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2017 New Hong Kong Tax Plan is Announced

2017 New Hong Kong Tax Plan is Announced

two-tier profits tax system will be introduced to increase Hong Kong competitiveness. To ensure the tax benefits target small and medium enterprises, there will be some restrictions imposed by the Government.

Oct 31,2017
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two-tier profits tax system will be introduced to increase Hong Kong competitiveness. To ensure the tax benefits target small and medium enterprises, there will be some restrictions imposed by the Government.

SAT on the Integrated Foreign Trade Service Enterprises' Handling of Tax Rebate

SAT on the Integrated Foreign Trade Service Enterprises' Handling of Tax Rebate

The Announcement clarifies the conditions for integrated foreign trade service enterprises to handle tax rebate affairs on others' behalf, specific measures for this purpose, ways to deal with unusual circumstances in commissioned handling, relevant legal liability, and penalty provisions. 

Oct 31,2017
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The Announcement clarifies the conditions for integrated foreign trade service enterprises to handle tax rebate affairs on others' behalf, specific measures for this purpose, ways to deal with unusual circumstances in commissioned handling, relevant legal liability, and penalty provisions. 

MEP Regulates the Application and Issuance of Pollutant Discharge Permits for the Pharmaceutical Industry and Others

MEP Regulates the Application and Issuance of Pollutant Discharge Permits for the Pharmaceutical Industry and Others

Recently, the Ministry of Environmental Protection (“MEP”) has issued nine national environmental protection standards, including the Technical Specification for Application and Issuance of Pollutant Discharge Permits: Pharmaceutical Industry – Active Pharmaceutical Ingredient Manufacturing (the “Technical Specification”). All standards take effect immediately from the issue date.

Recently, the Ministry of...

Reinforced Implementation of the Super Pre-tax Deduction Policy for R&D Expenses

Reinforced Implementation of the Super Pre-tax Deduction Policy for R&D Expenses

The Circular states that, with regard to the verification of R&D projects that relate to enterprises' immediate benefits, including the verification of said projects in the process and the verification of ex post checks on projects in question, efforts should be made to unify relevant policies, make clear the special coordination mechanism, work out the implementation of rules for the verification of R&D projects, and standardize the handling procedures.

The Circular states that,...

SAT to Promote Information Sharing for “Consolidating Multiple Certificates into One” Reform

SAT to Promote Information Sharing for “Consolidating Multiple Certificates into One” Reform

The recently released SAT Circular makes arrangements in several aspects, including “improving information sharing and collaboration with departments of industry and commerce”, “optimizing the supplementary collection of the registration information”, and “doing well in handling tax affairs of existing enterprises that have their old-style business certificates replaced with new certificates marked with the uniform social credit code”.

The recently released SAT...

MOFCOM Improves Effectiveness of Tax Relief for Equipment Imported by Encouraged FIEs

MOFCOM Improves Effectiveness of Tax Relief for Equipment Imported by Encouraged FIEs

The General Office of the Ministry of Commerce (“MOFCOM”) has recently issued the Circular on Further Effectively Implementing Tax Relief for Equipment Imported by Foreign-invested Enterprises (FIEs) Engaging in Encouraged Category of Foreign Investment, with immediate effect from the issue date.

The General Office of the...

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