China Passes VAT Law, Effective January 1, 2026

China Passes VAT Law, Effective January 1, 2026 The Value-Added Tax Law of the People’s Republic of China (hereinafter referred to as the “new law”) was officially passed on December 25, 2024, and will take effect on January 1, 2026. The key adjustments in the new law can be summarized as follows: Clearer Criteria for […]
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Vietnam’s VAT Reduction Measures Extended Until the End of June 2025

Vietnam’s VAT Reduction Measures Extended Until the End of June 2025 At the end of 2024, the Vietnamese government passed a resolution to extend the VAT reduction for specific product categories until June 30, 2025. Goods and services currently subject to a 10% VAT rate will receive a 2% reduction, effectively lowering the rate from […]
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Key Adjustments to China’s Import and Export Tariffs in 2025

Key Adjustments to China’s Import and Export Tariffs in 2025 The Tariff Commission of the State Council of China has released the “2025 Tariff Adjustment Plan,” which will be implemented starting January 1, 2025. This adjustment reduces import tariffs on certain raw materials, pharmaceuticals, equipment, and components, while also adjusting agreed tariff rates and tariff […]
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Philippine President Signs the “CREATE MORE” Act

Philippine President Signs the “CREATE MORE” Act Philippine President Ferdinand “Bongbong” Marcos Jr. signed Republic Act No. 12066 (R.A. No. 12066), also known as the “Corporate Recovery and Tax Incentives for Enterprises – Maximizing Opportunities for Rebuilding Economic Resilience” (CREATE MORE) Act, in November 2023. The main goal of this legislation is to enhance the […]
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China’s Tariff Law Amendment to Take Effect in December!

China’s Tariff Law Amendment to Take Effect in December! On December 1, 2024, China will officially implement the Customs Tariff Law of the People’s Republic of China (hereinafter referred to as the “Tariff Law”). The newly added provisions allow China to impose retaliatory tariffs on countries that take unilateral actions such as prohibiting, restricting, or […]
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B.V.I經濟實質法施行細則草案!

Draft Implementing Rules for the B.V.I Economic Substance Act

Draft implementing rules for the B.V.I Economic Substance Act! The British Virgin Islands (BVI) recently released the “Draft Implementation Rules for the Economic Substance Law”. The basic contents of the draft are as follows:1. Applicable objects of economic substance law:Only local tax residents of BVI are exempt from the application. Enterprises registered locally but who […]
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New search arrangements in Hong Kong: Restriction of public access to protected information of directors and company secretaries

New search arrangements in Hong Kong: Restriction of public access to protected information of directors and company secretaries 【2021-10-22 Source: Hong Kong Companies Registry】 The Companies Ordinance (Cap. 622) stipulates new search arrangements for personal data contained in the companies register maintained by the Companies Registry. The Registrar maintains a company register for public inspection, […]
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China Revises Special Administrative Measures for Foreign Investment Access (2024 Negative List)

China Revises Special Administrative Measures for Foreign Investment Access (2024 Negative List) In September 2024, China released the “Special Administrative Measures for Foreign Investment Access (2024 Negative List),” which will take effect on November 1, 2024. The Negative List outlines specific requirements, including equity and executive positions, for foreign investment access. Any areas not covered […]
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Singapore EP visa application income increased news

Singapore EP visa application income increased news According to a report by Lianhe Zaobao, Singapore’s Minister for Manpower, Dr. Tan See Leng, stated during a parliamentary session on March 4, 2024, that in response to labor market changes and to enhance the quality of foreign workers, Singapore will adjust its foreign labor policies. From January […]
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