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China Russia Tax Treaty


May 2016
The 2014 double tax treaty, DTA, including the 2015 protocol between the two countries entered into force on April 9, 2016 applying from January 1, 2017.
The reduced tax withholding rates according to the DTA are 5%/10% for payment of dividend,0% for payment of interest and 6% for payment of royalties.


China Reduced 3% VAT Rate


July 2014
The Chinese ministry of finance and the state administration of taxation announced on June 13, 2014 that the previous V.A.T. rates of 4% and 6% will be reduced to a uniform 3% rate starting July 1, 2014.

China Belgium Tax Treaty


February 2014
The 2009 double tax treaty signed between the two countries entered into force on January 4, 2014 applying from January 1, 2015.
The tax withholding rates according to the tax treaty are 5%/10% for payment of dividends, 10% for interest and 7% for royalties.


China New Real Estate Rules


March 2013
China has decided to impose new measures in order to control the rising real estate prices.
The new rules include an increase of the down payment and mortgage interest rates for buyers of second homes in certain cities.
In addition the tax rate for sale of homes will rise from the current 1% - 2%to 20%.


China Banned Paying EU Carbon Tax


February 2012
According to the Chinese Xinhua news agency China banned its domestic airlines on February 6 from paying the EU carbon tax.
The carbon tax was imposed starting January 1, 2012 on all flights to or from EU countries.
The carbon tax is imposed by several countries including the US and India.


China U.K. New Double Tax Treaty


July 2011
China and the U.K. signed on June 27 a new double tax treaty, DTA, amending the existing DTA between the two countries. The new DTA includes, inter-alia, an updated definition of permanent establishment, change of taxation of technical fees and reduced tax withholding rates for dividends and certain royalties.
The DTA will come into for after being ratified by both countries.


China Education Tax and Urban Construction and Maintenance Tax


April 2011
Starting 1.1.2011 foreign enterprises which are taxpayers of indirect taxes in China must pay these two additional surcharges.
Before 1.1.201 the two surcharges were not imposed on foreign enterprises doing business in China.


China's Real Estate Prices up 12.8%


May 2010
The Chinese statistics office announced on 11/5/2010 that the real estate prices in China's 70 biggest cities increased by 12.8% in April, compared to the previous year.
The increase follows a 11.7% increase in March.
Investors are worried that the Chinese central bank will increase the interest rate in an attempt to cool the real estate market.


Business Tax for Foreign Service Suppliers


April 2009
From 1.1.2009 there is a significant change regarding China's business tax laws.
In general business tax is imposed on provision of services and transfer of intangibles and immovable property.
Previously, before 2009, the tax was imposed on a territorial basis, namely ,only services provided in China territory were liable to business tax
. From 1.1.2009 services are liable to the tax if either the supplier or the customer are located in China .e.g. design services supplied outside China to a Chinese company are now liable to the tax. Foreign companies supplying services to China, even when not having a business establishment in China ,must appoint a withholding agent in China, generally their business agent or their customer, to ensure payment of the business tax.
The new amendment has a significant impact on foreign service suppliers.


China New Corporate Tax Rate


January 2008
From 1.1.2008 China's new corporate tax rate is 25%. The new corporate tax rate applies to both domestic and foreign companies.
The new tax rate replaces the previous tax rate of 33%.
Foreign companies which set up activities before 2008 can enjoy, for a limited period, the previous 15% tax rate or tax holiday.


China V.A.T Refund for Exporters Reduction/Abolition


SEPTEMBER 2007
According to a circular by the Chinese ministry of finance and the administration of taxation, effective from 1.7.2007 there is a major reduction of export VAT for 2,268 products.
For other 553 products , especially high energy consuming or polluting, the VAT export tax refund paid on inputs (previously 5%-13%) would be abolished.It is expected that the export of these products would be subject to output VAT.
For 10 other products, including oil paintings etc. the VAT export refund was abolished.The export of these items is still VAT exempt.


China New Unified Corporate Tax


MARCH 2007
The national people's congress approved in March 2007 a proposal unifying China's corporate tax at a rate of 25% for foreign and domestic companies alike.
The proposal meets China's commitment to the world trade organisation, WTO.
At present domestic companies pay a corporate tax of 33%, while foreign companies usually pay 15% or 24% tax, paid after a tax exemption in the first 2 years, and half of these rates in the next 3 years.
The proposed new tax rate is expected to attract tradional domestic companies, especially small and medium sized companies,wishing to establish a new wholly owned Chinese company.
The new law is expected to be effective from 1.1.2008.


China Income Tax


JANUARY 2006
From 1.1.2006 the monthly exemption on income from salary is CNY 1,600 for a Chinese resident(previously-CNY 800), and CNY 4,800 for a foreign resident(previously-CNY 4,000).
From 1.1.2006 any payer of any taxable income to individuals must deduct tax at source and provide the taxpayer's details to the Chinese tax authorities, who would create a taxpayer file and cross check his data.


Income Tax, Dividends


JUNE 2005
The Chinese Finance Ministry issued a new notice, reducing individual's dividend income tax from domestic listed shares.
The new tax rate is still 20%, but only on 50% of the dividend income.







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