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In October 2024, the Chinese government announced a major fiscal incentive plan that is expected to deploy up to 2 trillion yuan (USD283 billion) in new fiscal incentive measures to address challenges in the current economic situation and promote high-quality economic development. This incentives package is seen as a reflection of the market's anticipation for

On September 4, 2024, the Ministry of Finance and the State Taxation Administration jointly issued Announcement No. 14 on Stamp Duty Policy for Restructuring of Enterprises and Institutions. Effective from October 1, 2024, to December 31, 2027, this policy aims to simplify the stamp duty process in restructuring activities and effectively reduce the tax burden

In the second quarter of 2024, the transfer pricing landscape in Asia was undergoing significant changes, signaling a new era of complexity and opportunity for multinational enterprises (MNEs). The regulatory framework across crucial markets like Malaysia and Singapore along with significant international bodies like the OECD, became more intricate, presenting challenges and avenues for businesses

In the case of cross board payment, whether the service is "completely occurring outside China" will determine whether the payment needs to withhold and pay value-added tax and corporate income tax on behalf of the taxpayer. Generally speaking, the value-added tax and corporate income tax paid on behalf of the enterprise account for about 16%

On September 4th, the Shenzhen Municipal Finance Bureau and Taxation Bureau jointly announced the extension of the application period for the highly anticipated individual income tax (IIT) subsidies in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). From September 10th to October 10th, foreign high-end talents and urgently needed professionals can submit supplementary applications for the

In recent years, China has faced significant challenges in managing and maintaining its rapidly growing urban infrastructure. As residential buildings age and require upkeep, the Chinese government has implemented a system known as "Housing endowment fund" to address these needs. This system aims to construct a long-term mechanism for whole-life-cycle housing safety management, which will

Offshore payment tax filing is a prerequisite for banks to process applications for cash remittances that exceed a specific limit and meet certain criteria. Currently, when an individual or organization in China makes a single payment of more than the equivalent of USD 50,000 to a foreign entity, the payer is required to file a

In the heart of India's bustling finance sector, a quiet yet significant transformation took place on August 16, 2024. The Ministry of Finance, faithful to the promises made in the Union Budget 2024-25, introduced sweeping changes to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019. This move, encapsulated in the Fourth Amendment to these rules,

From our PHC professions feedback, we frequently encounter a common inquiry where company management finds significant discrepancies between their financial statements and actual business performance. For instance, a trading company's annual income statement shows that operating costs exceed operating revenue, leaving management puzzled: Are they losing money on every transaction? Such problems are prevalent in

Italy's digital nomad visa, launched in April 2024, presents a unique opportunity for remote workers to live and work in one of the world's most culturally rich countries for up to a year, with the potential for renewal. This visa has quickly gained popularity among freelancers, entrepreneurs, and remote employees drawn to Italy’s lifestyle and

The General Administration of Customs (GAC) of China has recently made revisions to the 'Administrative Measures for the Levying of Duties on Imported and Exported Goods' and has opened a public consultation process regarding these revisions. This move represents a significant step in refining the regulatory framework governing international trade and customs duties in China,

China’s Ministry of Finance (MOF) and State Tax Administration (STA) have introduced a new preferential corporate income tax (CIT) incentive for companies investing in digital and intelligent transformations of certain types of equipment. To be eligible for the incentive, companies must invest in the digital and intelligent transformation of equipment related to energy and water