What revisions are impacting the region this year and how should companies prepare?

Chinese tax authorities have been focusing increasingly on secondment arrangements of foreign companies in China.

The amended PRC Provisional Regulations on Business Tax (Provisional Regulations) and the PRC Implementation Rules for Provisional Regulations on Business Tax (Implementation Rules) both took effect on January 1, 2009.

Among the cross-border contracts between Chinese and foreign enterprises, the most common are purchase and sale contracts for goods, service contracts, royalty contracts and so on.

Enterprises who qualify for the preferential CIT rate may self-declare to make use of the incentive.

SIPO received 825,000 invention patent applications in 2013 which increased 26.3% year-on-year.

In June 2020, China rolled out its master plan to build Hainan, the southernmost tropical island province, into a world-class free trade port by 2050 which can compete with other mature free trade ports like Singapore and Hong Kong.

China is ranked 7th in the world - the second most complex jurisdiction in Asia. Hong Kong remains the easiest place in Asia for accounting and tax.

China has a VAT rebate system that reduces the 13% domestic value-added tax (VAT) on certain exported goods.

On December 14, 2010, the State Administration of Taxation ("SAT") promulgated an Announcement on Issues Concerning the Verification of Taxation Basis of Individual Income Tax Payable on Equity Transfer Income ("Announcement"). The Announcement will come into effect on January 14, 2010.

For exporters in China, indirect taxes paid during the production and distribution process can be refunded.

Tax authorities in the People’s Republic of China (“PRC”) are strengthening their oversight of non-resident enterprises.

China has also invested substantial re¬sources in promoting tax process digitisation.

Complex supply chains require comprehensive tax-effective planning.

Despite the advantage of VAT, most startup companies find it difficult to choose the appropriate taxpayer status.

What tax measures have been introduced to support businesses impacted by COVID-19 – and what other rules have changed in APAC since 1 January?

On February 3, 2015, SAT issued a new regulation, Bulletin [2015] No.7 ("Bulletin 7"), which became effective on the same day.

Towards the end of 2019, novel coronavirus (COVID-19)-infected pneumonia started to break out in the sprawling capital of Central China's Hubei province, Wuhan

On January 29, 2016, the State Administration of Taxation, the Ministry of Finance and the Ministry of Science and Technology jointly issued the Revised Measure for Certification...

The Chinese State Council Standing Committee, the State Administration of Taxation issued Announcement [2021] No. 6, which took effect on April 1, 2021 and modifies regulations related to penalties for first-time violations ...