Other Briefings
Hong Kong to Send Rebates to 500,000 Taxpayers
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
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
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
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
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
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 […]
New M&A Tax Regulations Released
May 11 – China’s Ministry of Finance and the State Administration of Taxation released new merger and acquisition tax rules on April 30. It is the first time the Chinese government has issued a comprehensive set to address the issue of tax treatment for a variety of M&As.The rule is retroactive of January 1, 2008 […]
Are Privileged GAAP Treatments Keeping China’s SOEs Profitable?
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 […]
