Tax

China fosters local chipmakers with tax breaks

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

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

An individual's foreign income may be consolidated with his domestic income

Extension is offered to R&D tax refund filings

Guo Yongmao and Zhang Tianyang of Haiwen & Partners highlight tax policies to support manufacturers and service providers that have assisted with the prevention and control of the COVID-19 pandemic, as well as those who have been affected by it

Tax reliefs are offered to cope with the coronavirus

Daisy Duan and Linlin Cao of King & Wood Mallesons review and highlight the new individual income tax rules and major tax rules issued in 2019, which may impact on foreign companies doing business in China

Eligible consumption taxpayers are re-defined