Tax & Accounting

Are Privileged GAAP Treatments Keeping China’s SOEs Profitable?

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May 5 – Findings by the research team at the Spanish bank BBVA uncovered specific treatments by the Chinese government used solely for the benefit of its own state-owned enterprises that appear to show a disregard for China’s own generally accepted accounting principles in terms of transparency and fair competition. The bank’s Hong Kong unit […]

New China Briefing and Technical Guide Examine Transfer Pricing in China

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May 4 – The May issue of China Briefing magazine is online and available for download (complimentary subscription available). Transfer pricing is a reality for most multinational companies in China, and with the implantation of the new Enterprise Income Tax Law, the arm’s length principle for pricing group transactions is now being actively enforced. In […]

Foreign Businesses Permitted to List in Shanghai

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SHANGHAI, Apr. 30 – China’s State Council yesterday approved plans to permit, on a trial basis, overseas companies to list on the Shanghai stock exchange. The ratification allows foreign companies to list on the exchange, to use RMB for trade settlements, and to float shares in RMB denominated bonds. The government also permitted Shanghai to […]

China to Spend US$10B in Next Phase of Stimulus Plan

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Apr. 27 – As part of the next phase of its stimulus plan, Beijing is set to spend RMB70 billion or US$10.3 billion to be used mostly for infrastructure projects. The amount is part of the total RMB4 trillion yuan stimulus package announced by Beijing last November to help the economy cope with the global […]

Rules for Deducting Commission Expenses During Tax Filing in China Clarified

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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

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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

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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

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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 […]

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