Tax & Accounting

Guidelines for Managing Large Enterprise Tax Risk Released

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Jun. 1 – China’s State Administration of Taxation released a guideline last month for how large enterprises should manage tax risks in the current economy. Released on May 5, Guoshuifa (Tax Circular) No. 90, “China SAT Guide for Large Enterprises to Manage Tax Risks,” provides guidance for large enterprises regarding their overall corporate tax compliance […]

Shanghai to Subsidize More Environmentally Friendly Cars

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SHANGHAI, Jun. 1 – The local government is encouraging more people to replace their cars and trucks with more environment-friendly models by giving average subsidies of RMB5,000 starting today until April 30, 2010. The measure is part of the city’s efforts to ease pollution and help the local economy for the coming Shanghai 2010 World […]

Hong Kong to Send Rebates to 500,000 Taxpayers

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HONG KONG, May 31 – An estimated 500,000 taxpayers in Hong Kong will receive rebate checks in September while 800,000 taxpayers may not need to pay taxes for the year, according to the Hong Kong Financial Secretary John Tsang. He spoke during a radio show last Saturday adding that he was assured that recent relief […]

HSBC and Citibank Cut RMB Deposit Rates

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May 25 – HSBC and Citibank have cut interest rates for medium-term yuan deposits for retail consumers below the central bank benchmark. The move highlights differing policies between local and foreign banks. While foreign banks have refrained from lending more, local banks have gone ahead to fund various projects related to the stimulus plan. During […]

Sarbanes-Oxley and U.S. Businesses in China

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By Hank Bourg May 19 – The Public Company Accounting Reform and Investor Protection Act of 2002 commonly known as Sarbanes-Oxley or SOX after the two authors of the bill, was enacted on July 30, 2002 in response to several major corporate and accounting scandals, the most infamous being the meltdown of energy giant Enron. […]

Hong Kong Extends Online Filing of Tax Returns

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HONG KONG, May 19 – Hong Kong’s Inland Revenue Department (IRD) has extended the online filing of tax returns to June 4 to encourage more people to use the service. “As a one-month period is allowed for filing individual tax returns, the deadline falls on June 4 this year,” the Commissioner of Inland Revenue, Alice […]

Hong Kong Clarifies Rule on Double Tax Relief

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HONG KONG, May 18 – The Hong Kong Inland Revenue Department has released details on Departmental Interpretation and Practice Notes No.45- “Relief from Double Taxation due to Transfer Pricing or Profit Reallocation Adjustments” (DIPN45) last April 30. The DIPN45 clarifies the procedure for companies wanting to seek double tax relief for transfer pricing or profit […]

Shipping Tax Break for Foreign Ships Extended

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SHANGHAI, May 12 –  Shanghai’s local government has announced that it would extend the  tax break for foreign-registered ships until June 30, 2011 in line with its goal of making the city a major international financial center and shipping hub by 2020. The Yangshan Port will also allow shipping companies registered there to be exempt […]

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