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
January 22, 2020
Tax
Ministry of Finance and State Taxation Administration , PRC Consumption Tax Law (Draft for Comments)
Eligible consumption taxpayers are re-defined
December 20, 2019Ministry of Finance and State Taxation Administration , PRC Value-Added Tax Law (Draft for Comments)
VAT tax period and rates are revised
December 20, 2019New consumption tax draft law puts State Council center stage; major mobile apps caught for illegal data collection practices; and NPC launches online platform for submitting constitutional review requests
December 08, 2019Pre-tax deduction of insurance companies is clarified
July 04, 2019Announcement on Enterprise Income Tax Policies for Integrated Circuit Design and Software Industries
More tax incentives are offered to IC and software enterprises
June 05, 2019New tax incentives are issued for Chinese software and integrated circuitry companies, as international companies withdraw from Huawei's supply chain under U.S. pressure; former head of the CSRC, Liu Shiyu, is facing a likely corruption investigation; and China's private equity sector comes under CSRC scrutiny, with warnings issued to several firms.
May 26, 2019Central banks is expected to increase easing measures in the financial sector; Industry regulator calls for P2P lenders to register and consolidate; and trade war with the U.S. may cause delay of China's planned property tax legislation.
May 20, 2019Ericsson faces investigation over its intellectual property licensing practices; investors in CDRs of innovative enterprises will enjoy a three-year tax break on profits; and China issues a new rule to improve the supervision of elderly care services.
April 22, 2019VAT rates are lowered for import and export
April 10, 2019
