EU: BASIC countries express concern at the proposed Carbon Border Adjustment Mechanism
A Joint Statement issued on 8 April 2021 at the conclusion of the 30th BASIC Ministerial Meeting on Climate Change has expressed concern about the insufficiency and inadequacy of the support provided by developed countries; and is concerned that
See MoreIMF: Securing China’s Post-Pandemic Recovery
On 24 September 2020 a blog post by the IMF’s First Deputy Managing Director Forum on National Affairs looked at reforms needed to ensure China’s recovery from the economic problems caused by the pandemic. Global Economic Outlook The blog
See MoreOECD: Global Forum issues peer review reports on transparency and exchange of information
On 1 September 2020 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes issued nine new second-round peer review reports containing details of their review and assessment of the compliance by nine jurisdictions
See MoreChina reduces income tax rate for Hainan free trade port
The Chinese authorities have rolled out preferential income tax plans for companies and individuals in the southern island province of Hainan.  According to a circular jointly issued by the Ministry of Finance and the State Taxation
See MoreChina extends monthly tax returns filing deadline amid COVID-19 pandemic
On 27 April 2020, the State Taxation Administration (STA) has announced the extension of deadline for filing monthly tax returns and tax payment for May 2020 from 15 May 2020 to 22 May 2020, due to the COVID-19
See MoreChina: Tax measures in response to COVID-19 pandemic
Since the outbreak of COVID-19, the State Taxation Administration of China (STA) has implemented the decisions to adopt a series of measures in response to the epidemic and boost economic and social development. Following key measures are initiated
See MoreHong Kong and Mainland China sign an agreement for the exchange of CbC reports
On 4 March 2020, the Inland Revenue Department (IRD) of Hong Kong announced that Mainland China and Hong Kong have entered into a bilateral arrangement for the automatic exchange of country-by-country (CbC) reports. Under this, Hong Kong entities
See MoreChina extends tax filing deadline for March 2020
On 3 March 2020, the State Taxation Administration (SAT) of China issued Notice No. 37, that extended the tax filing deadline for March 2020, to 23 March 2020 from 16 March 2020, nationwide. The regions where are still in the top-level response to
See MoreChina extends declaration deadline
The State Administration of Taxation (SAT) of China has extended tax filing deadline to 28 February 2020 due to Coronavirus epidemic. Previously, the deadline had been delayed from February 17, 2020 to February 24, 2020. For the taxpayers and
See MoreChina introduces additional tax relief measures to tackle Coronavirus epidemic
China has declared additional tax relief measures due to Coronavirus epidemic. These measures are following: An exemption from consumption tax, VAT and import duties on imported of goods and equipment donated for Coronavirus
See MoreDTA between China and New Zealand enters into force
On 27 December 2019, the Double Taxation Agreement (DTA) between China and New Zealand was entered into force and applies from 1 January 2020. From this date, the new DTA will replace the existing DTA of 1986. The DTA contains Dividends rate 5% for
See MoreChina: Tax dispute resolution peer review report
On 28 November 2019 the OECD published a stage 1 peer review report commenting on China’s compliance with the minimum standard on tax dispute resolution under Action 14 of the project on base erosion and profit shifting (BEPS). The
See MoreChina introduces several incentives for Lingang in Shanghai FTZ
On 6 August 2019,, China announced that it has added the Lingang area to the China (Shanghai) Pilot Free Trade Zone (FTZ) to enhance investment and advance trade liberalization with plans to replicate the concept nationwide, senior officials said.
See MoreChile approves protocol to DTA with China
The Chamber of Deputies of Chile approved the bill for ratifying the pending protocol of Double Taxation Agreement (DTA) with China for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. It is now
See MoreHong Kong and China sign 5th protocol to arrangement for avoidance of double taxation
On 19 July 2019, Hong Kong and China signed the fifth protocol to the arrangement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income with the commissioner of the state taxation
See MoreChina: introduces incentives for tourism industry
On 3 August 2019, China's Ministry of Finance and State Taxation Administration have jointly published Notice No. 63 of 2 August 2019 providing incentives to boost up tourism industry in the Guangdong Hengqin New Area. The primary incentive for
See MoreChina updates expense deduction limit for insurance sector
China's Ministry of Finance (MoF) has published Announcement No. 72 of 2019 regarding pre-tax deduction policy for insurance enterprise handling fees and commission expenses. The announcement provides that insurance companies may deduct up to
See MoreChina: Tax incentives for investment in CDRs
On 12 April 2019, China's Ministry of Finance announced the launch of a pilot program to support innovative-driven strategy, which includes incentives for investments in Chinese Depository Receipts (CDRs) issued by innovative Chinese enterprises.
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