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Financial Q & A: Repatriating earned income and other money from China — follow the rules, avoid Illegal foreign exchange trading

In China, carrying out foreign exchange transactions outside of designated foreign exchange banks, the China Foreign Exchange Transaction Centre or its local branches is illegal. Foreign exchange in China is strictly regulated and any violation of regulations can be dan be deemed as a “disruption to the market” and result in criminal penalties. Foreign individuals…

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China tax alert: individual income tax deductions — catch yourself up with the new changes in play on IIT calculations

The revised Individual Income Tax Law of the People’s Republic of China stands to significantly affect workers’ monthly net salaries going forth in 2019. From 1 January, individuals monthly net salaries should have risen from their December salary, as the individual withholding tax calculation has been altered from a monthly taxable basis to annual accumulated…

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Amendments to Shanghai Housing Provident Fund affects monthly salaries beginning 1 April

Monthly contribution changes to the Shanghai Housing Provident Fund will come into effect from 1 April 2019. On 14 February 2019, the Shanghai Municipal Housing Management Committee of Housing Provident Fund published online The Notice on the Amendment to Shanghai Housing Provident Fund on Payment Basis, Payment and Deposit Proportion and Maximum and Minimum Monthly…

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