Author: Horizons

Why liquidating your company is essential for foreign investors?

Foreign investors may decide to close their China operations for various reasons. According to the relevant laws, rules, and regulations, closing operations in China involves dissolving and liquidating the company. Abandoning a company without completing the legal requirements can result in serious penalties for both personnel of the company and the company. Specifically, the personnel…

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Legal focus: currency control in Russia

If you doing business in Russian Federation (“Russia”), you should be aware of the following: Fiscal transations shall be conducted in rubles (RUB), the national official currency.RUB payment transactions both in and out of Russia are strictly governed by the government and the Russian Central Bank.Foreign currency payments or RUB transfers between a Russian resident…

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Tax Alert: Individual Income Tax Reforms

On 1 January 2019, reforms in China's Individual Income Tax (“IIT”) were effective. IIT reforms ease tax burdens for lower-income earners and provision higher taxes for high-income earners – both foreign and domestic individuals. For foreign employees in China, further IIT changes from 1 January 2022 shall heavily impact the net salary. Effective from 1…

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