Category: Tax

The essential China checklist for Italian investments

Today, China companies are increasingly leading industry fields. The 14th Five-Year Plan 2021-2025 set forth China’s objective to become a leading innovation country by 2035. For Italian companies, the modernised China presents both new investment opportunities and compliance risks. Moving forward from low-cost manufacturing, China is focused on attracting high-quality foreign investments, especially in industries…

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TAX NEWS: China streamlines tax declaration forms for indirect taxes from 1 August 2021

On 13 July 2021, the State Taxation Bureau issued the Notice on the Consolidation of the Declaration Forms for Value-added Tax, Consumption tax, Urban Construction, and Maintenance Tax and Educational Surcharges (“Notice No. 20”) effective from 1 August 2021. The consolidation of the declaration forms falls in the wider reforms to streamline tax collection and…

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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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