Hong Kong: Budget 2023- Key Tax Highlights

Hong Kong: Budget 2023/24 – Key Tax Highlights Profits tax developments Implementation of global minimum effective tax rate The Financial Secretary announced that Hong Kong will, in accordance with the OECD’s BEPS 2.0 project, apply the global minimum effective tax rate of 15% on multinational enterprise (MNE) groups with global turnover of at least EUR750 million […]
Read more

Announcement on Clearing Policies on Value-added Tax Exemptions and Reductions for Small-scale Taxpayers in China in 2023

Announcement on Clearing Policies on Value-added Tax Exemptions and Reductions for Small-scale Taxpayers in China in 2023 The Ministry of Finance and the State Taxation Administration have issued the “Announcement on Clearing Policies on Value-added Tax Exemptions and Reductions for Small-scale Taxpayers”. The announcement proposes that from January 1, 2023, to December 31, 2023, small-scale […]
Read more

Major Tax Updates in Singapore

Major Tax Updates in Singapore Raise the consumption tax rateSingapore’s current GST rate for standard taxed goods and services is 7%. The Ministry of Finance announced that the GST rate will be increased to 8% on 1 January 2023 and 9% on 1 January 2024. The increase in GST rates is expected and inevitable as […]
Read more

The negative list for China’s foreign investment access has been further reduced

The negative list for China’s foreign investment access has been further reduced The National Development and Reform Commission and the Ministry of Commerce issued the Special Administrative Measures for Foreign Investment Access (Negative List) (2021 Edition) and the Special Administrative Measures for Foreign Investment Access in Pilot Free Trade Zones (Negative List) (2021 Edition). The […]
Read more

China’s Regional Comprehensive Economic Partnership Agreement will come into force on January 1, 2022

China’s Regional Comprehensive Economic Partnership Agreement will come into force on January 1, 2022 The Ministry of Commerce website reported on November 3 that on November 2, the ASEAN Secretariat, the custodian of the Regional Comprehensive Economic Partnership (RCEP), issued a notice announcing that six ASEAN countries including Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam […]
Read more

China’s small-scale taxpayers exempt from VAT in 2022

China’s small-scale taxpayers exempt from VAT in 2022 According to China’s “Announcement of the Ministry of Finance and the State Administration of Taxation on Exempting Small-scale VAT Taxpayers from VAT” (2022 No. 15):The preferential tax policies stipulated in Article 1 of the “Announcement of the Ministry of Finance and the State Administration of Taxation on […]
Read more