Legal

The new Deed Tax Law uniformly increases the deed tax rate, the time to pay urban maintenance and construction tax is specified and more flexibility is allowed in infrastructure investment of REITS.

Recent reforms to the U.S. foreign investment review body's powers have contributed to a sharp drop in outbound Chinese investment to the U.S.

China fosters local chipmakers with tax breaks

Food labeling rules are revised to handle new marketing activities

Trump issues executive orders barring transactions with WeChat, TikTok after 45 days; U.S. officials recommend delisting non-compliant Chinese firms by 2022; China introduces tax, investment incentives for domestic chipmakers

Insurance companies' allocation of equity assets is subject to oversight according to their solvency

Foreign bank branches may engage in fund custody business

Integrated circuit production enterprises may enjoy up to 10 years of tax exemption. Regulatory policy for alternative energy vehicle manufacturers is relaxed. Food labeling rules are revised to handle new marketing activities.

Daisy Duan, Wang Yan, Chen Yijing and Sun Huanyu of King & Wood Mallesons discuss the newly announced individual tax policies and how it provides clarification on foreign income especially in relation to foreign tax credits, tax filing and cross-border secondments. They also provide suggestions on how to reduce compliance risk in light of the new tax policies