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    China’s corporate income tax implementation further clarified

    Mar. 14 – China’s Corporate Income Tax Law, effective from January 1, has been a work in progress for quite some time. As the tax law itself is more principle-based rather than rules-based, the government has relied on publishing various implementation rules and circulars to clarify how the law is to be implemented. Three important tax circulars[…..]

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    Tax treaties may help reduce WHT burden under new CIT

    Mar. 12 – As stated in the implementation rules for the new corporate tax law released late last year, withholding tax on dividend payment to non-residents is 10 percent. Because dividends derived by foreign investors were exempt from taxes under the old tax regime, foreign investors have see their worldwide tax burden increase and their expected returns from investment[…..]

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    Individual income tax reports must be filed by the end of March

    Expatriates earning income in China must self report within the next two weeks  Mar. 8 – China’s new self reporting regulations dictate that expatriates working in China and earning salaries of over RMB120,000 annually must complete self reporting and complete their individual income tax returns by the end of this month. Late payment penalties of[…..]

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    China allows more foreign banks to incorporate locally

    BEIJING, Mar. 7 – China’s banking regulator said yesterday it would continue to push for the local incorporation of foreign banks. The China Banking Regulatory Commission (CBRC) also urged locally incorporated foreign banks to build a wall separating themselves from parent banks and remaining Chinese branches. They should also set up independent risk control, accounting and[…..]

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    Oh Shanghai, where art thou?

    The development of the city into an international financial center has stalled By Chris Devonshire-Ellis  SINGAPORE, Feb. 29 – The much lauded attempts to reposition Shanghai as a regional financial center appear to have ground to a complete halt. Statements made just a few years ago such as “In five years we will overtake Hong[…..]

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    China securities regulator appoints new vice-chairman

    Feb. 28 – The China Securities Regulatory Commission announced today that it has appointed Yao Gang as a vice-chairman, amid a slew of high-level personnel changes. Yao was formerly an assistant to CSRC chairman and director of the CSRC public offering supervision department, Xinhua reported the CSRC website stating. The securities regulator also named Zhu[…..]

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    Hong Kong ’08 budget proposes HK$75 billion in relief measures

    HONG KONG, Feb. 27 – In his annual budget speech, Financial Secretary John Tsang announced a host of changes amounting to HK$75 billion tax reductions. While legislative amendments are required for implementing each of the relief measures proposed in the budget, the changes should provide a boost to the territory’s economy. Here’s a look at[…..]

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    Practical Accounting – It’s Really All In The Numbers

    February 7th – It’s always good to meet other industry professionals, and we all love a bit of media attention. So it was when our Senior Partner, Chris Devonshire-Ellis, bumped into Howard Wolosky, Editor-in-Chief at America’s industry standard “Practical Accountant” (www.webcpa.com) magazine at a global tax conference in Las Vegas last week. The publication deals[…..]

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