In China, a fapiao is a legal receipt that serves as proof of purchase for goods and services. The larger fapiao invoice system, however, is an essential component of China’s tax law, and compliance for businesses.
China continues to announce a variety of support measures for its high-tech industries amid a protracted trade war with the US.
Hong Kong and Australia have formalized their trade relationship, with a new FTA and Investment Agreement signed on March 26, 2019.
China has reduced the CIT rate to 15% for enterprises engaged in pollution prevention and control like waste management or pollution monitoring.
China will grant subsidies linked to individual income tax to overseas ‘high-end’ and ‘urgently-needed’ talents working in the Greater Bay Area.
China will cut US$45 billion in fees and tariffs for businesses and individuals as the government seeks to ease the pressure of a slowing economy.
The new China-Italy DTA breaks down many of the barriers that obstructed cross-border trade, investment, and knowledge exchange between the two countries.
On March 12, 2019, the European Commission removed Hong Kong from the European Union’s watchlist on non-cooperative tax jurisdictions.