Other Briefings
China Specifies Services Eligible for Zero VAT Rate and VAT Exemption
The beginning of China’s pilot value-added tax reform has aimed to make transport services and a list of modern services in pilot areas subject to VAT, instead of business tax. Recently, as a new update to the implementation details of the ongoing VAT reform, China clarified that some of these VATable services can enjoy zero VAT rate and VAT exemption.
Shanghai SAFE Requires Additional Documents for Forex Settlement
On July 29, 2011, the Shanghai branch of SAFE issued a Circular requiring designated foreign exchange banks to comply with the “Supplementary Circular” issued by the SAFE earlier. However, for small-amount invoices under RMB2,000, the documentation required is simplified in Shanghai.
Hangzhou to Raise Maternity Insurance Contribution Rate
Hangzhou, the capital city of Zhejiang Province, has recently announced a new regulation on maternity insurance, a move that may bring employers in the city higher expenses on social security coverage.
Dalian Re-instates Caps on Social Insurance Contributions
On December 27 the Dalian Social Insurance Fund Management Centre released a document stating that the cap on contributions by employers to the various social insurance funds are to be re-instated and that the previous method for the calculation of bases for contributions would also be re-adopted.
Tax Agreement Signed between Hong Kong and Malta
On November 8, 2011, a comprehensive agreement for the avoidance of double taxation was signed between the Hong Kong special administrative region government and the Maltese government. It will come into force after both governments finalize their respective ratification procedures.
Strong Showing for Chinese Cities on List of Asia-Pacific Cities of the Future
Dec. 22 – Chinese cities performed well in the new ranking of the Asia-Pacific Cities of the Future 2011-12 published by FDI Intelligence magazine, a bi-monthly news and foreign direct investment (FDI) publication owned by The Financial Times based in London. The FDI future cities survey is carried out across 141 Asia-Pacific cities every two […]
China’s VAT Reform: General Taxpayer Status and Tax Filing Issues
China’s State Administration of Taxation recently clarified more issues regarding the VAT reform – including the application of VAT general taxpayer status in the pilot area and VAT filing issues in non-pilot areas.
China Briefing Releases New Business Guide for the Greater Pearl River Delta
Dec. 14 – China Briefing has just released the fourth edition of its regional business guide “The Greater Pearl River Delta: Business Guide to South China” – offering business-minded individuals an up-to-date reference source for all of the key issues concerning setting up and successfully operating a business in South China. By leveraging its proximity […]
