Shanghai
China: EIT Preferential Policy for the Small Enterprises with Low Profit
From 1 January 2021 to 31 December 2022, small enterprises with low profit will be subject to EIT of 2.5% on the part of annual Enterprise Income Tax (EIT) taxable income that is no more than CNY 1 million.
China: Value Added Tax exemption policy for small-scale taxpayers
On March 24, 2022, the Ministry of Finance and the State Administration of Taxation (SAT) issued an announcement regarding the Value Added Tax (VAT) exemption for the small-scale taxpayers that will be applicable from April 1, 2022 till December 31…
China: Promotion for the Input Value Added Tax Credit Refund Policy
According to Announcement (2019) No. 39 issued by Ministry of Finance, State Administration Taxation and General Administration of Customs (Announcement No.39) as well as other related tax regulations, taxpayers that meet the following criteria…
Transfer pricing documentation filing obligation in China
Since the tax year of 2021 is ended, Chinese companies, including foreign invested ones, might be required to perform the filing of related party transactions for 2021 with the competent tax authority in 2022. There are four types of Chinese…
China Issues New Versions of Negative Lists for Foreign Investment
Since 2018, China started to implement the “Negative List” approach for the administration of foreign investment nationwide, and has updated the Negative Lists periodically since then. The Negative Lists set out in a centralized manner…
Extended period for IIT preferential policy of allowances for foreign individuals
On December 31, 2021, the Ministry of Finance and the State Administration of Taxation have decided to continue that the IIT preferential policy of allowances for foreign individuals (e.g. home visit, housing allowance, children’s tuition fee…
China: Extended period for some IIT preferential policies
On December 29, 2021, the executive meeting of the State Council has decided to continue the implementation of some IIT preferential policies as follows:
China’s Personal Information Protection Law: things you need to know
Recently, China formally passed the Personal Information Protection Law (PIPL), which is the first comprehensive national level personal data protection law of this country. PIPL will become effective as of November 1, 2021, leaving a short time for…
Recent Chinese tax regulation updates regarding outbound remittance
Taxpayers should pay attention to the following Chinese tax regulation updates regarding outbound remittance in China: one record filing for multiple remittances under one contract and the cancelation of the Local Tax Surcharges related to…
Do your Chinese entities need to contribute the PRC Social Security for your foreign employees working in China?
The subjected question is one of most popular questions raised by the foreign invested entities in China. Our answer is YES. The Chinese entities need to contribute the PRC social security for foreign employees working in China, and said foreign…
China’s Supreme People’s Court sets rules for facial recognition technology
On July 28, 2021, China’s Supreme People’s Court (the top judicial authority) published the 'Provisions on Relevant Issues on the Application of Laws in Hearing Civil Cases Related to the Application of Facial Recognition…
China sets new rules on security vulnerability of network products
China’s Ministry of Industry and Information Technology (MIIT), Cybersecurity Administration of China (CAC) and Ministry of Public Security (MPS) jointly published the Provisions on Administration of Security Vulnerability of Network Products…