Other Briefings
Forex Now Available Outside Banks in China
BEIJING, Aug. 21 – In a sign that China is further liberalizing its banking industry, it is now possible to exchange foreign currencies at non-banking sites the Beijing Morning Post reported. Citing the Beijing Administration Department of Foreign Exchange under the State Administration of Foreign Exchange, the paper reported that the first chartered site was […]
China to Revise Tax Rates on Passenger Cars
Aug. 14 – Beginning September 1, China will revise its tax rates on passenger cars to encourage the purchase of smaller-capacity, fuel-efficient engines. The move is in accordance to a national campaign that hopes to decrease emissions and energy use from 2006 to 2010. “We hope the new policy will help restrain the production and […]
China to Review Overseas State-Owned Assets
Aug. 11- China’s National Audit Office (NOA) has set-up two departments tasked to review state-owned companies and their overseas national assets. These departments will examine the companies’ fiscal revenue and social security funds in addition to establishing links with other international audit organizations. In a statement, the NOA said, “The office will also pay more […]
China Increases Tax Rebates on Textiles to 13%
Aug. 1 – China increased the tax rebate on textiles and garments from 11 percent to 13 percent today. The tax relief will help textile exporters who have been hurt by slumping demand, higher costs, and the RMB rising value This increased tax rebate is expected to boost exports, most significantly for silk, chemical fiber, […]
China’s Valuation Standards System
July 25 – In November 2007, the Ministry of Finance and the China Appraisal Society jointly announced an asset appraisal standards system, comprising 15 appraisal standards. The standards system comprises two parts: professional ethics standards and business standards. The business standards are classified into four categories: basic standards, detailed standards, valuation guidelines, and guiding opinions.
Keeping China’s Forex Safe: The State Administration of Foreign Exchange
July 23 – Long held at an artificially low rate by the Chinese government, the RMB has been allowed to slowing appreciate in recent years, helping to ease a growing trade imbalance with the United States and the EU. The rising value is just one example of how Beijing has maneuvered tools in place to […]
Billing Issues for SME’s with Hong Kong Holding Companies
By Chris Devonshire-Ellis July 18 – Most SME’s have established operations in mainland China with a company in Hong Kong to support their China operations. These companies have done so to direct billing for China work through their Hong Kong company to take advantage of lower corporate income tax base of 16.5 percent in Hong […]
IRS to Open Office in Beijing
BEIJING, July 6 – The U.S. Internal Revenue Service is opening an office and place an attaché within the U.S. Embassy in Beijing. The office, which will open “by the end of the 2008 fiscal tax year” according to Barry Shott, the deputy commissioner for the large and midsize business division, will focus on the […]
