Category: Tax

Asia Pacific Regional Comprehensive Economic Partnership Agreement

The Regional Comprehensive Economic Partnership Agreement (“RCEP”) fosters stronger relationships among Asia-Pacific countries and creates new opportunities for international trade and other economic benefits. For China, RCEP is the first free trade agreement with Japan and South Korea and should result in substantial opportunities for companies to seize. Find out the nuts and bolts of…

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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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