China Briefing News

China to Cancel Preferential IIT Policy for Foreigners

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Feb. 14 – To resolve income discrepancies in China, the State Council recently released opinions on deepening income distribution reform (Guofa [2013] 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 […]

China Clarifies Individual Income Tax for Work-Related Injury Compensation

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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.

IIT Calculation for Hong Kong and Macau Residents’ Mainland-Derived Income

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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.

Severance Pay Subject to Individual Income Tax in China

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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 Releases Tax Revenues for Q1 2012

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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-Syria DTA Takes Effect

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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.

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