Tax Newsflash

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Tax Newsflash

This newsletter series keeps you abreast of the latest tax and business developments.

Latest Tax Newsflash

VAT rules on asset management products postponed

12 January 2017

China’s Ministry of Finance (MOF) and the State Administration of Taxation (SAT) announced on 11 January 2017 that new VAT rules applying to the asset management industry will be postponed to 1 July 2017. Circular 2 (Caishui [2017] No. 2) was issued in response to concerns voiced by the industry following the issuance of another circular (i.e. Caishui [2016] No. 140 (Circular 140)) on 21 December 2016 that requires an asset manager to be considered the VAT payer for taxable activities relating to asset management products, retroactively from 1 May 2016 (the date the VAT reform became effective). Circular 140 was released to clarify ongoing issues that arose out of the VAT reform.

(Bilingual version)

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

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