China passed a draft law to reinforce VAT reform
On 30 October 2017, the State Council executive meeting decided to abolish the business tax, which has been in force for over 60 years and decided to put an end to the provisional regulations on business tax and revise the provisional regulations on
See MoreChina: Tax benefits to boost small businesses
On 6 November 2017, according to a joint announcement by the Ministry of Finance and the State Administration of Taxation, tax incentives will be expanded in China to reduce costs for agriculture-related and small-scale businesses, encouraging bank
See MoreChina publishes a circular to support technology industry
On 2 November 2017, China's State Administration of Taxation has issued Circular 79 of 2017 to expand tax incentives for advanced technology service enterprises. A 15% special corporate tax rate has been offered in 21 cities since 2014 on a pilot
See MoreChina: New CIT rate for TASCs
China is striving to become more inviting to FDI and foreign talent by widening market access and improving the business environment. To make China more appealing to foreign talent, the government will put in place a work permit system for
See MoreChina, EEU complete negotiations on economic and trade cooperation agreement
China and the Eurasian Economic Union (EEU) have finished substantial negotiations on an economic and trade cooperation agreement, the Ministry of Commerce said on Oct 1 in a statement. Zhong Shan, China’s commerce minister, signed a joint
See MoreChina: Draft of tobacco leaf tax law submitted to NPC for review
On 28 August 2017, the Law of the People's Republic of China on Tobacco Leaf Tax (Draft) was submitted to the 29th Session of the 12th Standing Committee of the NPC with the current tax rate of 20% to remain unchanged. According to the Third Plenum
See MoreChina and Norway agree to renegotiate DTA
On 27 September 2017, during a meeting between China’s tax Minister Wang Jun and Norway’s Finance Minister Siv Jensen they agreed to renegotiate the Double Taxation Agreement (DTA) between the two countries. "I am pleased that we agree to start
See MoreDTA signs between Kenya and China
On 21 September 2017, Kenya and China signed a Double Taxation Agreement (DTA) that aims to boost bilateral commercial ties, Kenyan officials said. Cabinet Secretary in the National Treasury Henry Rotich told a media briefing in Nairobi that the
See MoreChina plans to boost up foreign investment
China is striving to become more inviting to FDI and foreign talent by widening market access and improving the business environment. On 28 July 2017, the decision was made at a State Council executive meeting presided over by Premier Li
See MoreChina, Romania DTA enters into force
On 17 June 2017, the Double Taxation Agreement between China and Romania was entered into force and it will apply from 1 January 2018. From this date, the new treaty will replace the existing DTA of 1991. The agreement contains Dividends rate 3%,
See MoreDTA Negotiation between China and Norway underway
On 7 July 2017, the Finance Ministers of China and Norway met in Hamburg in the margins of the G20 Summit. The ministers discussed the global economic situation and the strong economic links between the two countries. The ministers also recognized
See MoreChina announces tax and VAT incentives
The government of China has announced a range of tax incentives including certain reduced rates to boost the Chinese economy. The tax incentive measures include a reduced taxable income threshold for eligible small enterprises to pay corporate
See MoreChina announces tax incentives to boost up tech SMEs
On 3 May 2017, China announced measures to encourage research and development (R&D) by tech firms through favorable tax terms. Small and medium sized-enterprises (SME) in the technological sector can deduct an additional 75% of the R&D costs
See MoreRomania ratifies DTA with China
On 8 May 2017, Mr. Klaus Iohannis, the Romanian president signed a law ratifying the Double Taxation Agreement (DTA) with China. Once ratified by China and becoming effective, the Agreement will replace the existing DTA of 1991 and effective as of 1
See MoreChina: reduces value added tax rate on agricultural products
On 3 May 2017, the Ministry of Finance and the State Tax Administration issued a joint announcement listing the categories of goods benefiting from a reduction in the VAT rate from 13% to 11%. The list includes agricultural products, water, natural
See MoreChina plans to cut tax rates
The government of China plans new tax cuts to reduce the burden on businesses, support innovation and stabilize growth. On April 19, tax cuts were approved at a State Council executive meeting presided over by Premier Li Keqiang, after the
See MoreRomania approves DTA with China
On 10 April 2017, the Senate of Romania approved the Double Taxation Agreement (DTA) with China for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreChina issues new TP and MAP rules
On 1 April 2017, The State Administration of Taxation (SAT) of China published a Bulletin-6 providing new transfer pricing (TP) guidance and strengthening the Mutual Agreement Procedure (MAP) process. Bulletin 6 is effective from 1 May
See More