Search Results for: deductions

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 income basis (although tax is still withheld on a monthly basis). What’s more, the type of deductions applied to calculate the monthly taxable income has […]

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CHINA | Individual Income Tax — Special Additional Deductions

 
The Standing Committee of the National People’s Congress revised the Individual Income Tax Law of the People’s Republic of China (IIT).

The revisions came partly into effect in October 2018 predominantly affecting tax rates and general standard deductions for general income (please see previous tax-related articles).

From 1 January 2019, the revised IIT law goes into full effect and the added special deductions for overall taxable income will play a significant role in IIT calculations.

Under the revised IIT law, special […]

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Embracing the Future of Invoicing: A Comprehensive Guide to All-Electric Invoices

Introduction

In alignment with the “Opinions on Further Deepening the Reform of Tax Collection and Administration” issued by the Central Office and the State Office, a pioneering initiative to introduce comprehensive digital electronic invoices, commonly referred to as “all-electric invoices,” is being rolled out. This groundbreaking development aims to enhance the taxpayer experience and promote efficient tax collection and administration. This article provides an in-depth overview of the new era of all-electric invoices and outlines essential details for both taxpayers and […]

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