Russia’s draft DTAs with Belgium and China
On 5 February 2014, Russia's draft Double Tax Avoidance Agreements with China and Belgium were tabled before Russia's Cabinet for its
See MoreChina and Liechtenstein sign a TIEA
China and Liechtenstein signed a Tax Information Exchange Agreement (TIEA) 27 January 2014. The agreement is consistent with the OECD’s international standard. The TIEA will enter into force after ratification by both parties, and the possible
See MoreChina: Tax Revenues grew in 2013
Total tax revenue in China increased by 9.8% in 2013; VAT revenue rose by 9% to nearly RMB2.9 trillion, while corporate income tax revenue grew by 14% to RMB2.2 trillion. Total tax revenue was just over USD1.8 trillion; however rate pf increase
See MoreEcuador ratifies DTA Protocol signed with China
Ecuador ratified the Protocol to the DTA with China through Decree no. 208 on 13 January
See MoreRevised China-United Kingdom DTA enters into force
An income tax treaty between China and the United Kingdom entered into force on 13 December 2013, and is effective from 2014. The new treaty replaces the 1984 treaty between the two countries and provides for lower rates of dividend and royalties
See MoreChina: Shanghai Free Trade Zone implemented
The China (Shanghai) Pilot Free Trade Zone (SFTZ) is an important milestone in economic policy and may lead to broader financial and economic reforms. The SFTZ is geared towards services industries and promotes not only trading but also investment.
See MoreChina: VAT refunds on e-commerce
Clarification has been issued of Chinese VAT refund processes for Chinese online retailers selling outside China. This guidance covers enterprises selling via their own website or through external platforms such as Amazon. The new guidance came
See MoreIndividual tax relief measures in China
The Ministry of Finance, the Ministry of Human Resources and Social Security, and the State Administration of Taxation have jointly issued a circular regarding guidance on the collection and administration of individual income tax on enterprise
See MoreChina: VAT pilot program expanded to new industry sectors
China’s Ministry of Finance and the State Administration of Taxation jointly issued guidance to expand the value added tax (VAT) pilot program to apply to the railway sector, the postal delivery services sector, and the telecommunications sector.
See MoreChina: Financial policies for Shanghai pilot free trade zone
The People’s Bank of China on 2 December issued opinions regarding financial support for the development of China (Shanghai) pilot free trade zone. The guidance has five areas of focus: Expansion of cross-border use of RMB; Acceleration of
See MoreSwitzerland: Proposals on Multiple Tax Agreements has been Adopted
A number of double tax treaties proposal on tax information exchange has been adopted by the Swiss Federal Council. The Double tax agreements are with Australia, Hungary, and China, currently valid agreements, and containing administrative
See MoreAgreement to avoid double taxation between China and Taiwan is under process
China and Taiwan expect to sign shortly the draft of an agreement to avoid double taxation. This follows a previous attempt at negotiating a double taxation agreement in 2009, based generally on the OECD Model. On that occasion the conclusion of a
See MoreChina: Extends VAT to postal services and railways
An edict recently is issued by the China’s State Council adding postal services and railway transportation to the reform of the existing Chinese Business Tax and VAT systems. This will start on 1 January 2014. The principles of the OECD VAT
See MoreChina: Financial sector faces issues on transition to VAT
In the transition to a value added tax (VAT) system, the financial services sector in China will need to consider certain issues.China’s Ministry of Finance suggests that- to a VAT system in China, modern principles of VAT would be applied. The
See MoreEcuador: China DTA gets Parliament approval
According to media reports published on December 3 2013, Ecuador’s the double taxation agreement (DTA) and an accompanying Protocol the nation signed with China gets parliament
See MoreChina: VAT reforms for 2014 and 2015
Chinese VAT reforms went national in August 2013 in respect of transport and broadcast services. The first VAT reform pilot started in 2012 in Shanghai and was then rolled out to 11 other provinces. Some more services will become subject to VAT and
See MoreChina: Enterprise income tax treatment from technology transfers
The State Administration of Taxation (SAT) of China issued a bulletin which states that revenues from technical advice, technical services and technical training, in relation to technology transfers will be included under the enterprise income tax
See MoreChina: Circular providing tax breaks for eligible enterprises for Government-led shanty town renovations
The Finance Ministry of China on 28 October 2013 released a circular that announced tax breaks for eligible enterprises that are involved in government-led shanty town renovations. This is part of an effort to encourage participation in the
See More