More Flexible Policy on Deduction of Input VAT Invoice

According to the announcement of SAT on 4 September, 2011, for input VAT invoices issued after Jan 1st 2007 by the general taxpayer, of which, due to reasons recognized by tax authority, have not been deducted from output VAT within the tax-permitted period, after being verified by SAT, the deduction can be continued. Lee & […]

Expatriates working in China Shall Participate in Chinese Social Insurance Scheme

According to Article 97 of Social Insurance Law applied since July 1st,2011, expatriates working in China shall participate in social insurance schemes.
Lee & Lee Associates Comments: The implementation of Social Insurance Law obviously will increase the operation cost of employers who hires expatriates…

Expatriates working in China Shall Participate in Chinese Social Insurance Schemes

According to Article 97 of Social Insurance Law applied since July 1st,2011, expatriates working in China shall participate in social insurance schemes.
Lee & Lee Associates Comments: The implementation of Social Insurance Law obviously will increase the operation cost of employers who hires expatriates…

No Duplication Tax Payment On The Transfer Of Restricted Shares Of Listed Companies By Enterprises Any More

According to the announcement of SAT on 7 July 2011, enterprise shall pay corporate income tax on taxable income arising from transferring restricted shares of listed companies.  Regarding transferring of the restricted shares of listed companies the enterprise holds on behalf of individuals to the actual owners, if the balance after tax is concerned, the actual owner need not pay individual income tax…

Time of New Individual Income Tax Law Is Around the Corner

New law of the People’s Republic of China on Individual Income Tax is released on June 30, 2011 by 21st Session of the Standing Committee of the Eleventh National People’s Congress.
According to new law, for income from wages and salaries, the deduction amount is increased to BMB 3,500 and expands the tax-paying scope of low grade rate and high grade rate through adjusting tax rate structures…