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Bear in mind the two new tax deductions for the 2022 tax year! In the 2022 annual personal income tax comprehensive income declaration, two new pre-tax deduction categories were added: "infant care under three years old" and "personal pension." The State Council has decided to establish a special additional deduction for individual income tax for

The executive meeting of the State Council held on March 24th decided to continue and optimize some temporary preferential tax policies to further support the development of Small and Micro Enterprises (SME) and individual entrepreneurs. From January 1st, 2023, to December 31st, 2024, for entities with annual taxable income of that of SMEs, not exceeding

As a continuation in encouraging the healthy growth of the logistics sector, the Ministry of Finance and the State Administration of Taxation announced the following policies for land utilized by logistics firms for bulk commodities storage facilities: 1. From January 1st, 2023, to December 31st, 2027, land for bulk commodity storage facilities owned or leased

In China, when a company temporarily shuts down its production and operations, how does it affect its employees’ remuneration? Is the loss of work due to the stoppage deductible for Enterprise Income Tax filing? In this article, we shall briefly introduce the payment of employees' salaries and the tax treatment of the company's downtime for

India's new fiscal year 2023-24 began on April 1st, while several adjustments were announced in the Union Budget 2023, presented on February 1st. Here are the ten most important direct tax proposals thus far: The new income tax regime will be established as the default regime. Taxpayers, however, will still be allowed to profit from

Shanghai is an attractive destination for foreign investment and, despite the COVID-19 outbreak, it has seen an increase in FDI. After the new regulations of January 1st, 2020, the treatment of local and foreign-funded firms operating in China has been almost standardized to that of domestic firms. Data released at the end of the previous

In the People’s Republic of China (“PRC” and “China”), both individuals and corporate taxpayers (hereinafter referred as “Taxpayers”) are periodically required to meet relevant tax payment obligations. The “Law of the People’s Republic of China on the Administration of Tax Collection” (“ATC Law”) provides the main rules for the collection and payment of taxes, as

On Sunday March 19th, 2023, the 25th Vietnam Business Forum 2023 was held in the Vietnamese city of Hanoi. During the Forum, Minister Dung announced an amendment and supplement to Decree 152 on foreign workers in Vietnam. The National Government, through his ministry, has already cleared that the amendment will take effect in the second

According to the relevant provisions of the current laws and regulations, enterprises usually need to pay compensation to employees who they want to terminate or dismiss their labor relations. What’s more, if enterprises dismiss labor relations illegally, they may have to pay indemnity to employees. This article will focus on the compensation and indemnities and

Hainan is China’s largest special economic zone (SEZ), the largest pilot free trade zone and the only free trade port with Chinese characteristics in the world. The Hainan Free Trade Port (FTP) policy initiative was launched in 2020 by the Chinese government in particular to attract foreign investment, boost domestic consumption and create a globally

Until last year, the United Arab Emirates (hereinafter referred also as UAE) lacked a defined legal concept of tax residence. In the event of a disagreement, tax residence has been determined by the terms of income tax treaties concluded with foreign jurisdictions and by criteria specified by the UAE's Federal Tax Authority. The Cabinet Resolution

The year of 2022 has past and from January 1st, 2022, to December 31st, 2022, individual taxpayers need to summarize and file 4 categories of the comprehensive income from wages /salaries, labor remuneration, authorship fees, and royalties. After the standard deduction of RMB 60,000 and the other permitted deductions determined according to the relevant tax