Gain an Advantage by Acting Early: Comprehending and Implementing the Newest Safe Harbor and Penalty Exemption Clause in Pillar 2 GloBE Rules

The OECD recently announced the 'Safe Harbor and Penalty Exemption: Global Anti Tax Base Erosion GloBE Rules (Pillar 2)' on December 20, 2022. By applying these clauses early, MNE groups can reduce their compliance expenses in low-risk jurisdictions and avoid tax penalties by tax authorities.

2023-01-05 Sun Rui 　　Wu Xiaoqiang 　　Tang Changyu

How to Distribute Year-end Bonuses to Minimize Individual Income Tax and Our Guide Includes Calculation Examples.

An increase of one yuan in year-end bonus for enterprises may result in a decrease of over 10000 yuan in employees' after-tax income. Learn the optimal segmentation scheme

2023-01-05 Ling Fanglei 　　Zhao Li 　　 Ma Mingli

Explaining the Personal Pension System and Individual Tax Preferential Policies (with examples)

Learn about the new personal pension program, including eligibility, participation, and tax benefits, with our practical guide.

2022-12-05 Wang Jianfeng 　　WangXu

Chinese Enterprises Need to Adapt Recent Progress in the "Two Pillars" Initiative by Taking Three Things.

The OECD has published its initial update on Pillar 1 Amount A. This report, combined with various public consultation papers from earlier this year, provides a detailed explanation of the overall structure of the proposed Pillar 1 regulations and its practical implementation.

2022-11-28 Wu,Xiaoqiang 　　Tang,Changyu 　　Jin,Chuan

How to Pay Stamp Duty If a Construction Enterprise Authorizes or Signs a Tripartite Agreement to Authorize Other Units Within the Group to Implement After Winning a Bid

2022-10-28 Hargent

Analysing the Tax Refund Policy for Residents Exchanging Their Housing Purchases

From Oct 1, 2022, to Dec 31, 2023, homeowners who sell and buy within a year can receive tax incentives. The Ministry of Finance and State Taxation Administration offer tax refund discounts on personal income tax already paid on the sale of their current housing. This policy aims to support residents in improving their housing conditions.

2022-10-25 Hargent

China Continuously Improves Green Tax System

China has been working towards a green transformation of economic and social development through the implementation of a green tax system and preferential policies. These efforts have resulted in progress towards green development, which will be reported at the upcoming 20th National Congress of the Communist Party of China.

2022-10-25 Hargent

Electronic Invoicing is Replacing Traditional Paper Invoices, Leading to a Paperless Era

Recently, the General Office of the State Council, PRC issued the "Opinions of the General Office of the State Council on Further Optimizing the Business Environment and Reducing the Institutional Transaction Costs of Market Entities" (Guo Ban Fa [2022] No. 30), which clearly requires the implementation of paperless reimbursement, recording, archiving, storage, etc. of electronic invoices by the end of 2022 and is the responsibility of relevant departments of the State Council and regions such as the Ministry of Finance, the People's Bank of China, the State Administration of Taxation, and the National Archives Bureau according to their respective responsibilities, Effectively improve the level of tax and payment services, reduce institutional transaction costs for market entities, and optimize the tax and business environment.

2022-10-25 Hargent