In China, individual income tax ('IIT') is calculated on an accumulated basis. From August 32 2018, the revised Individual Income Tax Law reformed taxable income for tax residents to be measured on a consolidated basis from the 1 January to 31 December (tax year). In other words, the tax rate applied in January should be…
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China finished its annual legislative meetings of the Chinese People Political Consultative Conference (CPPCC) and the National People’s Congress (‘NPC’) in Beijing – commonly referred to as the Two Sessions (Liǎng huì). The Two Sessions is an insight into the overarching economic and political direction.With the current geopolitical tensions between China and the West and…
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A must in China not a maybe. Before commencing business operations in China, companies must have obtained a business license from the company registration authority – usually the Administrative of Industry and Commence. The license demonstrates that the company is legally established. Also, once administrative formalities are completed and approved, such a license is issued…
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