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Informare è prendersi cura, e noi ci prendiamo cura degli affari dei nostri clienti.

Ecco perché facciamo in modo di mantenerli aggiornati sugli ultimi sviluppi normativi provenienti dalla Cina e Hong Kong che possono influire sulle loro società.

Tramite la nostra Flash Newsletter pubblichiamo mensilmente le notizie più rilevanti su finanza e contabilità, imposte, dogana, affari societari/corporativi, risorse umane, tesoreria / Foreign Exchange.

Tramite la nostra Special Topic Newsletter offriamo invece uno sguardo più approfondito su determinate notizie, focalizzandoci su argomenti rilevanti per la vostra attività.

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Paperless Applications for Tax Reliefs in Nationwide Customs Offices from December 15

Paperless Applications for Tax Reliefs in Nationwide Customs Offices from December 15

With the Announcement No. 58, GAC decided to promote the paperless applications for tax reduction and exemption in nationwide customs offices and simultaneously abolish the record-filing regime for tax reduction and exemption, as of December 15, 2017.

According to the Announcement a tax reduction or exemption applicant or its agent can submit the application form for this purpose together with the electronic data about the accompanying documents through the tax reduction or exemption declaration system for QP pre-entry clients of China electronic ports, instead of submitting any written materials. In the meantime, it is made clear in the announcement that the applicant may provide materials concerning the subject qualification, project qualification, quota (quantity) of tax-free imports and other information to the customs at the same time when it initially handles formalities for tax reliefs for imported goods, but does not need to file a record for a policy-oriented project with the customs in advance.

With the Announcement No. 58, GAC decided to promote the paperless applications for tax reduction and exemption in nationwide customs offices and simultaneously abolish the record-filing regime...

SAT Provides Clarity on the Collection Scope of R&D Expenses for the Super Pre-tax Deduction Purpose

SAT Provides Clarity on the Collection Scope of R&D Expenses for the Super Pre-tax Deduction Purpose

The Announcement No. 40 applies to the annual final settlement from 2017 and thereafter, it centers on the collection scope of R&D expenses, and improves and specifies criteria to get information about some R&D expenses. Respective standards for the labor expenses paid to workers, expenses of direct input, depreciation expenses, and amortization of intangible assets are described in detail, and those for the design costs for new products, expenses incurred for the formulation of rules for new techniques, expenses of clinical trials conducted for new drugs at the R&D stage, and expenses of on-spot tests for exploration and development technologies are also clarified; furthermore, the standards for other relevant expenses are refined and other relevant policies are made clear as well.

The Announcement provides that requirements specified in the Announcement [2015] No.97 regarding identifying the scope of personnel directly engaged in R&D activities and accurately collecting the labor expenses of personnel who are involved in multiple types of activities remain valid, and brings new provisions on the labor dispatching and equity incentives, stating that the scope of external R&D personnel could be broadened appropriately and the equity incentives awarded to R&D personnel are eligible for the super deduction.

The Announcement No. 40 applies to the annual final settlement from 2017 and thereafter, it centers on the collection scope of R&D expenses, and improves and specifies criteria to get...

New Rules on EIT Withholding on China-Source Income Derived by Nonresident Enterprises

New Rules on EIT Withholding on China-Source Income Derived by Nonresident Enterprises

The Announcement n. 37 consists in an official interpretative guidance of the rules related to the administration of withholding tax on China-source income derived by nonresident enterprises.

The document provides clear explanation and guidance on collecting the enterprise income tax on China-source income derived by nonresident enterprises and gives solutions on some practical issues.

The Bulletin n.37 is generally viewed positively by industry and shall improve the business environment. Below some of its highlights:

 

  • Withdraws certain withholding tax document registration requirements, reducing the administrative burden
  • Clarifies the withholding tax calculations for disposal gains
  • Introduces more reasonable timeframes for withholding tax payments
  • Clarifies the withholding tax obligations of agents and overseas payment recipients.

