Tag: tax

China’s new Tobacco Tax Law comes into effect 1 July with emphasis on reducing the detrimental effects of smoking on society

In past years, the Chinese government has taken several steps to curb the impact of smoking. China is home to more than 300 million smokers consuming more than one-third of the world’s cigarettes. What’s more, an estimated 740 million are exposed to second-and smoke. The detrimental impact of smoking on physical health and well-being, as…

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China VAT rate reductions in effect from 1 May

This post is part of Horizons ongoing sharing of important information related to the implementation of China VAT reforms. China business enterprises within 17% and 11% value-added tax rates subject to a 1% reduction On the 4 April 2018, the Ministry of Finance and State Administration of Taxation jointly announced (Cai Shui [2018] No. 32) that…

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Guidelines for China outbound investment

In recent years, China outbound investments have grown rapidly. Encouraged by the Belt and Road Initiative launched by President Xi Jinping in 2013, Chinese enterprises have sought overseas investment and cooperation to facilitate the growth of Belt and Road. As a result, the investment of relevant products, technologies and services assisted the transformation of the…

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A refresher on the Chinese fapiao 发票 (receipt, invoice) — what you need to know

With important policy implementations recently being made by China’s State Administration of Taxation regarding China VAT general invoices, we felt it would be appropriate to offer a Chinese fapio (发票) refresher post — or more accurately, provide a few links to posts explaining the fapio system. The Chinese fapio is a legal receipt that serves as proof…

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