Mainland China Tax
Mainland China adopts a sophisticated tax system, which is now composed of 18 kinds of taxes, including turnover taxes, income taxes, property & behaviour taxes, resources taxes and special purpose taxes. Different tax rates, preferential tax treatments or double taxation reliefs may be applied when certain conditions are met. In general, there is a basic law giving the broad principles of the tax. Detailed implementing regulations and specific rules have been issued by the State Administration of Taxation or other government authorities, which are subject to subsequent updates/revisions from time to time.
We provide professional assistance to individual and corporate clients to review their tax position, manage tax risks and handle tax compliance, especially for those who are engaged by a Chinese company or who are on secondment to Mainland China, or carry out business in multiple countries/tax jurisdictions. For example, we help to review and to provide comments on legal contracts from a Chinese tax point of view, identify tax residency and ascertain tax exposure for clients, restructure group organisations to achieve tax efficiency, and handle tax investigations from Chinese tax authorities.
Our sister company Triple Eight Limited can assist with business consultancy and setting up of Wholly Foreign Owned Enterprises (WOFE) and performing company/limited registration in China.
- Setting up of wholly foreign owned enterprises (WOFE), joint venture (JV) and representative offices (performing company/limited registration in China) in Mainland China.
- Advising on the structure and types of company in Mainland China
- Providing consultation on doing business in Mainland China
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Hong Kong 2019-2020 Budget7 March 2019
Introduction On 27 February 2019, the Financial Secretary of Hong Kong announced the Budget for the fiscal year 2019-2020. The forecast is that for the fiscal year 2018-19, there will be a surplus of HKD 58.7 billion, and that the fiscal reserves will reach HKD 1,161.6 billion by 31 March 2019. This Budget has been… read more
The Taxation of the Digital Economy4 January 2019
Introduction Many of us have heard or might even have read about the taxation of the digital economy. This not only because the Organisation for Economic Co-Operation and Development (‘OECD’) and the European Union (‘EU’) both have issued reports on this matter, but also because it has become a ‘hot topic’ within the society itself… read more
Potential Risks of Erroneous Exchange of Tax Information21 November 2018
Introduction Due to global implementation of common reporting standard (CRS)/automatic exchange of information (“AEOI”), financial institutions (“FIs”) are required to conduct due diligence on account holders to ascertain their tax residency, and accordingly whether certain information of the financial accounts of the account holders is required to be exchanged to foreign tax jurisdiction(s). The due… read more
Mainland China Individual Income Tax Reform13 November 2018
(A) Introduction The Individual Income Tax Law (‘IIT Law’) of Mainland China was introduced in 1980 and has been amended 6 times since. On 31 August 2018, the Draft Amendment IIT Law, which was released for public feedback on 29 June 2018, was approved by the National People’s Congress (‘NPC’) of the People’s Republic of… read more