Company News
Latest News
Chongqing and Shanghai Introduce New Property Tax
Shanghai and Chongqing have introduced China’s first-ever property tax for second-home buyers, part of a series of government measures to curb soaring prices and real-estate speculation. The taxes target high-end newly purchased second homes and will require buyers to pay between 0.4 to 1.2 percent of the total property price. The taxes kick in with immediate effect from today (Friday, January 28, 2011).
China Lowers Import Duties on iPads and Electrical Goods
The State Council approved measures to lower import duties on electrical products from 20 percent to 10 percent, with these measures effective from yesterday (January 27), the State Council Tariffs Commission has announced in a surprise move. Products with reduced import duties include computers and cameras, and has the effect of reducing, for example, duty tax on iPads from RMB1,000 (US$152) to RMB500 (US$76).
China Clarifies Business Tax Exemption For Offshore Outsourcing
China’s Ministry of Finance, State Administration of Taxation and Ministry of Commerce have jointly issued the “Notice on the Business Tax Exemption on the Offshore Outsourcing Business in Pilot Cities,” also known as Caishui [2010] No. 64 (Circular 64).
RBI Relaxes Lending Rules for Bank Loans to Microfinance Institutions
The Reserve Bank of India temporarily relaxed lending rules for bank loans to microfinance institutions, allowing banks to continue offering loans to the ailing sector.
Vietnam Lowers Import Duties on Petroleum Products
Vietnam’s Ministry of Finance lowered import duties for petroleum products from January 14 onwards, according to the ministry’s web site.
Guangdong to Lift Minimum Wage Standards Once Again
Not long after the last minimum wage lift in May 2010, China’s Guangdong Province has once again decided to raise the minimum wage standards from March 1, 2011.
U.S. and China Agree to New Public/Private Healthcare Partnership
China and the United States announced a new public/private sector joint partnership yesterday focusing on the healthcare industry. The U.S. Trade and Development Agency, the U.S. Department of Health and Human Services and the U.S. Department of Commerce joined with China’s Ministries of Health and Commerce to announce their support for the establishment of the new organization.
SAT Clarifies CIT Payment Rate from High-tech Enterprises During Qualification Review
China’s high-tech enterprises enjoying the country’s favorable taxation policies shall pay their annual corporate income tax (CIT) at a rate of 15 percent during the time their qualification validation is under review.
China Introduces Consumption Tax Exemption for Biodiesel Production
China recently announced that pure biodiesel can be exempted from consumption tax collection. The new regulation hopes to infuse more energy to China’s underdeveloped biodiesel market.
Expatriate Annual Tax Reporting for 2010 Incomes
Individuals residing in China are subject to individual income tax (IIT). Expatriates who are employed in China are liable for IIT from either the first day they arrive in China or their first official working day. Be aware that the China Tax Bureau may take the arrival date as the trigger point for tax liabilities. They must file a monthly tax return as well as an additional annual return. Penalties for late filing can be up to five times the amount that was due.
To learn more about how we can support you, contact one of our local experts.
We provide professional services tailored to Asia´s business environment across the full business cycle.
Talk to experts