We are pleased to present to you the first edition of our firm’s Asia Tax Bulletin.

China’s State Administration of Taxation (“SAT”) has published a series of circulars on tax administration for non-resident enterprises (“NREs”).

The Chinese government has supported the development of micro and small enterprises (MSEs) by introducing major tax cuts.

Recently, State Administration of Tax issued Annual Corporate Income Tax ("CIT") Return Package of People's Republic of China (Type A, 2014).

China's Ministry of Finance and State Taxation Administration have issued comprehensive new regulations governing offshore trust taxation, creating a framework that applies throughout the entire lifecycle of offshore trusts from initial funding to succession. These sweeping changes, effective immediately with a 90-day compliance window, impose Chinese Mainland taxes at multiple points for residents who have established offshore trusts, while also extending reach to non-residents with Chinese Mainland-source

The Individual Income Tax of the People's Republic of China ("IIT") was revised in 2018 paved significant changes IIT calculations.

Environmental protection tax is the 19th category of taxation in China.

Changping District is one of the key districts of Beijing, the capital of China. The Health and Beauty industry is highly supported in this district with a wealth of incentives...

Since the last update, a number of tax regulations in China have been updated due to changes in government policy.

On December 21, 2015, the State Administration of Taxation of China ("SAT") issued "China Advance Pricing Arrangement Annual Report (2014)" ("the 2014 annual report").

On 13 July 2021, the State Taxation Bureau issued the Notice on the Consolidation of the Declaration Forms for Value-added Tax, Consumption tax, Urban Construction, and Maintenance Tax and Educational Surcharges ("Notice No. 20") effective from 1 August 2021.

The recent revisions to the Company Law of the People's Republic of China ("PRC"), which were formally approved on 29 December 2023 and will go into effect on 1 July 2024 ("New Company Law")...

The new Enterprise Bankruptcy Law of the People’s Republic of China (PRC) (Bankruptcy Law) was adopted on August 27, 2006 and will take effect on June 1, 2007, superseding the 1986-enacted Enterprise Bankruptcy Law (Trial) 1986, governing the bankruptcy of State-owned Enterprises . The Bankruptcy Law offers for the first time a unified regime applicable to all types of enterprises in China and also provides a more robust and detailed regime for enforcement of creditors’ claims. We discuss below

Many companies looking at the Chinese market choose to establish a holding company or special purpose vehicle (SPV) to hold their Chinese investments.

Following the announcements made in the annual Work Report delivered at the Two Sessions, the Ministry of Finance, State Taxation Administration, and General Administration of Customs have jointly issued a series of new policies on VAT.

According to recent press articles, a number of overseas subsidiaries of Chinese state-owned enterprises (SoEs) have started to inform their Chinese expatriates...

Several significant changes to China's tax policies took place in the first half of 2016. These changes are no surprise given the Chinese government's directions on how the economy should be carried forward.

Since the last update, quite a few tax regulations in China have been updated due to changes in government policy.

在中国营运的企业必须了解哪些类型的员工会受个人所得税改革的影响，以确保个人所得税年度汇算清缴工作有序开展。

As of last September, China has begun sharing taxpayer financial information of residents and nonresidents with over 100 countries under the Common Reporting System ("C.R.S.").