Small and micro businesses Corporate income tax The corporate income tax rate was reduced from 10 percent to 5 percent for small and micro-businesses. The tax rate is applied to the profit portion from 1 million RMB to 3 million RMB. Reduction and exemption of six taxes and two fees Six taxes and two fees…
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The recent wave of COVID-19 in China has severely impacted many business operations. With area or city-wide lockdowns and confirmed cases rapidly increasing per day, businesses are facing cash-flow and staff shortage challenges. The State Government has released several policies to support businesses especially small and micro enterprises during this period. Namely, applicable enterprises can…
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In the past weeks, Shanghai has conducted grid-screening lockdown to curb the spread of COVID-19. On the 27 March, the Shanghai municipal government announced the city will impose a staggered lockdown in two stages. For the Pudong area, lockdown commenced on 28 March, 5am till 1 April 3am, for Puxi area lockdown commences on 1…
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The International Monetary Fund estimates the total amount of laundered money to be 2-5% of the global GDP in one year. Money laundering refers to transforming illegal money generated from criminal activity(such as drug trafficking, extortion, illegal arms sales, insider trading, fraud and so) into legitimate money. Such illegal actions are considered in most jurisdictions…
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The Measures for Cybersecurity Reviews "("Measures"") was revised by 12 Ministries on 28 December 2021 and comes into effect on 15 February 2022. The Square speaks with Dr Roberto Gilardino, Regional Partner for Asia and Additional Countries, on the implications of revised Measures and application for companies in China. The Square: The Measures focus on…
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