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Starting from 01.04.2019: China to Reduce VAT Rate

To support the slowing economy, "China will reduce the current 16% value-added tax (VAT) rate for manufacturing and other industries to 13%, while the current 10% VAT rate for transportation and cons-truction industries will be 9%," Premier Li, Keqiang said at the two sessions (Lianghui: NPC & CPPCC) on March 5, 2019.

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The sooner coming IIT Reform - how your IIT will be affected?

Recently, a series of policies aimed at expanding domestic demand, promoting investment and reducing tax burden of enterprises and individuals are being released intensively.

Seminar in Shenyang: Financial Management for German SME in China

Companies with certain scales need to establish separate financial departments and hire full-time cashiers and accountants. But, is this the total solution of all requirements of the financial management? However, due to the strong requirements on the duties of a single cashier or accountant they usually have a lack of comprehensive understanding for the financial situation of the whole company. That's normal. An accountant or cashier is, of course, not a tax adviser in the same person, so it is quite normal that a company needs more information about the updated financial and tax regulations to avoid that they feel quite helpless in the face of tax or financial problems during the daily business operations.

Interpretation on the Promulgated Administrative Measures for Tax Convention Treatment for Non-resident Taxpayers

With a view to promote the reform of administrative examination and approval for tax affairs and optimize the administration of tax convention treatment for non-resident taxpayers, the State Administration of Taxation (SAT) recently promulgated the Administrative Measures for Tax Convention Treatment for Non-resident Taxpayers, hereinafter referred to as, "Circular No.60". How does this impact on non-resident tax payers?

Implementing the Sino-EU Mutual Recognition Arrangement for Authorized Economic Operators

From 1st November 2015, China and the EU Customs decided to officially implement the “AEO” mutual recognitions. What is “AEO”? What benefits “AEO” can bring to enterprises?

Should Royalties be charged into dutiable value of import goods or not?

The question whether royalty should be charged into dutiable value of import goods or not still remains the top priority to overcome for China Customs Authority (CCA). Their interpretations on nature criteria, charge base and apportionment methods for the royalties also differ from multinational corporations, so a reasonable planning and effective communications in advance with CCA is of upmost importance to investors when setting up their business in China.

“Examination and approval for confirmation of encouraged foreign-invested enterprise projects” is cancelled

The China State Council had announced that effective from May 01, 2015, examination and approval for confirmation of encouraged foreign investment projects in China (Letter of Confirmation) is no longer required in order to speed up application process of duty-free imported equipment. How do we should response to this change？
This “Letter of confirmation” has long been an important part in the process course of duty free equipment. What impacts would this change bring to us?

MOF Seeks Comments on Administrative Measures for Accounting Files

The Ministry of Finance ("MOF") has recently released the revised Administrative Measures for Accounting Files (Draft for Comment) (the "Draft') for public comment by June 27, 2015.

GAC Clarifies Matters Concerning Reduction/Exemption of Surcharges for Late Payment of Duties

The General Administration of Customs ("GAC") has issued the Announcement on Clarifying Matters concerning the Reduction/Exemption of Surcharges for Late Payment of Duties (the "Announcement"), which came into force on the date of issuance.

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