rebate reduction update

    As many of Dezan Shira & Associates clients and China Briefing Blog readers will know, the Chinese government has reduced the amount of VAT rebates applicable upon export of some 2,831 different types of products in a circular that takes effect from this Sunday, July 1, 2007. This was anticipated in the May issue of[…..]

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    FIEs to get tax rebate for hiring disabled Chinese workers

    Foreign companies with disabled Chinese workers on their payroll will qualify for tax rebates from next year according to a recent announcement issued by the State Administration of Taxation. According to the announcement, the maximum tax rebate per disabled worker will be RMB35,000 a year. Further, disabled workers will be exempt from paying income tax[…..]

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    SAT releases IIT figures

    Over 1.5 million people filed a 2006 personal income tax return the State Administration of Taxation (SAT) announced yesterday. According to the agency’s figures, 1,628,706 individual income tax returns were filed by April 2, the deadline for filing the required self-declaration for high-income earners. This was the first year China required its high-income earners, those[…..]

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