Tax & Accounting

China Announces Export Tax Cuts


Nov. 13 – China’s Cabinet announced on its website that it would increase the value-added tax (VAT) refund rate on some products including steel, grain, chemical goods and thousands of other goods as part of its efforts to quicken growth after the release of a multibillion-dollar economic stimulus package. The VAT refund rate increase, effective […]

China Cuts VAT For All Industries


Nov. 11 – China’s State Council said that beginning January 1, it would reduce value-added tax (VAT) for all industries by more than RMB120 billion. The move is part of a stimulus package worth RMB4 trillion scheduled to be spent by 2010. It is expected to spur Chinese companies to develop technology, increase domestic demand […]

China Releases $586 Billion Economic Stimulus Plan


Nov. 10 – China has released an economic stimulus plan worth an estimated US$586 billion to stimulate its slowing economy and build new railways, communities, subways and airports in the next two years. The stimulus plan is effective immediately, with US$18 billion already earmarked for the last quarter of the year. The US$586 billion package […]

China May Revise VAT System in 2009


Nov. 5 – A senior government official says China may revise its value-added tax (VAT) system in 2009 to help lower business costs and help firms cope with the global downturn. According to China Daily, the government could allow companies to deduct the tax incurred when buying machinery and other capital assets from their VAT […]

China Issues Legislation for Internal Control Framework


Nov. 4 – China has issued legislation detailing the comprehensive requirements needed for a company’s internal control framework called the Basic Standard for Enterprise Internal Control. The legislation was launched by the Chinese Ministry of Finance, the National Audit Office, and all three major industry regulators: the China Securities Regulatory Commission, the China Banking Regulatory […]

Hong Kong Launches Measure to Support SMEs


Nov. 4 – The government of Hong Kong Special Administrative Region is set to implement the Loan Guarantee Scheme starting November 6 to help small and medium enterprises (SMEs) cope with the global credit crisis. Currently, ten participating lending institutions (PLI) are qualified to accept applications for the enhancement measures. The sub-ceilings for the Business […]

China to Provide RMB1 Billion Credit Guarantee for SMEs


Oct. 31 – According to the Ministry of Finance, China is providing a RMB1 billion credit guarantee for small and mid-sized enterprises (SMEs). This should ease their financing woes and help development. The RMB1 billion fund will be used to cover losses and risks of financial institutions that provide credit to SMEs. So far, the […]

China Issues Third Interest Rate Cut in Six Weeks


Oct. 30 – The People’s Bank of China said on its website that one-year benchmark lending and deposit rates will be lowered by 0.27 percentage points effective immediately. This marks China’s third interest rate cut in six weeks and is in conjunction with a new round of rate cuts happening around the world. The new […]

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