Feb. 14 – To resolve income discrepancies in China, the State Council recently released opinions on deepening income distribution reform (Guofa  No.6, hereinafter referred to as the “Opinions”). One of the goals laid out in the Opinions is strengthening tax collection on high incomes and improving the tax system, including cancellation of the preferential […]
According to a recent notice, the benefits and compensation distributed to injured employees and his/her close relatives through the work-related injury insurance system will be tax exempt.
In order to avoid ambiguities surrounding the double taxation of individuals working between Mainland China and the special administrative regions of Hong Kong and Macau, the SAT issued the a notice clarifying the calculation of IIT for related personnel.
Officials from China’s State Administration of Taxation answered questions on several hot issues regarding ambiguities in tax payments, clarifying that individual income tax should be paid when an individual receives compensation for termination of their contract.
China’s Ministry of Finance released the country’s tax revenues for the first quarter of 2012 on Tuesday, with highlights including year-on-year growth in total revenues of 10.3 percent to RMB2.59 trillion (US$410 billion).
China’s double tax agreement with Syria – which specifies the definition of a permanent establishment, lists the taxation on different types of incomes, and clarifies the exchange of tax information – will apply to incomes obtained by both countries’ residents from January 1, 2012.