The Announcement n. 37 consists in an official interpretative guidance of the rules related to the administration of withholding tax on China-source income derived by nonresident enterprises....

China Adjusts Import Tariffs on Certain Consumer Goods

China Adjusts Import Tariffs on Certain Consumer Goods

The Circular provides that certain consumer goods will be subject to import tariffs at the temporarily reduced rates from December 1, 2017.

The List of Adjustments to Temporary Import Tariff Rates on Certain Consumer Goods is distributed in the Circular, covering 187 items, such as "mineral water", "whisky", "other medicines (consisting of mixed or unmixed products for therapeutic or prophylactic uses)", "perfume and florida water", "other maquillage or cosmetics and skin care products", "silk-made shawls, kerchiefs, scarves and similar products", "wool blankets and travel blankets", "paintbrushes", "milk powders”, “coffee machines”, etc.

According the head of luxury goods at Exane BNP Paribas Mr. Luca Solca, “these import tariffs will open the domestic Chinese market to more international brands — which will be able to reduce their retail price in China. At the same time, this will bring more competition to local Chinese brands and will force them to up their ante”.

The Circular provides that certain consumer goods will be subject to import tariffs at the temporarily reduced rates from December 1, 2017.

The List of Adjustments to Temporary Import...

Instant Customs Clearance in all Mainland for Wine Entering through Hong Kong

Instant Customs Clearance in all Mainland for Wine Entering through Hong Kong

Wine re-exported from Hong Kong enjoys instant customs clearance in all customs districts of the Mainland starting from November 9, 2017.
Under the relevant facilitation measures, pre-registered Hong Kong wine traders may submit advance wine consignment information online and enjoy instant customs clearance upon their consignments' arrival at Mainland ports. The measures are exclusive for wine entering the Mainland through Hong Kong and provided that the data and materials on such wine have been declared and filed by Hong Kong registered wine exporters and also examined and filed for record with the Hong Kong Customs and Excise Department. The measures were until now applicable only to five customs districts in the Mainland (Beijing, Shanghai, Tianjin, Guangzhou and Shenzhen) and are extended to all 42 customs districts in the Mainland from the November the 9th onward.

According to the Announcement, the Mainland importers should fill in the column "Notes" on the import declaration form with the “record-filing number of facilitation measures”. “The Mainland has all along been the largest market for wine re-exported from Hong Kong. With the extension of the customs facilitation measures, the wine community will benefit from more speedy customs clearance and greater certainty in the Mainland when re-exporting through Hong Kong. The extension will support international wine traders in tapping the Mainland market by making use of Hong Kong's top-notch business and logistics infrastructure, and further strengthen Hong Kong's unique position as Asia's wine hub", a spokesman for the Commerce and Economic Development Bureau said. 

Wine re-exported from Hong Kong enjoys instant customs clearance in all customs districts of the Mainland starting from November 9, 2017.
Under the relevant facilitation measures, pre-...

State Council Cancels Business Tax and Adjustments to VAT

State Council Cancels Business Tax and Adjustments to VAT

According to SAT Announcement n.36 provisions: starting from January 1, 2018, issues related to the continuation to deduct taxes indicated on the overdue VAT deduction vouchers must be subject to the approval granted by provincial level SAT offices; from November 1, 2017 if a taxpayer applies on a regular basis for paying both VAT and consumption tax, it only needs to specify the regular payment in the application materials prepared for this purpose, instead of submitting separate application materials for VAT and consumption tax; some amendments to the Announcement of the State Administration of Taxation on Issues concerning the Taxation Credit by Overdue Value-added Tax Deduction Vouchers are introduced and to its appendix (Administrative Measures for Overdue Value-added Tax Deduction Vouchers), effective as of January 1, 2018.

Furthermore, where the general VAT taxpayers have had relevant deeds but the VAT deduction voucher have not been verified, confirmed and audited within the required time limits because of objective reasons, they shall be allowed to continue to deduct the amount of tax in question, providing that the vouchers are considered conformable.

