China increases VAT registration threshold from October 2015
China is to raise the VAT and Business Tax threshold from Yuan 20,000 to Yuan 30,000 from first October 2015. The declaration was made by the State Council, and will be confirmed by the State Administration of Taxation. The threshold is the annual
See MoreChina VAT changes exemptions on export services
China is to implement new categories for determining the exemption rules for export services. The changes apply from October 2014. Businesses supplying export services are required to follow a number of administrative requirements, including
See MoreChina: Termination of Anti-dumping Measures Applicable to Imports of Pyrocatechol originated in the EU
On August 25, 2009, the Ministry of Commerce issued Announcement No.53 of 2009, deciding to continue to impose anti-dumping measures against imports of pyrocatechol originated in the EU in accordance with Announcement No. 41 of 2003, Announcement 61
See MoreChina: Termination of Anti-dumping Measures against Imports of Phthalic Anhydride Originated in ROK, Japan and India
On August 30, 2009, Ministry of Commerce of the People’s Republic of China (hereinafter referred to as the “Ministry of Commerce”) issued Announcement No. 56 of 2009, deciding to continue to impose anti-dumping measures against imports of
See MoreKorea-Extending antidumping duties on Chinese products
The trade commission of South Korea has decided that the anti-dumping duties on Chinese plate glass would be imposed for another three years. That means the anti-dumping duties of 15.22%-36.01% on the Chinese products would be kept for the
See MoreASEAN: Reviews ongoing negotiations of FTAs with China, Japan and S Korea
The Economic Ministers of ASEAN met with the representative of China, S Korea and Japan to discuss and review the ongoing negotiations to upgrade their respective ASEAN+1 trade treaties. ASEAN and China presented the progress made in implementing
See MoreChina: General tax audit on service fees and royalties payment
The State Administration of Taxation (SAT) has urged the tax authorities at all levels to carry out general tax audits on large sum payments on service fees and royalties paid to non-residents, by issuing a directive on 29 July 2014 (Shui Zong Ban
See MoreChina: VAT rates reformed
The Standard VAT rate levied on the import or sale of goods and the condition of processing, installation services and repair is 17 percent. A Reduce rate of 13 percent applies to goods for example newspapers, books, magazines, edible vegetable
See MoreTaiwan: With China agreed to continue trade talks
Recently, Taiwan and China have agreed to continue discussions on goods tariff reductions within their economic cooperation framework agreement (ECFA), despite the long-running dispute over the cross-strait agreement for trade in services that was
See MoreBRICS nations agree to create BRICS bank
Leaders of the BRICS group of emerging powers on Tuesday created a Shanghai-based new international development bank and multi-billion emergency lending pools. The development bank will have initial capital of $50 billion that could rise to $100
See MoreChina: Online Tax Services initiated in the Free Trade Zone of Shanghai
State Administration of Taxation of The People’s Republic of China has introduced a number of innovative tax services in the Free Trade Zone of Shanghai. In the notice published by the State Administration of Taxation, the reforms are illustrated
See MoreWTO issues mixed ruling in US-China trade remedy case
The WTO Appellate Body released its final ruling on a US countervailing duty law affecting Chinese products which is also known otherwise as the “GPX Legislation”. According to WTO ruling there was not enough factual analysis in a previous panel
See MoreChina: Resident Enterprise must Report to SAT on foreign Investments
Chinese State Administration of Taxation has published a public notice that Chinese local companies must report additional information regarding foreign investments and income to improve the effectiveness of tax administration and oversight of those
See MoreFTA negotiations between South Korea and China by the end of 2014
The governments of South Korea and China have agreed on 3 July 2014 to complete their negotiations on free trade agreement (FTA) by the end of 2014. The FTA negotiations between these two countries started in May 2012. Both countries have already
See MoreSwitzerland – China: Free trade agreement comes into force
A free trade agreement between Switzerland and China came into effect on 1 July 2014 with some reduction on industrial exports. It will also control property rights for economic exchange. Under this agreement, Switzerland will implement zero tariffs
See MoreChina to cut VAT Rate to 3%
The Ministry of Finance and the State Tax Administration jointly released the “Announcement on Policy for Simplifying and Unifying VAT Rate” on June 13, 2014. From July 1, 2014, a uniform VAT Levy rate of 3% will be implemented for enterprises
See MoreSouth Korea Prioritizes FTA Talks with China and Vietnam
South Korea is continuing to discuss free trade agreements (FTAs) with China and Vietnam. In relation to the negotiations with China safety measures are being drafted in respect of fisheries and agriculture which are very sensitive sectors in South
See MoreChina: Issues circular to clarify corporate income tax incentive
On 25 March 2014, China’s Ministry of Finance and State Administration of Taxation (SAT) jointly issued a circular, Caishui No. 26 (Circular 26) to clarify the criteria for the 15% preferential corporate income tax (CIT). A lower 15% incentive
See More