Company News
China Customs Releases 31 Standards for Unit Consumption in Processing Trade
The General Administration of Customs and the National Development and Reform Commission jointly released a notice on December 10, approving 31 standards for unit consumption in processing trade for 2010
U.S. Congress Looks to Revise SOX Legislation
The U.S. House of Representatives last Friday passed sweeping legislation that tightens government regulation of the financial markets in the U.S. including addressing predatory lending practices and unregulated financial derivatives.
Clarification on Foreign Exchange Payments for Reinvestment
The State Administration of Tax and the State Administration of Foreign Exchange have jointly issued a circular which provides additional clarification on tax certificate requirements for service industry items and transactions.
China to Impose Low Tariffs on More Than 600 Commodities
The Ministry of Finance has announced that it would temporarily charge low import tariffs for more than 600 commodities beginning next year.
Welfare Payments in China to be Redefined as Taxable Income
The Ministry of Finance has released a notice that will reconsider welfare payments like transportation payments, communication subsidies and other benefits previously not subject to tax as part of an individual
Taxpayers in China Required to Revise 2008 Corporate Returns
The State Administration of Taxation is requiring companies to revise their corporate income tax filing cycle for 2008 to reflect tax circulars issued after May 31, 2009.
VAT Rebate Tax Policy for China-Based R&D Institutions
The Ministry of Finance, General Administration of Customs and the State Administration of Tax have jointly issued a circular detailing the eligibility of tax exemption of imported equipment for foreign funded research and development centers in China.
Individual Income Tax Treatment for Stock Compensation Schemes in China
The Chinese State Administration of Tax has released a circular clarifying PRC Individual Income Tax treatment for income generated from share appreciation rights.
WFOE Branches: Differences in Tax Registrations
WFOE branches may have the same scope of business as the parent, however there are differences in the registration procedures for branches.