According to SAT Announcement n.36 provisions: starting from January 1, 2018, issues related to the continuation to deduct taxes indicated on the overdue VAT...

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Focus

Shanghai Issues New Establishment Policies to Attract Multinational Companies

In this Special Topic Newsletter, we look at Policy Amendments that are encouraging multinational companies to establish regional headquarters in Shanghai.As China becomes more and more active in the global market, Shanghai Municipal People’s Government recognizes that Shanghai plays a leading role in China’s opening-up reform. Through amending the policy framework for encouraging multinational companies (MNCs) to set up regional headquarters (Regional HQ) in Shanghai, with the Circular No. 9, Shanghai government relaxes the business scope and the assessment criteria for regional headquarters. Consequently, Regional HQs will now have more autonomy in prioritizing their business activities in order to align with the group’s overall strategy.C&A Advisors pride ourselves on keeping our clients informed and prepared about the constant evolution of Chinese marketplace, please download and read our Special Topic Newsletter to better understand the new policy amendments. 

Q&A

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On This Monthly Issue

Paperless Applications for Tax Reliefs in Nationwide Customs Offices from...

Paperless Applications for Tax Reliefs in Nationwide Customs Offices from...

With the Announcement No. 58, GAC decided to promote the paperless applications for tax reduction and exemption in nationwide customs offices and simultaneously abolish the record-filing regime for tax reduction and exemption, as of December 15, 2017.

According to the Announcement a tax reduction or exemption applicant or its agent can submit the application form for this purpose together with the electronic data about the accompanying documents through the tax reduction or exemption declaration system for QP pre-entry clients of China electronic ports, instead of submitting any written materials. In the meantime, it is made clear in the announcement that the applicant may provide materials concerning the subject qualification, project qualification, quota (quantity) of tax-free imports and other information to the customs at the same time when it initially handles formalities for tax reliefs for imported goods, but does not need to file a record for a policy-oriented project with the customs in advance.

With the Announcement No. 58, GAC decided to promote the paperless applications for tax reduction and exemption in na...

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Paperless Applications for Tax Reliefs in Nationwide Customs Offices from...

With the Announcement No. 58, GAC decided to promote the paperless applications for tax reduction and exemption in nationwide customs offices and simultaneously abolish the record-filing regime for tax reduction and exemption, as of December 15, 2017.

According to the Announcement a tax reduction or exemption applicant or its agent can submit the application form for this purpose together with the electronic data about the accompanying documents through the tax reduction or exemption declaration system for QP pre-entry clients of China electronic ports, instead of submitting any written materials. In the meantime, it is made clear in the announcement that the applicant may provide materials concerning the subject qualification, project qualification, quota (quantity) of tax-free imports and other information to the customs at the same time when it initially handles formalities for tax reliefs for imported goods, but does not need to file a record for a policy-oriented project with the customs in advance.

0
SAT Provides Clarity on the Collection Scope of R&D Expenses for the Super...

SAT Provides Clarity on the Collection Scope of R&D Expenses for the Super...

The Announcement No. 40 applies to the annual final settlement from 2017 and thereafter, it centers on the collection scope of R&D expenses, and improves and specifies criteria to get information about some R&D expenses. Respective standards for the labor expenses paid to workers, expenses of direct input, depreciation expenses, and amortization of intangible assets are described in detail, and those for the design costs for new products, expenses incurred for the formulation of rules for new techniques, expenses of clinical trials conducted for new drugs at the R&D stage, and expenses of on-spot tests for exploration and development technologies are also clarified; furthermore, the standards for other relevant expenses are refined and other relevant policies are made clear as well.

The Announcement provides that requirements specified in the Announcement [2015] No.97 regarding identifying the scope of personnel directly engaged in R&D activities and accurately collecting the labor expenses of personnel who are involved in multiple types of activities remain valid, and brings new provisions on the labor dispatching and equity incentives, stating that the scope of external R&D personnel could be broadened appropriately and the equity incentives awarded to R&D personnel are eligible for the super deduction.

