On 25 December 2024, the Standing Committee of PRC National People’s Congress passed the PRC Law on VAT (“the Law”). For the first time, VAT legislation is being enacted in the form of Law in China since its formal introduction in 1994. The new VAT Law shall be effective from 1 December 2026. The Law merely provides a high-level framework. As such, it is widely expected that PRC authorities...
The new IIT laws replaces the old "five-year" lookback period rule with a "six-year" rule to adapt to the new definition of resident that uses the 183-day test.
On 31 December 2021, the Ministry of Finance (“MOF”) and State Taxation Administration (“STA”) released two announcements (i.e., MOF STA Announcement [2021] No.42 and No.43) officially extending some preferential Individual Income Tax (“IIT”) policies
粤港澳大湾区由香港、澳门2个特别行政区和广东省珠三角9市（广州、深圳、珠海、佛山、中山、东莞、肇庆、江门、惠州）组成，涉及到三个关税区、三种货币、三种法律制度。粤港澳三地，是我国开放程度最高、经济活力最强的区域之一。
