Individual Income Tax Law of the People’s Republic of China (New Version)

On 1 Sep 2011, the new version of Individual Income Tax Law of the People’s Republic of China (2011 Revision) became into effect and the taxable income is calculated monthly by subtracting a standard monthly deduction from income. The new income tax rules increase the standard monthly deduction from RMB2,000 to RMB3,500.
In an attempt to [...]

Published by admin on September 23rd, 2011 tagged China News | Comment now »

Seed production enterprises enjoy the same tax bite policy as farmers

New tax policy was recently promulgated by the State Administration of Taxation. It includes the relevant issues of value-added taxes of seed production enterprises for selling seeds. Seed production enterprises producing and selling seeds in the following manufacturing modes are classified as agricultural producers selling self-produced agricultural products, where relevant value added taxes shall be [...]

Published by admin on November 22nd, 2010 tagged China Law | Comment now »

The General Administration of Customs issue an announcement regarding tax payment of rentals for aircrafts lease

Beijing China, October 21—General Administration of Customs of People’s Republic of China issued the announcement (No.47 [2010])(hereinafter to be referred as announcement)to regulate tax payment of rentals for aircrafts lease on July 19 of 2010.
The announcement mainly regulates the types of fees and costs which could be calculated as rentals and are required to pay [...]

Published by admin on October 28th, 2010 tagged China Law | 1 Comment »

The State Council’s Principally Passes Vehicle And Vessel Tax Law (Draft)

The executive meeting of the State Council on 12th October discussed and principally passed The Vehicle and Vessel Tax Law of the PRC (Draft). The meeting decided, after further amendment of the draft, that will be submitted by the State Council to the Standing Committee of the National People’s Congress for consideration. It is reported [...]

Published by admin on October 28th, 2010 tagged China Law | 1 Comment »

SAT Issues Tax Agent Firm Professional Risk Fund Measures

The State Administration of Taxation (SAT) has recently issued the Measures for Administration of Professional Risk Fund of Registered Tax Agent Firms to be effective as of 1 October 2010. The Measures require registered tax agent firms to allocate and use a professional Risk Fund in accordance with the provisions of the Measures, specifying that [...]

Published by admin on September 30th, 2010 tagged China News | Comment now »

Part Of Income Of Insurance Coverage Funds To Be Exempted From Taxation

LEHMAN LEE&XU
The Ministry of Finance published the Circular about Relevant Tax Issues of the Insurance Coverage Fund on Sep.6 2010 presents as follows: (a) Insurance Coverage Fund Corporations can be exempted from business income taxes and the scope of the exemption includes: insurance protection funds paid by domestic insurance companies by law; income from donations; [...]

Published by admin on September 27th, 2010 tagged China News | Comment now »

Corporate Reorganization Income Tax Rules has been released

The Measures for the Administration of Corporate Income Tax on Corporate Reorganizations has been released recently by The State Administration of Taxation with retrospective effect from 1 January 2010.
Pursuant to the Measures, companies that have their reorganization transactions before release of it, if applying to the special tax treatment specified in the Notice (2009[NO.59]) shall [...]

Published by admin on August 12th, 2010 tagged China Law | Comment now »

The Circular Regarding Certain Issues of Calculating Land Value-Added Tax Released

On May 19, 2012, the State Administration of Taxation (“SAT”) released a Circular Regarding Certain Issues of Calculating Land Value-Added Tax (“LVAT”), specifying the calculation methods of the LVAT in China.
This Circular consists of 8 items, covering the determination of the income, the developing fee, idle land fee, etc. It stipulated more strict rules on [...]

Published by admin on July 30th, 2010 tagged China Law | Comment now »

SAT Issues Notice Regarding IIT Payment Receipt Issuance

The State Administration of Taxation has attempted to clarify issues concerning the issuance of tax payment receipt of individual income tax. The first of the clarifications specifies that where the tax authority directly collects tax payments and the taxpayer requests a tax payment receipt, the tax authority must issue a general certificate of tax payment, [...]

Published by admin on July 16th, 2010 tagged China Law | Comment now »

Supplementary Notice Clarifies Treatment of Non-Residents Under Tax Treaties

The State Administration of Taxation (SAT) of the People’s Republic of China recently published a Supplementary Notice in order to clarify the Measures for the Administration of Non-residents’ Treatment under Tax Treaties.  Before this notice, it was unclear which identification papers of fiscal residents were required to be submitted by taxpayers in accordance with Articles [...]

Published by admin on July 16th, 2010 tagged China Law | 1 Comment »