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In our previous articles we have often discussed about taxation issues, and about the fact that sometimes income is taxable in more than one Country. In this article we will go through another topic concerning international taxation: what to do if you have fiscal residency in two Countries (Italy and China). It may occur when
When living and working in China you might encounter various challenges, not least of which challenges concerning aspects of taxation. Many expats find themselves taxable on the same income in China as well as in their own country. Taking the point of view of an Italian citizen working in China, this will lead to the
After the 2017’s regulation on the requirements and incentives that Shanghai grants to Multinational Corporations (MNCs) that establish Quasi-Headquarters (Quasi-HQ) or Regional Headquarters (RHQs) in the city, which we here at PHC rolled out in one of our previous articles, the Shanghai Municipal People's Government has now issued a new notice that will modify and
The Government of the People's Republic of China have made some significant changes concerning the Individual income tax reform that came into force in January 2019. The new IIT Law adopts a 183-day rule to define a resident and non-resident in Mainland China in accordance with international taxation practice. The regulations on the implementation of
For foreigners, opening a bank account in China could be a time consuming or complicated procedure, but an application for a Chinese credit card is another story altogether. In general, credit card issuing banks will check the applicants credit history in the People’s Bank of China Credit Reference Center. Most foreigners, though, do not have
The Annual Audit Report consists of a balance sheet, an income statement, and a cash flow statement. The report must be conducted by external licensed accounting firms and signed by a Certified Public Accountant (CPA). The audit procedure usually takes two months and the report should be completed within April, in order to meet the
Cassa depositi e prestiti (CDP) and Bank of China Limited (BOC) have signed a strategic partnership agreement on March 23rd, 2019 to support the growth of Italian enterprises in the Chinese market. The agreement is aimed at supporting cooperation between the two institutions in order to secure financial resources dedicated to the growth of Italian
Going to China for tourism, business, or to meet friends and family? Do not forget to ask for your tax refund on purchased items before leaving the country! Here is how the process works and how much you can get back. Who qualifies for tax refund? The person eligible for tax refund is any foreign
As Bitcoin is a digital currency many are skeptical in investing their capital in said currency as they believe it is not safe and that it is only a waste of money as their investments can be stolen or copied, therefore creating the possibility of rendering their Bitcoin value significantly weak.
