Category: All news

China tax alert: China Individual Income Tax reform — highlights from the ‘Implementation Regulation’

The revised Individual Income Tax (IIT) promulgated on 31 August 2018 and fully effective from 1 January marks significant changes to the individual taxation in China. Primarily, the changes relieve certain tax burdens for low and middle income-earners. In previous tax articles, we have highlighted a number of key takeaways related to IIT. For foreigners…

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China banking: non-financial institutions required to report large transactions from 1 January

On 25 June 2018, the Bank of China issued the Notice of the People’s Bank of China requirements for non-financial institutions to report large transactions (the Notice) effective from 1 January 2019. Below, we highlight the main takeaways from the Notice. Who is required to report? Any non-financial institution holding a payment business license, including…

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