News

Reset
13 posts found

China Clarifies Cross Border Data Transfer Rules

In November 2021, China introduced their core personal data protection regulations: the Personal Information Protection Law (PIPL). The PIPL applies to personal information, which is information that may be used to identify natural persons. Article 73 of the PIPL uses…
Posted on 29th July, 2022
 | 

The requirement to make an annual Individual Tax Settlement for 2021 during March-June 2022

Individual taxpayers who were tax residents in China in 2021 may be required to handle the Individual income tax (“IIT”) annual settlement for the year 2021 from 1 March 2022 to 30 June 2022. On 8 February, the State Administration…
Posted on 3rd January, 2022
 | 

China New Accounting Standards 2021

Chinese enterprises will be required to adopt several revised accounting standards starting from January 2021. These revised standards concern mainly the recognition of revenue (“new CAS 14”) and the treatment of the financial leases in the financial statements. Enterprises which…
Posted on 2nd January, 2021
 | 

China’s First Civil Code, 1st January 2021

China’s first ever Civil Code will come into effect on January 1st, 2021. This Civil Code is a codification of the existing civil and tort related laws, regulations and judicial interpretations issued by the Supreme People’s Court. The following laws…
Posted on 2nd January, 2021
 | 

China-Italy tax treaty new step in ratification

Tax treaties and double tax agreements between two jurisdictions are an excellent tool to boost and strengthen the bilateral economic relationship and promote cross-border investments. Currently, thousands of tax treaties and arrangements are in force worldwide. Based on international law,…
Posted on 9th January, 2020
 | 

China: New foreign investment law 2020 brings radical change to the governance and ownership of foreign investment entities

China’s Foreign Investment Law (FIL) implemented major reforms from 1 January 2020 affecting all aspects of foreign investment in China. The FIL greatly simplifies the legislative environment with only 42 articles over six chapters -albeit the FIL is accompanied by…
Posted on 1st January, 2020
 | 

Employing in China: five things you need to know

With outstanding GDP growth over the past twenty years, the People’s Republic of China (PRC) is taking its place among the world’s top economies and attracting significant foreign investment. But for businesses looking to expand into China, navigating labour law…
Posted on 7th January, 2019
 | 

China: The New Individual Income Tax Law

China’s new Individual Income Tax Law (IIT) came into force as of 1 January 2019. This was passed in an effort to achieve a better income distribution, reduce the tax burden for taxpayers, as well as increasing the domestic consumption…
Posted on 2nd January, 2019
 | 

Significant changes to the elimination of double taxation in Hong Kong

Significant changes to the elimination of double taxation in Hong Kong For the 2018/19 tax year ending 31 March 2019 there are significant changes to claiming relief from double taxation for salaried tax payers. Background In the past, for those…
Posted on 11th January, 2018
 | 

Proposed changes to Chinese income tax laws have a significant impact on both foreign and local employees

Proposed changes to Chinese income tax laws have a significant impact on both foreign and local employees A draft amendment on the PRC Individual Income Tax (“IIT”) Law has been released recently for public consultation. The main proposed changes include…
Posted on 11th January, 2018
 | 

Newsflash: Hong Kong Tax Alert

The Hong Kong tax filing season for the 2016/7 tax year has now commenced.   Both individuals and employers must file their tax returns promptly in time for the upcoming deadlines.   Key filing deadlines are:- 2 May 2017 Filing…
Posted on 4th January, 2017
 | 

Hong Kong Tax Changes for 2017-18

As Hong Kong tax filing deadlines approach in early May and June (see below), it is important for management/HR and as well as international assignees to be aware of recent tax changes to profits, salaries and property taxes. Amongst the…
Posted on 4th January, 2017
 | 

PRC Individual Income Tax – A New Wave of Tax Inspection

Background The new B2V tax reform in China has meant that, as of May 2016, liability to Business Tax (“BT”) has been replaced by Value-Added-Tax (“VAT”).  BT used to be managed and collected by the Local Tax Bureaux ("LTB") in…
Posted on 11th January, 2016
 |