Tax & Accounting

SAT issues circular on provisional CIT filing for enterprise branches


April 7 – China’s States Administration of Taxation recently clarified provisional corporate income tax (CIT) filing for branches of Chinese resident enterprises. Guoshifa [2008] No. 28 applies to resident enterprises which maintain operating branches or establishments in multiple provinces. Headquarters and second-tier branches with business operations are required to file provisional monthly or quarterly CIT […]

China commodities exports to slow as domestic economy warms, imports to increase


China developing quietly as worlds largest commodities trading center Mar. 25 – Amidst the on-going rhetoric about China’s trade imbalances, a little understood, but significant revolution is underway – the massive emergence of China as the worlds largest commodities trading center. Global commodities markets have seen prices of goods such as basic fuels, grains and […]

Expatriate Individual income tax filings: Tax paid certificates must be issued end of month


One week left to file IIT returns on income in China Mar. 24 – Pictured at right is a tax paid form for individual income tax filings for 2007. These are sent to the place of work or residential address of expatriate individuals who have been working in China and who are subject to declaration […]

Chinese banks strengthen reserve ratios


China reserve requirement ratios now 5.5 percent higher than U.S. norm By Chris Devonshire-Ellis BEIJING, Mar. 21 – The Chinese government has announced its 15th increase since mid 2006 of the minimum reserve ratio deposit lenders must hold in reserve, to a record high of 15.5 percent. This compares to the United States, reeling from […]

Income tax on securities trading exempted


Mar. 21 – In a move aimed at boosting the current gloomy stock market, China will not levy a tax on corporate earning from securities trading at the moment. Income from stock and bonds trading by securities investment funds will be free from corporate income tax for the time being said a statement released by […]

Shenzhen to open Nasdaq-style stock market


Beijing set to approve second board for Chinese SMEs By Chris Devonshire-Ellis Mar. 19 – The China Securities Regulatory Commission (CSRC) is set to begin reviewing listing applications for listing on the new Nasdaq-styled second board in Shenzhen, according to its chairman Shang Fulin. This begins the process of the long-awaited second board development, and […]

China’s corporate income tax implementation further clarified


Mar. 14 – China’s Corporate Income Tax Law, effective from January 1, has been a work in progress for quite some time. As the tax law itself is more principle-based rather than rules-based, the government has relied on publishing various implementation rules and circulars to clarify how the law is to be implemented. Three important tax circulars […]

Tax treaties may help reduce WHT burden under new CIT


Mar. 12 – As stated in the implementation rules for the new corporate tax law released late last year, withholding tax on dividend payment to non-residents is 10 percent. Because dividends derived by foreign investors were exempt from taxes under the old tax regime, foreign investors have see their worldwide tax burden increase and their expected returns from investment […]

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