In May 2016, value-added tax (‘VAT’) was reformed and expanded to several key sectors. The reforms unifies all sectors within a disruptive VAT system. It provides incentives to distribute the tax burden down the VAT chain. VAT unification stands to decrease the payable VAT and improve cash flow for registered taxpayers. VAT is offset by…
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The Export Control Law of the People’s Republic of China (“ECL”) took effect from the 1 December 2020. The new legislation unifies export controls provisions scattered across several laws and regulations. Export Control Law The ECL establishes the regulatory framework for export control and defines the controlled items subject to export control. For foreign companies,…
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In years past, regulatory procedures for entities in China involved trips to various governmental offices, not to mention extensive paperwork. More recently, administrative procedures have migrated to an online administrative system, which has accelerated the ease of business. Corporate documents and seals, which legally bind a company to a contract or are required for corporate…
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