China Accounting & Outsourcing newsletters

April 2019 - 10% additional VAT input deduction

From April 1st, 2019 to December 31st, 2021, taxpayers of manufacturing and living service industries are allowed to enjoy a further 10% credit according to the current deductible input tax.

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April 2019 - VAT input on domestic transportation

According to the Public Notice (2019) No. 39 jointly issued by SAT, the Ministry of Finance and General Administration of Customs on March 20th, 2019, transportation tickets including train tickets, air tickets and passenger tickets will be VAT deductable from April 1st , 2019 for companies.

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February 2019 - Tax Relief for Small and Micro Enterprises

Mazars Newsletter - February 2019
On January 17th, 2019, the Ministry of Finance and the State Administration of Taxation (SAT) issued the Notice of Comprehensive Tax Relief for Small and Micro Enterprises (Cai Shui [2019] No.13). The new policy will be valid from January 1st , 2019 to December 31st, 2021.
This new policy will help entrepreneurs to start their business in China with lower tax liabilities.

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January 2019 - How the new IIT calculation method will impact your net salary during the year?

Mazars Newsletter - January 2019
The new Individual Income Tax Implementation Rules have finally been implemented and taken effect from January 1st, 2019 onward. Among those changes mentioned in the SAT Public Notice (2018) No 61, the changes in the calculation method for monthly IIT on salaries and wages for resident taxpayers should be singled out for consideration.

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January 2019 - PRC Individual Income Tax Implementation Rules and related Circulars finalized

Highlights of major changes in IIT
Expatriates’ tax preferential policy amended
Tax authority mobile application
Mazars’ view
How Mazars can help you?

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Legal Holidays 2019 in Mainland China: Impact for Companies

On 4th December 2018, the State Council announced the public holiday arrangements for 2019 – which are “social” arrangements made in order to lengthen the number of consecutive days of holiday and allow the employees to return to their home city according to Guo Ban Fa Ming Dian [2018] No.15.

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Update on mandatory social insurance in Beijing

According to the average salary of employees in Beijing in 2015 released by the Beijing Municipal Bureau of Statistics and the Beijing Municipal Human Resources and Social Security Bureau, the calculation basis for social contribution of 2016 will be RMB 7,086.

The social contribution base is capped at 3 times the monthly average salary in the city, which will be RMB 21,258.

And according to the “announcement of reducing the social welfare rate in Beijing Municipal (Jing Renshebao Fa [2016]No.98)” issued by the Beijing Municipal Human Resources and Social Security Bureau and the Finance Bureau of Beijing Municipality, form May 2016, the social welfare rate in Beijing will be gradually amended.

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Update on mandatory social insurance in Shanghai

SHANGHAI MUNICIPAL HUMAN RESOURCE AND SOCIAL SECURITY BUREAU released the announcement to adjust the social insurance rate from 1st January 2016 (The actual adjustment will start in April and will be traced back to 1st January 2016).

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March 2016 - Accounting & Outsourcing newsletter

Accounting and outsourcing
Since the beginning of 2016, a number of announcements were made with regards to Value Added Tax (“VAT”) and local surcharges. Some may impact your company’s tax filings.

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Legal holidays 2016 in Mainland China: impact for companies

Accounting and outsourcing
On 10th December 2015, the State Council announced the public holiday arrangements for 2016 – which are “social” arrangements made in order to lengthen the number of consecutive days of holiday and allow the employees to return to their home city.

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