The Announcement No. 40 applies to the annual final settlement from 2017 and thereafter, it centers on the collection...

2009
0

SAT Provides Clarity on the Collection Scope of R&D Expenses for the Super...

The Announcement No. 40 applies to the annual final settlement from 2017 and thereafter, it centers on the collection scope of R&D expenses, and improves and specifies criteria to get information about some R&D expenses. Respective standards for the labor expenses paid to workers, expenses of direct input, depreciation expenses, and amortization of intangible assets are described in detail, and those for the design costs for new products, expenses incurred for the formulation of rules for new techniques, expenses of clinical trials conducted for new drugs at the R&D stage, and expenses of on-spot tests for exploration and development technologies are also clarified; furthermore, the standards for other relevant expenses are refined and other relevant policies are made clear as well.

The Announcement provides that requirements specified in the Announcement [2015] No.97 regarding identifying the scope of personnel directly engaged in R&D activities and accurately collecting the labor expenses of personnel who are involved in multiple types of activities remain valid, and brings new provisions on the labor dispatching and equity incentives, stating that the scope of external R&D personnel could be broadened appropriately and the equity incentives awarded to R&D personnel are eligible for the super deduction.

0
New Rules on EIT Withholding on China-Source Income Derived by Nonresident...

New Rules on EIT Withholding on China-Source Income Derived by Nonresident...

The Announcement n. 37 consists in an official interpretative guidance of the rules related to the administration of withholding tax on China-source income derived by nonresident enterprises.

The document provides clear explanation and guidance on collecting the enterprise income tax on China-source income derived by nonresident enterprises and gives solutions on some practical issues.

The Bulletin n.37 is generally viewed positively by industry and shall improve the business environment. Below some of its highlights:

 

  • Withdraws certain withholding tax document registration requirements, reducing the administrative burden
  • Clarifies the withholding tax calculations for disposal gains
  • Introduces more reasonable timeframes for withholding tax payments
  • Clarifies the withholding tax obligations of agents and overseas payment recipients.

The Announcement n. 37 consists in an official interpretative guidance of the rules related to the administration of...

11714
0

New Rules on EIT Withholding on China-Source Income Derived by Nonresident...

The Announcement n. 37 consists in an official interpretative guidance of the rules related to the administration of withholding tax on China-source income derived by nonresident enterprises.

The document provides clear explanation and guidance on collecting the enterprise income tax on China-source income derived by nonresident enterprises and gives solutions on some practical issues.

The Bulletin n.37 is generally viewed positively by industry and shall improve the business environment. Below some of its highlights:

 

  • Withdraws certain withholding tax document registration requirements, reducing the administrative burden
  • Clarifies the withholding tax calculations for disposal gains
  • Introduces more reasonable timeframes for withholding tax payments
  • Clarifies the withholding tax obligations of agents and overseas payment recipients.
0
China Adjusts Import Tariffs on Certain Consumer Goods

China Adjusts Import Tariffs on Certain Consumer Goods

The Circular provides that certain consumer goods will be subject to import tariffs at the temporarily reduced rates from December 1, 2017.

The List of Adjustments to Temporary Import Tariff Rates on Certain Consumer Goods is distributed in the Circular, covering 187 items, such as "mineral water", "whisky", "other medicines (consisting of mixed or unmixed products for therapeutic or prophylactic uses)", "perfume and florida water", "other maquillage or cosmetics and skin care products", "silk-made shawls, kerchiefs, scarves and similar products", "wool blankets and travel blankets", "paintbrushes", "milk powders”, “coffee machines”, etc.

According the head of luxury goods at Exane BNP Paribas Mr. Luca Solca, “these import tariffs will open the domestic Chinese market to more international brands — which will be able to reduce their retail price in China. At the same time, this will bring more competition to local Chinese brands and will force them to up their ante”.

The Circular provides that certain consumer goods will be subject to import tariffs at the temporarily reduced rates...

