Other Briefings
IIT Calculation for Hong Kong and Macau Residents’ Mainland-Derived Income
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.
Ten Cities and Provinces Apply to Participate in VAT Reform Pilot Scheme
10 cities and provinces have officially applied to participate in the VAT reform pilot scheme so far, including Beijing, Chongqing, Shenzhen, Tianjin, Xiamen, Anhui Province, Fujian Province, Hainan Province, Hunan Province and Jiangsu Province.
Zhejiang Province Adjusts Basic Pension Standard
Zhejiang readjusted the minimum pension base for social endowment insurance for both rural and urban residents from RMB66 per person per month to RMB80 per person per month, effective from June 1, 2012.
Huizhou Launches Enterprise Registration and Examination Reform
The Huizhou government held a mobilization conference on May 17 to officially launch its enterprise registration and examination trial reform.
Severance Pay Subject to Individual Income Tax in China
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 Orders ‘Big Four’ Auditors to Restructure
China now requires the “Big Four” auditing companies of Deloitte Touche Tohmatsu, Ernst & Young, KPMG and PricewaterhouseCoopers to “localize” their staff in line with Chinese laws that specify the qualifications, age and experience of their management.
China’s PBC to Cut Reserve Rate Requirement by 0.5 Percentage Points
May 14 – The People’s Bank of China announced on May 13 that it would cut the amount of cash that banks must hold as reserves by 0.5 percentage points (50 basis points) recently released statistics pointed to a sharper-than-expected slowdown of the economy. The cut, which is the second this year following the first […]
Getting Money Out of China: Macau Casinos, Xinjiang Jade and French Wines?
Op-Ed Commentary: Chris Devonshire-Ellis May 11 – The recent case over the alleged murder of Neil Heywood and the suggested transaction involving US$800 million of cash out of China to the United Kingdom has not been fully investigated by the media, not least because China has placed such a blanket of secrecy over the entire […]
