China tax newsletters
Mazars’ comments on tax issues in the People’s Republic of China.
December 2017 - New Rules On The Timing Of Withholding Tax On Payments To Non-Residents
In October 2017, the State Administration of Taxation (“SAT”) released the “Bulletin on Matters Regarding Withholding Enterprise Income Tax at Source for Non-Resident Enterprises” (“SAT Bulletin [2017] No. 37, Bulletin 37”). Bulletin 37 has taken effect on 1 December 2017.
September 2017 - A Recent Individual Income Tax Case Relating To Expatriates In China
It has been mentioned by Local Tax Authorities that significant efforts would be put in enforcing compliance in individual income tax, in particular towards the foreign expatriates working in China.
August 2017 (No.2) - New Policies For Encouraging Foreign Investment In China
China’s premier convened a state council executive meeting on July 28, 2017, to outline measures encouraging foreign investment in China. The key measures include:
August 2017 - China Signs the Multilateral Instrument, Important Step for the Implementation of BEPS Action Plans
On 7 June 2017, the State Administration of Taxation ("SAT”) signed the Multilateral Instrument together with representatives from 67 jurisdictions.
July 2017 - Common Reporting Standards – AEOI Standard/CRS in China
The OECD common reporting standard (CRS) has been applied in China as of 1 July, 2017. The final rules (“Due Diligence Procedures on Financial Account Information in Tax Matters for Non-residents”) were issued by the State Administration of Taxation (SAT), the Ministry of Finance (MOF) and financial regulatory bodies on 19 May, 2017 as Announcement (2017) No 14 (hereinafter referred to as the “Announcement 14”). The Announcement addresses financial institution (FI) reporting, what is to be reported, the so-called reportable financial accounts and due diligence procedures to be carried out by the FIs.
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