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China Clarifies Cross Border Data Transfer Rules

Flag on July 29th, 2022

In November 2021, China introduced their core personal data protection regulations: the Personal Information Protection Law (PIPL). The PIPL applies to personal information, which is information that may be used to identify natural persons. Article 73 of the PIPL uses the term “personal information processing entity” to refer to an “organisation or individual that independently […]

China’s First Civil Code, 1st January 2021

Flag on January 2nd, 2021

China’s first ever Civil Code will come into effect on January 1st, 2021. This Civil Code is a codification of the existing civil and tort related laws, regulations and judicial interpretations issued by the Supreme People’s Court. The following laws shall be repealed on January 1st, 2021: The General Principles of the Civil Law of […]

China New Accounting Standards 2021

Flag on January 2nd, 2021

Chinese enterprises will be required to adopt several revised accounting standards starting from January 2021. These revised standards concern mainly the recognition of revenue (“new CAS 14”) and the treatment of the financial leases in the financial statements. Enterprises which are listed in the stock markets and those adopting  International Financial Reporting Standards (IFRS) have […]

China-Italy tax treaty new step in ratification

Flag on January 9th, 2020

Tax treaties and double tax agreements between two jurisdictions are an excellent tool to boost and strengthen the bilateral economic relationship and promote cross-border investments. Currently, thousands of tax treaties and arrangements are in force worldwide. Based on international law, double tax agreements shall generally be approved and ratified by both contracting States through their […]

China: New foreign investment law 2020 brings radical change to the governance and ownership of foreign investment entities

Flag on January 1st, 2020

China’s Foreign Investment Law (FIL) implemented major reforms from 1 January 2020 affecting all aspects of foreign investment in China. The FIL greatly simplifies the legislative environment with only 42 articles over six chapters -albeit the FIL is accompanied by (draft) Implementing Regulations (IR) which contain another 45 articles. Below are the most notable features […]

Employing in China: five things you need to know

Flag on January 7th, 2019

With outstanding GDP growth over the past twenty years, the People’s Republic of China (PRC) is taking its place among the world’s top economies and attracting significant foreign investment. But for businesses looking to expand into China, navigating labour law can be complex and unpredictable. Historically, mistrust (either real or perceived) by foreign investors towards […]

China: The New Individual Income Tax Law

Flag on January 2nd, 2019

China’s new Individual Income Tax Law (IIT) came into force as of 1 January 2019. This was passed in an effort to achieve a better income distribution, reduce the tax burden for taxpayers, as well as increasing the domestic consumption and to boost the economy. The People’s Republic of China (PRA) started the legislative process […]

Significant changes to the elimination of double taxation in Hong Kong

Flag on January 11th, 2018

Significant changes to the elimination of double taxation in Hong Kong For the 2018/19 tax year ending 31 March 2019 there are significant changes to claiming relief from double taxation for salaried tax payers. Background In the past, for those Hong Kong salaried tax payers who have double taxation issues, subject to certain conditions, they […]

Proposed changes to Chinese income tax laws have a significant impact on both foreign and local employees

Flag on January 11th, 2018

Proposed changes to Chinese income tax laws have a significant impact on both foreign and local employees A draft amendment on the PRC Individual Income Tax (“IIT”) Law has been released recently for public consultation. The main proposed changes include the followings:- To introduce the determination criteria of a “tax residency” in China (i.e. expatriates […]