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Six Key Points Regarding China’s Tax Reforms in 2012
According to the “Report on the Implementation of Central and Local Budgets for 2011 and on Draft Central and Local Budgets for 2012” presented to the National People’s Congress on March 5, China’s key tax reforms in 2012 will focus on six specific types of taxes
Suzhou Details Foreigners’ Mandatory Social Insurance Participation
Following the promulgation of a national decree ordering foreign employees’ mandatory participation in China’s social insurance system in September, 2011, Suzhou issued new documentation earlier this year to ensure the enforcement of this new policy citywide.
Update: Shanghai Adjusts March Tax Declaration Deadline to Today
Due to a network breakdown, the deadline for this month’s tax declarations – including declarations of turnover tax, corporate income tax and individual income tax – will be extended to March 16, according to a circular released yesterday by Shanghai’s local tax authorities.
Dezan Shira & Associates Opens United States Office
Dezan Shira & Associates, the specialist foreign direct investment legal and tax consultancy, has opened an office in the United States. The office is based in the downtown financial district of Charlotte, North Carolina, and is currently headed by Jessica Tou, who has relocated from the firm’s Beijing office. Charlotte is the second largest banking […]
Singapore, Estonia TIE Protocol Coming Into Force
A protocol to facilitate the exchange of tax information within the existing double taxation agreement (DTA) between Singapore and Estonia, signed on February 3, 2011, will enter into force on March 30, 2012.
UK, Singapore Ink DTA Protocol
The UK and Singapore have signed a second protocol to their existing Double Taxation Agreement (DTA), amending withholding tax rates.
2012 Budget Highlights for SMEs in Singapore
Singapore’s Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam delivered the 2012 budget address to Parliament on February 17, 2012, in which he presented a series of tax changes, some of which are highlighted below:
China Processing Plants to Enjoy Tax Exemptions after Converting to FIEs
China has recently clarified that import value-added tax (VAT) and custom duty exemptions can be granted for non-priced equipment imported by outward processing entities (OPEs), when these entities obtain a legal personality as a foreign-invested corporation (FIC) and meet other related criteria.
Following Shanghai, Beijing to Roll out VAT Reform in July
Following the experiment in Shanghai, the Chinese government has approved Beijing to become the second city that implements a value-added tax (VAT) reform pilot scheme, according to the state-run China National Radio.
Update: Minimum Wage Hikes Across China
A number of local governments across China have recently announced plans to further raise minimum wage levels in an effort to keep up with the national minimum wage growth target of 13 percent per year, set in the latest 12th Five-Year Plan on Employment Improvement.
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