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 […]

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 […]

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 […]

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 […]

China will implement new capital requirements under the revised Company Law from July. China will implement the new Company Law on July 1, 2024. It mandates that shareholders of limited liability companies must fully pay up their subscribed registered capital within five years of the company’s establishment. For existing mainland Chinese companies, overdue capital that […]

Hong Kong’s 2024-25 Budget Tax Measures The Financial Secretary proposes a one-off reduction of 100% for profits tax, salaries tax, and personal assessment for the 2023/24 tax year, with a cap of $3,000 per case. The reduction cap for profits tax is calculated per business. For salaries tax, the reduction cap is calculated per individual; […]

The Convention on the Abolition of the Requirement of Legalization for Foreign Public Documents” will come into effect in China on November 7, 2023. On March 8, 2023, China acceded to the “Convention on the Abolition of the Requirement of Legalisation for Foreign Public Documents” (hereinafter referred to as the “Convention”). The Convention is the most […]

The fourth draft of the amended Chinese Company Law further enhances the system of corporate capital contribution. The draft amendment to the Company Law was submitted for the fourth review at the seventh session of the 14th National People’s Congress Standing Committee on the 25th. The fourth draft further refines the system of corporate capital […]

2023 corporate and individual income tax preferential policies In order to support the development of small and micro enterprises and individual industrial and commercial households, the relevant tax policies are hereby announced as follows: 1. For small and low-profit enterprises, the annual taxable income does not exceed 1 million yuan, a reduced rate of 25% […]

The ministry of industry and information technology of china In order to promote the standardized and healthy development of the Internet industry and further improve the management of mobile Internet information services, the Ministry of Industry and Information Technology recently issued a notice to organize the registration of mobile Internet applications (hereinafter referred to as […]