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China Takes Anti-dumping Measures on Imported Photographic Paper
China has decided to impose temporary duties on photographic paper and paper-board imported from the European Union (EU), the United States and Japan for anti-dumping purposes. Starting from August 10, importers of those products have been required to pay a cash deposit at Chinese customs.
Tax Policy Clarification Released for China’s Western Region
On July 27, China’s National Bureau of Statistics, the Ministry of Finance, and the General Administration of Customs jointly published the “Circular on Issues Concerning Tax Policies for In-depth Implementation of Western Development Strategy” (Caishui [2011] No.58, “Circular”), effective from January 1, 2011.
China Clarifies Issues Related to New IIT Law
Following amendments to China’s Individual Income Tax (IIT) Law, which are scheduled to come into effect from September 1 this year, China’s State Administration of Taxation (SAT) made a new announcement on July 29 with regards to the revised IIT Law. The document specified how taxpayers will be subject to the old and new tax rates during different times of the tax year and how IIT on the income of individual businesses shall be calculated.
China Further Standardizes Cross-border RMB Settlement Operations
Roughly two years after China launched its pilot program for using RMB settlements during cross-border trading transactions and overseas investments, the People’s Bank of China (PBC) released a new circular on June 3 to clarify agent banks’ authority limits and operational details for both enterprises and banks.
New China Business Handbook Available for Complimentary Download
Produced in cooperation with the U.S. Commercial Service and Dezan Shira & Associates, the China Business Handbook (Second Edition) is now available for immediate PDF download on the Asia Briefing Bookstore – offering readers an informative guide to starting and growing a business in this dynamic market.
China Customs Reduces Tariffs on 33 Commodities
China’s Customs Tariff Commission of the State Council released a circular (shuiweihui [2011] No.12) on June 24, announcing adjustments to import duty rates on 33 kinds of products starting on July 1, 2011. Goods that are subject to a tariff cut according to the document include fuel oils and several types of raw materials to the country’s textile industry.
Individuals Subject to IIT Payment When Terminating Investments
Individuals in China who have terminated their investment operations need to pay individual income tax (IIT) on several types of income generated from the investment termination, according to the State Administration of Taxation’s (SAT’s) “Announcement on Issues of Collecting IIT on Funds Individuals Recovered from Termination of Investment Operations (SAT Announcement [2011] No. 41)” issued on July 25.
Fujian’s Entertainment Industry to Enjoy Lower Business Tax Rates
A majority of Fujian Province’s entertainment enterprises will be paying a lower amount of business tax starting from this month, thanks to a newly released provincial document that made adjustments to business tax rates for the region’s entertainment industry.
Foreigner IIT Exemption Threshold to Remain the Same
The individual income tax (IIT) exemption threshold will remain unchanged for foreigners in China, despite an increase in the amount of the “necessary deduction,” according to the newly released revisions to the “Regulations for the Implementation of the IIT Law (State Council Decree [1994] No.142).”
SAT Specifies Time When VAT Obligations Take Place
China’s State Administration of Taxation (SAT) recently made an announcement, specifying the actual time when value-added tax (VAT) payment obligations take place for taxpayers who receive direct payment during production or operation.
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