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0

China Adjusts Import Tariffs on Certain Consumer Goods

The Circular provides that certain consumer goods will be subject to import tariffs at the temporarily reduced rates from December 1, 2017.

The List of Adjustments to Temporary Import Tariff Rates on Certain Consumer Goods is distributed in the Circular, covering 187 items, such as "mineral water", "whisky", "other medicines (consisting of mixed or unmixed products for therapeutic or prophylactic uses)", "perfume and florida water", "other maquillage or cosmetics and skin care products", "silk-made shawls, kerchiefs, scarves and similar products", "wool blankets and travel blankets", "paintbrushes", "milk powders”, “coffee machines”, etc.

According the head of luxury goods at Exane BNP Paribas Mr. Luca Solca, “these import tariffs will open the domestic Chinese market to more international brands — which will be able to reduce their retail price in China. At the same time, this will bring more competition to local Chinese brands and will force them to up their ante”.

0
Instant Customs Clearance in all Mainland for Wine Entering through Hong Kong

Instant Customs Clearance in all Mainland for Wine Entering through Hong Kong

Wine re-exported from Hong Kong enjoys instant customs clearance in all customs districts of the Mainland starting from November 9, 2017.
Under the relevant facilitation measures, pre-registered Hong Kong wine traders may submit advance wine consignment information online and enjoy instant customs clearance upon their consignments' arrival at Mainland ports. The measures are exclusive for wine entering the Mainland through Hong Kong and provided that the data and materials on such wine have been declared and filed by Hong Kong registered wine exporters and also examined and filed for record with the Hong Kong Customs and Excise Department. The measures were until now applicable only to five customs districts in the Mainland (Beijing, Shanghai, Tianjin, Guangzhou and Shenzhen) and are extended to all 42 customs districts in the Mainland from the November the 9th onward.

According to the Announcement, the Mainland importers should fill in the column "Notes" on the import declaration form with the “record-filing number of facilitation measures”. “The Mainland has all along been the largest market for wine re-exported from Hong Kong. With the extension of the customs facilitation measures, the wine community will benefit from more speedy customs clearance and greater certainty in the Mainland when re-exporting through Hong Kong. The extension will support international wine traders in tapping the Mainland market by making use of Hong Kong's top-notch business and logistics infrastructure, and further strengthen Hong Kong's unique position as Asia's wine hub", a spokesman for the Commerce and Economic Development Bureau said. 

Wine re-exported from Hong Kong enjoys instant customs clearance in all customs districts of the Mainland starting fr...

56775
0

Instant Customs Clearance in all Mainland for Wine Entering through Hong Kong

Wine re-exported from Hong Kong enjoys instant customs clearance in all customs districts of the Mainland starting from November 9, 2017.
Under the relevant facilitation measures, pre-registered Hong Kong wine traders may submit advance wine consignment information online and enjoy instant customs clearance upon their consignments' arrival at Mainland ports. The measures are exclusive for wine entering the Mainland through Hong Kong and provided that the data and materials on such wine have been declared and filed by Hong Kong registered wine exporters and also examined and filed for record with the Hong Kong Customs and Excise Department. The measures were until now applicable only to five customs districts in the Mainland (Beijing, Shanghai, Tianjin, Guangzhou and Shenzhen) and are extended to all 42 customs districts in the Mainland from the November the 9th onward.

According to the Announcement, the Mainland importers should fill in the column "Notes" on the import declaration form with the “record-filing number of facilitation measures”. “The Mainland has all along been the largest market for wine re-exported from Hong Kong. With the extension of the customs facilitation measures, the wine community will benefit from more speedy customs clearance and greater certainty in the Mainland when re-exporting through Hong Kong. The extension will support international wine traders in tapping the Mainland market by making use of Hong Kong's top-notch business and logistics infrastructure, and further strengthen Hong Kong's unique position as Asia's wine hub", a spokesman for the Commerce and Economic Development Bureau said. 

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