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Tax Newsflash
This newsletter series keeps you abreast of the latest tax and business developments.
Latest Tax Newsflash
OECD Pillar Two: Further guidance published
24 June 2024
On 17 June 2024, the OECD/G20 Inclusive Framework on BEPS (“OECD inclusive framework”) published further administrative guidance on the implementation of the Pillar Two global minimum tax rules ("Pillar Two"), together with details of the processes for determining that jurisdictions' local implementations of the Pillar Two rules are "qualified."
The guidance will be incorporated into the OECD’s commentary to the model rules at a future date. There are also a number of additional examples which will be included in the OECD’s published examples illustrating the application of the model rules.
The new guidance covers six distinct areas:
- recapture of deferred tax liabilities;
- divergences between Pillar Two basis and accounting carrying values;
- allocation of cross-border current taxes;
- allocation of cross-border deferred taxes;
- allocation of profits and taxes in groups including flow-through entities; and
- the treatment of securitization vehicles.
Year 2024
OECD Pillar Two: Further guidance published
24 June 2024
Pillar Two: Consolidated commentary published
26 April 2024
NIA Releases Five New Measures to Facilitate Entries of Foreigners
22 January 2024
2024 Tariff Adjustment Plan issued
4 January 2024
Year 2023
Pillar Two: OECD’s further guidance
21 December 2023
EU begins anti-subsidy investigation on China's new battery electric vehicles
6 October 2023
Preferential individual income tax policies extended
31 August 2023
China imposes export controls on gallium and germanium related Items
19 July 2023
Pillar 2 – QDMTT, UTPR & GIR developments relevant to Hong Kong, Singapore and Mainland China
18 July 2023
Preferential IIT treatment for certain equity incentive plans further extended
10 February 2023
Year 2022
OECD Pillar Two: Information return and safe harbors published
21 December 2022
US congress passes 15% corporate alternative minimum tax
15 August 2022
Shanghai announces enhanced refunds of unutilized input VAT
6 June 2022
Preferential VAT refund policy expanded
29 April 2022
Global Tax Reset II Series - OECD announces release of commentary on Pillar Two model rules for global minimum tax
15 March 2022
Preferential individual income tax policies extended
4 January 2022
Year 2021
Global Tax Reset II Series: Pillar Two – OECD Inclusive Framework global minimum tax model rules
21 December 2021
Extension of tax exemptions granted for bond interest derived by foreign institutional investors
8 December 2021
Pilot program for fully-digitalized electronic invoices introduced in certain regions
3 December 2021
Global Tax Reset II Series –OECD inclusive framework updates political agreement on Pillar One and Pillar Two
11 October 2021
Updates to China AEO system – What you need to know
22 September 2021
Shenzhen announces guidelines for individual income tax subsidies in the Greater Bay Area for the 2020 tax year
12 August 2021
Individual Income Tax (IIT) Subsidy Administrative Measures updated in the Greater Bay Area (GBA)
6 July 2021
Global Endorsement on Pillar One and Pillar Two
3 July 2021
Preferential tax policies extended
30 March 2021
Updates to 2020 individual Income Tax Annual Filing for Comprehensive Income
18 February 2021
The Regional Comprehensive Economic Partnership (RCEP): 15 Asia-Pacific nations strike one of world's largest trade deals
13 January 2021
Year 2020
Tax incentives updated to boost the integrated circuit and software sectors
31 December 2020
More taxpayers allowed to issue electronic VAT special invoices
23 December 2020
Impact of the 2020 US elections on US corporate income tax policy
13 October 2020
Individual tax proposals of the 2020 U.S. presidential election; new filing method for business travellers in California
9 October 2020
Ministry of Commerce announces "unreliable entity list"
24 September 2020
STA issues guidance on COVID-19 effects on PEs and residency
18 September 2020
Catalogue of technologies subject to export restrictions and prohibitions updated
15 September 2020
Municipalities begin to accept 2019 IIT subsidy applications
15 July 2020
U.S. tax guidance for individuals facing COVID-19 disruptions
6 May 2020
The CARES Act - Impact on U.S. Individuals and Employers
6 April 2020
Participate in China's Tariff Survey to minimize trade costs
19 March 2020
Export VAT refund rates increased on over 1,400 goods
18 March 2020
New exclusion process for US goods subject to retaliatory tariffs
20 February 2020
China reduced tariff on some US products in the USD75B list
