Other Briefings
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 […]
Individual income tax reports must be filed by the end of March
Expatriates earning income in China must self report within the next two weeks Mar. 8 – China’s new self reporting regulations dictate that expatriates working in China and earning salaries of over RMB120,000 annually must complete self reporting and complete their individual income tax returns by the end of this month. Late payment penalties of […]
China allows more foreign banks to incorporate locally
BEIJING, Mar. 7 – China’s banking regulator said yesterday it would continue to push for the local incorporation of foreign banks. The China Banking Regulatory Commission (CBRC) also urged locally incorporated foreign banks to build a wall separating themselves from parent banks and remaining Chinese branches. They should also set up independent risk control, accounting and […]
