Other Briefings
Rules for Deducting Commission Expenses During Tax Filing in China Clarified
Apr. 15 – The State Administration of Taxation and the Ministry of Finance recently issued a circular clarifying the rules for deducting commission expenses during enterprise income tax filing. The circular, Caishui [2009] No. 29, was issued March 19 and sets a deduction ceiling at 15 percent of the prescribed premium income for property insurance […]
Forbes: Hong Kong has Friendliest Tax Regime in the Region
Apr. 3 – According to the 2009 Tax Misery and Reform Index, Hong Kong was ranked as the friendliest tax regime in the Asia-Pacific region and the third in the world. The annual index was done by business magazine, Forbes Asia, by comparing 50 jurisdictions around the world. The score was calculated based on the […]
April Issue of China Briefing Online Now
Apr. 2 – The April issue of China Briefing magazine is online and available for download (complimentary subscription available). China’s value-added taxes contribute a large percentage of China’s annual tax revenue and account for a significant proportion of tax liabilities for many Chinese enterprises. They affect companies that sell, manufacture, process or repair tangible goods […]
Xinjiang to Offer First Local Government Bond Sale
Mar. 25 – The Xinjiang Uygur Autonomous Region is set to make history when it offers the first local government bond sale in the country amounting to RMB3 billion. The proceeds of the bond sale will be used to finance the economic stimulus package announced last year and reinforce schools and hospitals against earthquakes, build […]
Central Bank Governor Proposes SDR as Main Reserve Currency
Mar. 24 – China’s central bank governor has released a proposal calling for the overhaul of the global monetary system and replacing the world’s main reserve currency with the Special Drawing Right (SDR) prior to the start of the G20 meetings in London next week. In his essay published in Chinese and English on the […]
Cost of Living and Mandatory Welfare Payment Charts for 2009
Mar. 17 – Dezan Shira & Associates has released an updated cost of living chart detailing prices for a basket of goods and services in the Chinese cities where they operate. The firm used the following as price indicators set in minimum and maximum amounts: office rent in a grade A building, centrally-located western-styled apartment […]
Hong Kong, Mainland to Connect Payment Network
Mar. 13 – Beginning March 16, Hong Kong and the rest of the mainland will link their foreign-currency payment and clearing systems to reduce cross-border payment risks and costs. Mainland Chinese banks can now make cross-border payments and settlements in Hong Kong dollars, United States dollars, euros and pounds through the network. More currencies will […]
China to Eventually Abolish Export Tax
Mar. 9 – China will eventually cut export-related taxes to zero and offer financial help for struggling exporters, the commerce minister said in an interview. The Commerce Minister Chen Deming told the Study Times newspaper, the government would “according to international rules steadily restore zero tax rates for export products,” as well as ensure high-energy […]
