In China, individual income tax (‘IIT’) is calculated on an accumulated basis.
From August 32 2018, the revised Individual Income Tax Law reformed taxable income for tax residents to be measured on a consolidated basis from the 1 January to 31 December (tax year).
In other words, the tax rate applied in January should be lower than December, as it is start of the tax year. Whilst, tax rates may raise in December as the accumulated income may increase through the […]
Read moreComplex supply chains require comprehensive tax planning.
Especially in cross-border businesses or middle-size and large-scale corporations, integrated tax planning which optimises tax policies and incentives is crucial. Namely, it effects the overall business development and operations.
For comprehensive tax planning, tax policies should be applied with a deep understanding of the company’s business model and process. Equally, the entire supply chain should be considered including planning, purchasing, manufacturing, delivery, and after sales. Through this systematic approach with a focus on the business […]
Read moreThe State Government has released several policies to support businesses especially small and micro enterprises during this period
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 be granted rent exemption between 3-6 months. We […]
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