Other Briefings
Local Tax Bureau Cracking Down on Foreign Companies
SHANGHAI, Jul. 16 – Dezan Shira & Associates clients across the country are reporting a recent spate of unannounced visits to their premises by local tax bureau officials demanding to inspect books and inquiring about salary levels. In most instances, this has been followed by requests for additional tax payments, questions about expatriate staff salary […]
SAFE Regulates Domestic Forex Accounts of Foreign Institutions
Jul. 15 – The State Administration of Foreign Exchange released a new circular concerning the opening and usage of domestic forex accounts by foreign institutions on Monday. The descriptively named “Circular on the Issues Regarding the Management of Domestic Forex Accounts of Foreign Institutions” permits qualified domestic Chinese and foreign banks to open forex accounts […]
Wal-Mart Partners with Lakala to Offer Financial Services
Jul. 14 –Wal-Mart outlets in 80 Chinese cities are now offering financial services to customers in partnership with the Chinese offline payment provider Lakala. According to ChinaRetailNews, the company is adding one-stop daily payment services, including credit card repayment, public utilities, and mobile phone recharging. Lakala is a leading offline payment provider in the country […]
Annual Filing of Foreign Bank Account Reports for U.S. Taxpayers
By Hank Bourg Jul. 8 – U.S. taxpayers holding financial interest or other authority over a financial account in a foreign country amounting to more than US$10,000 are required to file the annual Foreign Bank Account Report (FBAR) by June 30th of the following year. The FBAR is not a tax return, but a report […]
Hong Kong, Mainland Businesses to Use Yuan for Trade Settlement
Jun. 30 – Hong Kong businesses will soon be able to settle international trade in yuan with companies in Guangzhou, Shenzhen, Shanghai, Dongguan and Zhuhai starting next month. The agreement was formalized last Monday by Hong Kong Monetary Authority Chief Executive Joseph Yam and the People’s Bank of China Governor Zhou Xiaochuan. During the press […]
Shanghai to Offer Perks for Expat Finance Professionals
SHANGHAI, Jun. 26 – The local government is set to launch a program that will give foreign finance specialists incentives to work in Shanghai including lowered taxes, reports Shanghai Daily. The financial talent award is just one of the government’s policies aimed at turning Shanghai into an international financial and shipping hub by 2020 “We […]
More Export Tax Cuts Announced for Next Month
Jun. 23 – China will implement more tax cuts next month to help the struggling export market. The substantial cuts will cover around 100 categories of goods that include fertilizers and agricultural products. One example of a deep tax cut is the discount on phosphate fertilizer now set at 10 percent from the previous 75 […]
Higher Tobacco Taxes Imposed
Jun. 22 – China’s Ministry of Finance and the State Administration of Taxation (SAT) has announced higher taxes on tobacco products to increase state revenue. Cigarette cartons that cost RMB70 or more will be taxed from 45 percent to 56 percent while cartons costing less than below RMB70 will be taxed from 30 percent to […]