8 February 2020
Emergency tax measures implemented to address novel coronavirus outbreak
7 February 2020
Temporary import exemption granted for goods donated in response to novel coronavirus
3 February 2020
Phase One trade agreement signed
23 January 2020
Year 2019
2020 Tariff Adjustments
30 December 2019
Positive move of the China-US trade development
18 December 2019
Guidance issued on consumption tax reform
18 November 2019
New guidance clarifies circumstances when penalties for noncompliance with customs voluntary disclosure rules can be waived
23 October 2019
STA released guidance on multiple VAT issues
25 September 2019
First batch of tariff exclusion lists released
17 September 2019
Preferential VAT refund policy expanded for certain manufacturing businesses
6 September 2019
Guangdong province implements IIT subsidies for qualifying individuals in GBA
27 June 2019
China released more details on retaliation tariff exclusion processes
6 June 2019
Macao removed from EU watchlist on tax cooperation
28 March 2019
VAT rates to be reduced
5 March 2019
Year 2018
2019 Tariff Adjustments
29 December 2018
Guidance issued on transition rules for preferential IIT policies
28 December 2018
Agreements on Trade in Goods under CEPA are signed by Chinese Mainland, Hong Kong and Macau
18 December 2018
China will suspend, for a period of three months, the additional tariff imposed on cars and car parts originated from the United States
17 December 2018
Overview of customs opportunities and challenges arising from innovations in China (Guangdong) Pilot Free Trade Zone
13 December 2018
Grasp new opportunities, meet new challenges——Customs issues new regulations on credit management
30 November 2018
Temporary tax exemption granted for bond interest derived by foreign institutional investors
28 November 2018
New guidance relaxes requirements for foreign investors to benefit from deferral of dividend withholding tax
23 November 2018
China has established bilateral CbC report automatic exchange relationships with 42 jurisdictions
12 November 2018
Export VAT refund policies further enhanced
29 October 2018
Updates on the Proposed Abolishment of the Macao Offshore Law
23 October 2018
China announces more tariff cuts on imported goods
8 October 2018
Proposed abolishment of the Offshore Law by the Macao SAR Government
27 September 2018
China's latest tariffs on USD60 billion worth of U.S. imports will come into force on 24 September
19 September 2018
China to increase VAT export refund rates from 15 September 2018
14 September 2018
OECD releases guidance on transactional profit split method
23 August 2018
OECD releases guidance on hard-to-value intangibles
21 August 2018
SAT clarifies seven VAT issues
15 August 2018
U.S. adds 44 China-based entities to the Department of Commerce Entity List
13 August 2018
China Tariff List 2 will come into force on 23 August
10 August 2018
China's decision to impose tariffs on U.S. origin goods worth US$60 billion
7 August 2018
OECD discussion draft on financial transactions
9 July 2018
China Tariff List 1 coming into force
9 July 2018
2018 Guidance issued on refund of uncredited input VAT to certain industries
2 July 2018
R&D super deductions reinstated for cross-border contract R&D arrangements
2 July 2018
China to further cut tariffs on daily consumable products
4 June 2018
24 May 2018
China cuts car and car parts import tariff
23 May 2018
China releases a favorable VAT policy for sales of cancer drugs
28 April 2018
SAT clarifies implementation issues for VAT rate cuts and conversion to small-scale VAT payer status
25 April 2018
China to remove customs duty on cancer drugs
24 April 2018
China imposes temporary antidumping measures on imports of sorghum from
18 April 2018
China announces VAT rates cuts
29 March 2018
China to consider increasing tariffs on U.S. goods
26 March 2018
VAT rate structure likely to be reduced from three to two
6 March 2018
GAC publishes implementation guidance on new customs advance ruling regime
2 February 2018
SAT releases 2017 Enterprise Income Tax Return Forms
29 January 2018
Advance ruling regime introduced for customs purposes
12 January 2018
New rules issued on deferral of withholding tax on dividends paid to foreign investors and reinvested in China
9 January 2018
Year 2017
Government issues more guidance clarifying issues arising from VAT reform
27 December 2017
State Council announces amended VAT regulations and formal abolition of business tax regulations
5 December 2017
New guidance issued on super deduction for R&D expenses
23 November 2017
Technical Committee on Customs Valuation issues case study on transfer pricing and customs valuation
