Category: China

China’s Hong Kong, Serbia sign comprehensive avoidance of double taxation agreement

HONG KONG, Aug. 28 (Xinhua) — The government of China’s Hong Kong Special Administrative Region has signed a comprehensive avoidance of double taxation agreement (CDTA) with Serbia, signifying the government’s sustained efforts in expanding Hong Kong’s tax treaty network, a government spokesman said Friday. The CDTA is the 44th such… – Continue reading

Repatriation vows exceed NT$200bn

As of Thursday last week, the Ministry of Finance had received applications to repatriate NT$207.6 billion (US$7.03 billion) in overseas funds since a repatriation law took effect on Aug. 15 last year, the Liberty Times (the Taipei Times’ sister newspaper) reported on Saturday, citing Minister of Finance Su Jain-rong (蘇建榮). The amount would be NT$210 billion if applications filed on Friday were included, Su told a news conference in Taipei on Friday. ... - Continue reading

BSP study dismisses risks of POGOs pullout

Initial results of a study conducted by the Bangko Sentral ng Pilipinas show that an immediate pullout by Philippine offshore gaming operators from the country will not have an impact on the financial stability, Governor Benjamin Diokno said Tuesday. Diokno asked the BSP’s Financial Stability team and the Anti-Money Laundering… – Continue reading

Villanueva urges DILG to crack down on tax-evading POGOs

Senator Joel Villanueva has urged the Department of Interior and Local Government (DILG) to order local government units and police to crack down on Philippine offshore gaming operations (POGOs) that refuse to comply with the country’s tax laws. Villanueva also backed the Department of Finance’s (DOF) order to shut down… – Continue reading

United States: D.C. Circuit Expands U.S. Prosecutors’ Reach Over Foreign Bank Documents

In a recent decision, the U.S. Court of Appeals for the D.C. Circuit unanimously affirmed a district court order compelling three Chinese banks (not currently identified) to produce financial records in response to subpoenas issued by U.S. federal prosecutors, including records that were unrelated to the banks' U.S. operations or U.S. correspondent accounts. ... - Continue reading

Citizenship of the Republic of Vanuatu and its advantages

The Republic of Vanuatu is a group of islands in the Pacific. The country exists by growing fruits, fishing, and tourism. In 2016, the government introduced the program of achieving local citizenship through investment to increase the flow of external finance. Foreign businessmen want to get a second passport in… – Continue reading

China issues overall plan for new area of Shanghai FTZ

BEIJING, Aug. 6 (Xinhua) — China’s State Council, or the cabinet, has issued an overall plan for the new Lingang area of the China (Shanghai) Pilot Free Trade Zone. The new area will be set up to the south of Dazhi River, east of Jinhui Port, and south of Xiaoyangshan… – Continue reading

Setting Up a Hong Kong Holding Company for Your Chinese Business

Many companies looking at the Chinese market choose to establish a holding company or special purpose vehicle (SPV) to hold their Chinese investments. This typically provides flexibility and an added layer of protection to their corporate structure. Foreign investors have commonly chosen Hong Kong to set up a holding company… – Continue reading

Bank of Singapore’s Hong Kong CEO on Developing a Greater China Proposition

As Bank of Singapore’s Global Market Head for Greater China and North Asia, and since March 2018 also Hong Kong CEO, Derrick Tan has plenty of challenges in front of him. But he can draw on from his multi-faceted background – he spent five years as an investigating officer with… – Continue reading

Joint tax mechanism to enhance trade & investment among BRI countries

A new mechanism aimed at creating a more favorable tax environment for enterprises and countries involved in China’s Belt and Road Initiative (BRI) has been established. Tax officials and experts from dozens of countries and international organizations have gathered in China from April 18 to 20 for the first Belt… – Continue reading

Angola’s parliament approves elimination of double taxation with Portugal, China and UAE

The Angolan parliament unanimously approved proposals for the resolution of agreements for the elimination of double taxation and prevention of tax evasion on income tax with Portugal, China and the United Arab Emirates (UAE), according to official information. The Secretary of State for Cooperation, Domingos Vieira Lopes, said that the… – Continue reading

Double tax agreements come into force

Double taxation agreements with China, Brunei and Vietnam came into effect Tuesday with the New Year, with experts saying they will bolster trade and attract investment. The agreement with China on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed… – Continue reading

Vistra study: VI second-most important global financial jurisdiction

The Virgin Islands ranked as the second-most-important financial jurisdiction in the world in a recent study published by Vistra, a corporate services provider. The research — titled the “Vistra 2020 Report” — evaluated insight from more than 800 financial services industry professionals around the globe, according to the company. Published… – Continue reading

Wealthy Chinese Rushing to Establish Overseas Trusts

Consultants, private bankers and lawyers are seeing more business from PRC clients as they seek to shelter assets and income in overseas trusts ahead of new tax laws, which will be introduced in January. China’s tax law reforms that target high net worth individuals, set to come into force on… – Continue reading

India-China amends double taxation avoidance treaty

New Delhi, Nov 26 India and China have amended the bilateral tax treaty which will help prevent tax evasion by allowing exchange of information, the Finance Ministry said Monday. The Government of India and the People’s Republic of China have signed a protocol on November 26, 2018, to amend the… – Continue reading

China’s IIT Reform: Seven Key Points from the Draft Implementation Rules

Many taxpayers in China have had questions about how the government would change the individual income tax (IIT) law since the amendment was passed earlier this year. Recently, however, the tax authorities released a draft of the amendment’s implementation rules and measures for comment. While the draft implementation rules and… – Continue reading

Applying for China’s DTA Benefits in Profit Repatriation

China’s double tax avoidance agreements (DTAs) can be used to avail lower tax rates while making outbound payments. However, DTA benefits are not automatically applicable to everyone. Foreign invested enterprises and their overseas headquarters must satisfy certain qualifications and go through relevant procedures to obtain the benefits. Beneficial owner assessment… – Continue reading

Legislative Assembly approves bill to revoke offshore law

Macau (MNA) – The Macau Legislative Assembly (AL) has approved a bill revoking the current offshore law, with several legislators warning the government over the future of the local workers in the sector. The bill approved on Thursday had been proposed by authorities in order to comply with standards of… – Continue reading

Cryptocurrencies Could Emerge As Top Save Haven For Chinese Investors Amidst Govt Crackdown

The Chinese government has decided to tight policies that target investors in the country and that hold their wealth overseas with the intention to avoid paying taxes. However, these investors that are now threatened by the government might move to cryptocurrencies and avoid being investigated by Chinese authorities. Most of… – Continue reading

Tax Deregistration in China: New Rules Simplify Process

On September 18, China’s State Administration of Taxation (SAT) issued the Circular about Further Optimizing Tax Deregistration Procedures for Enterprises (Shui Zong Fa [2018] No. 149) to further improve its business environment. The notice introduces tax clearance certificate exemption, optimizes the tax deregistration service, and simplifies the documentation required and… – Continue reading

Chinese Accounting Standards: A Primer for Foreign Investors

Foreign companies establishing a presence in China will encounter a host of considerations that do not exist in their home country. Of these, interpreting and understanding China’s system of accounting standards can be an especially difficult challenge. China only embraced a market-driven economy recently, so its accounting and bookkeeping systems… – Continue reading

Tax Residency in China under New IIT Law: Impact on Foreigners

How tax residency in China gets determined is among key changes introduced in the recently passed individual income tax (IIT) law. The new law is set to reform IIT in the country, including the tax treatment of foreigners. Beginning January 1, 2019, an individual who resides in China for 183-days… – Continue reading