China Briefing News

Qualifying for China’s Pre-Tax Super Deduction for R&D Expenses – A Case Study Review


We review case studies of companies that have applied for the pre-tax super deduction of R&D expenses to understand which projects qualify.

IASB Allows Temporary Exception to Reporting Requirements for Deferred Taxes Related to BEPS 2.0


The IASB has amended the IFRS accounting standards to allow a temporary exception to reporting requirements for deferred taxes under the Pillar 2 model rules.

Investing in Guangdong – Preferential Tax Policies in Hengqin New Area, Zhuhai


Hengqin New Area in Zhuhai, Guangdong launches preferential tax policies to spur economic growth and deepen integration with Macao.

Preparing for China’s Annual CIT Filing: FAQs on Pre-Tax Deduction Vouchers


Pre-tax deduction vouchers are a critical part of annual CIT reconciliation in China. We discuss key aspects that financial managers and auditors should be aware of.

OECD Finalizes BEPS 2.0 Implementation Guidelines – Implications for MNCs in China


The OECD has finalized implementation guidance for the 15% global minimum tax rate, which both mainland China and Hong Kong have agreed to. We discuss the latest guidance and impact on multinationals.

China Extends Pretax Deductions for Companies’ Advertising Expenses by Five Years


China is extending companies’ pretax deduction for advertising and business publicity expenses from January 1, 2021 to December 31, 2025.

Profit Repatriation from China: Compliance Procedures for Outbound Payments


China has specific compliance requirements for each channel the foreign invested entity may choose in order to make outbound payments.

Shanghai Issues Trial Procedures for Consolidated CIT Payments by Headquarters


Shanghai’s state and local tax bureaus have issued trial procedures applicable to headquarters in Shanghai that operate trans-regionally and pay CIT on a consolidated basis. It provides for the materials that these headquarters should submit for the filing of branches’ allocation proportion of CIT.

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