Issued: July 18 2006Effective: as of August 1 2006 for Article 2Main contents: When calculating the taxable income for individual income tax on income…
Issued: July 6 2006Main contents: In view of the fact that export enterprises in bonded zones may handle customs declaration for export business in areas…
Promulgated: March 28 2006 Effective: May 1 2006Main contents: The Measures comprise:Part One: General ProvisionsPart Two: Dutiable Value of Imported GoodsPart…
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),…