Tax & Accounting

China publishes implementation rules for new corporate income tax

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By Andy Scott SHANGHAI, Dec. 14 – China’s State Council approved the long-awaited implementation rules for the country’s new corporate income tax law on December 6. The Detailed Implementation Regulations, prepared by the Ministry of Finance and the State Administration of Taxation, contains eight chapters and 133 articles. Here we look at some of the […]

Breach of Regulation #43 causing problems for FIEs’ tax holidays

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By Andy Scott Dec. 7 – As China moves to implement the new corporate income tax regulations, many FIEs are losing their tax holidays as the State Administration of Taxation puts them under increased scrutiny ahead of the new law’s implantation. China’s tax authority has increasingly focused on FIEs that previously enjoyed tax relief. As […]

Tax breaks disappear in draft of corporate income tax implementation rules

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By Andy Scott SHANGHAI, Nov. 15 – China has drafted executive regulations for a new corporate income tax law that will harmonize the domestic and foreign rates, and the final draft has been submitted to the State Council for approval, the China Securities Journal reported on Wednesday, citing an expert close to the issue. The […]

Tax in the city

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Global accounting now sexy!!! – Official By Chris Devonshire-Ellis  As we mentioned last week, Dezan Shira & Associates are the China members of The Leading Edge Alliance, a US$1.3 billion turnover global accounting network with members who are the most important non-Big 4 firms within their respective regions. Last week was the Alliance’s annual Managing […]

Property tax may take effect in 2008

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China is expected to levy a property tax in 10 regions on a trial basis next year; the China Securities Journal reported yesterday quoting what it said was a well-informed source. The State Administration of Taxation picked 10 provinces and cities, including Beijing, Shenzhen, Dalian, Jiangsu and Chongqing who may start paying taxes on property […]

From Dongguan to Shenzhen, how IIT for foreigners is still a confusing issue

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By Lily Xu and Rosario Di Maggio/Dezan Shira & Associates  GUANGZHOU, Sept. 30 – Individual income tax (IIT) in China is a complex subject and often misunderstood. Ask one expatriate, then ask another, and they’ll give you different opinions. However unfortunately, expatriates do not decide China’s tax regulations. Neither is the situation short of clarity […]

Double taxation agreement for Hong Kong and mainland China in effect for 2007 tax year

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By Stefanie Knirsch and Richard Hoffmann/Dezan Shira & Associates In August 2006, China and Hong Kong signed an arrangement that provides certainty and preferential tax treatment between the two tax jurisdictions, known as the “Arrangement for the Avoidance of Double Taxation on Income and Prevention of Fiscal Evasion”. Since 1995, Hong Kong has been seeking […]

New IIT systems for expatriates come online in Shenzhen

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By Eugenia Wu/Dezan Shira & Associates SHENZHEN, Sept.28 -The Shenzhen tax bureau has changed its IIT declaration systems for companies with high payments. The two new systems – IIT withholding and Yi Cai Shui (easy tax) – came into effect in July, 2007. The Yi Cai Shui system transmits data from IIT withholding to the […]

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