7 November 2017
China to promote foreign investments
31 July 2017
Significant changes to Chinese Export Control Laws
19 July 2017
SAT issues clarifying guidance on implementation of EIT incentive for HNTEs
17 July 2017
R&D super deduction rate increased to 75% for technology SMEs
17 May 2017
VAT rate bands reduced and new guidance issued on industry-specific issues
21 April 2017
Customs declaration reporting requirements revised
22 March 2017
Scope of nonresident teachers/researchers eligible for treaty exemption expanded
21 February 2017
VAT rules on asset management products postponed
12 January 2017
Year 2016
Environmental Protection Tax Law to take effect in 2018
29 December 2016
Extra 10% consumption tax imposed on ultra-luxury motor vehicles
8 December 2016
Tax treatment of investors who invest through Shenzhen Hong Kong Stock Connect clarified
2 December 2016
China increases export VAT refund rates for more than 400 products
9 November 2016
China announced changes to consumption tax of cosmetics from 1 October
4 October 2016
China announced tariff reduction for IT products
20 September 2016
VAT Reform – New guidance expands VAT exemption for financial transactions
14 July 2016
VAT Reform - New guidance clarifies VAT treatment of reinsurance business and other transactions
6 July 2016
New guidelines issued for recognition of HNTE status
1 July 2016
International Tax Newsflash - United Kingdom Budget 2016 announced
26 April 2016
VAT Reform - The State Council approved the VAT Reform full roll-out plan
19 March 2016
VAT Reform - June VAT filing deadline extended to 25 June 2016
14 March 2016
VAT Reform – the speculation ends with the announcement that completion of the VAT Reform will begin on 1 May 2016
5 March 2016
New rules issued for HNTE status recognition
25 February 2016
SAT issues additional guidance on super deduction for R&D expenses
22 January 2016
Additional guidance issued on VAT zero-rated services
8 January 2016
Year 2015
Mainland Chinese tax treatment of investors in Mainland-Hong Kong mutually recognized publicly offered funds clarified
25 December 2015
Expansion of products eligible for processing trade relief: Are you impacted?
18 December 2015
SAT clarifies EIT incentives to stimulate technological innovation
11 December 2015
SAT clarifies new IIT incentives for qualifying employees and shareholders of HNTEs
10 December 2015
SAT clarifies new rules on tax treaty benefit claims
25 November 2015
SAT simplifies administrative procedure for resident enterprises to apply preferential EIT treatment
24 November 2015
Impact of Trans-Pacific Partnership free trade agreement on Chinese companies
18 November 2015
SAT issues "Catalogue of Codes for Tax Exemptions and Reductions"
18 November 2015
China enhanced super deduction for R&D expenses
13 November 2015
Common Reporting Standard (CRS) in Hong Kong
5 November 2015
Income tax incentives extended nationwide to stimulate technological innovation
3 November 2015
VAT zero-rated services: Scope expanded
3 November 2015
U.S. extends FATCA transition rules and modifies other rules
23 September 2015
New guidance issued to stimulate technological innovation
29 June 2015
SAT issues new rules on deduction of salaries and welfare expenses
29 May 2015
State Council suspends "clean-up" of preferential policies
21 May 2015
SAT issues new guidance following elimination of tax-related administrative approvals
19 May 2015
SAT issues tax audit plans for 2015
15 May 2015
Land appreciation tax and deed tax relief extended to promote mergers and acquisitions
29 April 2015
Guidance issued to facilitate corporate reorganizations
14 January 2015
State Council calls for changes to local preferential policies
8 January 2015
Year 2014
Tax treatment of investors who invest through the Shanghai Hong Kong stock connect, QFIIs and RQFIIs clarified
17 November 2014
National customs audits to intensify
31 October 2014
OECD releases first set of BEPS deliverables
18 September 2014
SAT reissues guidance on VAT-exempt treatment for cross-border services
15 September 2014
Voluntary disclosure program introduced in China (Shanghai) Pilot Free Trade Zone
9 September 2014
SAT extends VAT exemption to international freight forwarding services provided through other forwarders
21 July 2014
New reporting requirements for foreign investments/income introduced
15 July 2014
VAT levy rates to be simplified and unified
23 June 2014
VAT reform to be extended to telecommunications service
9 May 2014
New customs measures introduced in Pilot FTZ
7 May 2014
SAT issued bulletin concerning determination of the "beneficial owners" under "entrusted investment" structures
30 April 2014