According to tax regulation, for internal retired staff, during the period from the date of becoming an internal retired staff to reaching the statutory age for retirement, the income received from the original employer or the employer from the re-employment, does not belong to tax-exempted retirement salary and shall be levied Individual Income Tax (“IIT”) […]
Since 1st October 2012, security brokers shall levy individual income tax on the balance of commission income earned from Security Company, after deduction of business tax and surcharges actually paid and the expenditures relating to business development, which is limited to 40% of commission income, under tax tem of income from remuneration for personal services. […]
According to a notice issued by Human Resources and Social Security Department of Beijing, from 28 April 2012, maternity leave will be extended to ninety-eight days. Besides, foreign staff shall attend maternity insurance. Lee & Lee Associates Comments: The above notice clarifies the issues of non-Beijing Hukou staff’s joining and application of maternity insurance. Non-Beijing Hukou […]
According to a notice from Ministry of Finance and the State of Administration of Taxation, from 1 August to 1 December 2012, VAT reform pilot will be expanded to 8 provinces/cities. Taxpayers in Beijing shall complete the transition by 1 September 2012. Lee & Lee Associates Comments: The above notice clarifies the applicable tax rules and […]
Since 1 August 2012, taxpayers shall file and pay tax for false-value VAT invoice they issued. Meanwhile, issuing false-value VAT invoice shall be fined according to tax law and the false-value VAT invoice shall not be regarded as official document for deduction of input VAT. Lee & Lee Associates Comments: The above notice shows that the […]
Since 1 June 2012, when applying for export rebate, if trading company cannot provide with official VAT invoice, but such VAT invoice has been verified and allowed by tax authority to deduct input VAT, tax authority can also process the application according to relevant tax rules. Lee & Lee Associates Comments: To process the export rebate […]
Tax Arrangement for Residents of Hong Kong and Macao on Their Mainland Income Since June 1 2012, residents of Hong Kong and Macao only levy individual income tax in mainland for their income obtained from mainland. Lee & Lee Associates Comments: The above notice is a detail measure made by the State Tax Administration in implementing […]
During the period from 1 January 2012 to 31 December 2015, small and low-profit enterprises, recognized according to Corporate Income Tax law of PRC and other relevant tax regulations can pay corporate income tax at 20% of 50% of actual taxable income. Lee & Lee Associates Comments: The preferential income tax policy for small and low-profit […]
Since 1 July 2011, firstly in Being and then in Tianjin, labor union fee has been collected through tax filing network of local tax authority. Lee & Lee Associates Comments: Due to that the requirement in different places varies, taxpayers shall pay attention to the notice from local tax authority or labor union administration to avoid […]
Since 1 January 2012, using energy-saving vehicle or vessel can enjoy half reduction of vehicle and vessel tax by half and using new energy vehicle and vessel can be exempted from the vehicle and vessel tax. Lee & Lee Associates Comments: Vehicle and vessel tax is managed by index, which is announced by government authority irregularly. […]
