The fourth phase of the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and the PRC made headline news that trade between the two sides would be further liberalized. But is Hong Kong really given that much of a head-start?
The new rules revises six aspects including increasing the deductible amount for income from contracting for or leasing the operation of enterprises or institutions and clarifying tax returns procedures while further stipulating the duties of withholding agents in relation to tax withheld on the full amount for all personnel.
Prohibits direct offshore ownership structure, guaranteed fixed returns for foreign-invested real estate enterprise, and heightens scrutiny in the area of equity interests transfer and merger & acquisition in real estate-related industry.
The new Measures notably improves protection for computer software importers and supply chains by confirming that customs import duty will not be levied on most data-processing software.
The Measures stipulate the method of determining the dutiable value of imported goods, the transaction valuation method, elements for which the transaction value is to be adjusted and when special buyer/seller relationships are deemed to exist.
On August 21 2006, Hong Kong and China signed The Arrangement for the Avoidance of Double Taxation on Income & Prevention of Fiscal Evasion (Arrangement),…
Promulgated: March 31 2006Effective: as of date of promulgationInterpreting authorities: Ministry of Commerce in conjunction with Ministry of Finance,…
Issued: June 6 2006Effective: June 1 2006Main contents: From June 1 2006, business tax will be imposed on sales of residential premises of less than five…
China has revised and issued new accounting standards, bringing the country's financial reporting system for listed companies in line with international practices.