To further support the development of small and medium-sized enterprises and reduce operational burdens and costs, the Shanghai Municipal People’s Government has announced a comprehensive set of policy measures.
The amended Company Law of the People's Republic of China, adopted on 29 December 2023, will take effect on 1 July 2024. We summarize down below the main measures that may have an impact on your operations.
Following the notice announced by the State Taxation Administration on December 28th, 2023, we have enclosed the newsletter in regard of the 2024 tax filling calendar for your perusal. Should you have any questions, please do not hesitate to contact us. We would be happy to help!
To further improve the service experience in handling social insurance declaration and payment, and to reduce the cost of handling affairs, authorities will optimize and adjust the process of social insurance declaration and payment for employers and individuals in Shanghai and Beijing.
On March 8, China acceded to the 1961 Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents (hereinafter referred to as the Convention), it will take effect in China on November 7.
The sixth China International Import Expo (CIIE) will be held offline in November 2023. To support the CIIE, and with the approval of the State Council, the relevant preferential policies have been enacted since October 2020.
On 1 August 2023, the State Administration of Taxation (SAT) announced the tax preferential policy for VAT small taxpayers aiming at the VAT rate will be extended to December 31st, 2027.
To further reduce the burden of family rearing children and elderly support expenses, the State Administration of Taxation (SAT) announced the tax relief policy for individual income tax (“IIT”) aiming at raising some specific itemized deductions standards for Individual Income Tax, according to a State Council circular issued on 31 August 2023.
The extension of the preferential policy for individual income tax regarding non-taxable allowances
To further support the innovative development of enterprises and reduce the burden of taxpayers, the State Administration of Taxation (SAT) announced that the tax preferential policy for individual income tax(“IIT”) aiming at the equity incentives and annual bonuses will be extended to December 31st, 2027.
To further support the development of small and micro enterprise(SMEs), the State Administration of Taxation (SAT) announced the tax preferential policies for SMEs aiming at Corporate Income Tax (CIT) rate and “Six taxes, two fees” will be extended to December 31st, 2027.
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