Written by May Tung, Tax Advisory Services, CW CPA   The new version of Profits Tax Return (PTR) issued by the Inland Revenue Department of Hong Kong has become effective from 1 April 2019. A set of supplementary forms has been introduced as part of the PTR. In one of the supplementary forms – Supplementary…

Written by Spring Lin, Accounting and Tax, CW CPA   To further reduce taxpayers’ VAT burden, in 20 March 2019, the Ministry of Finance, State Administration of Taxation and General Administration of Customs jointly issued “Administration and the General Administration of Customs” (Hereinafter referred to as Announcement [2019] No. 39.)   The specific VAT reduction…

Written by May Tung, Tax Advisory Services, CW CPA   On 27 February 2019, the Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po, delivered the 2019-20 Budget Speech. The 2019-20 Budget carries 6 main objectives: 1. Relieve people’s burden; 2. Support Enterprises; 3. Land and Housing; 4. Diversified Economy; 5….

Written by Delilah Li, China Consultancy team, CW CPA   On 17 January 2019, the Ministry of Finance and the State Administration of Taxation jointly issued a Circular on implementing the preferential tax reduction and exemption policy for small and micro businesses.  The policy is expected to reduce RMB 200 billion worth of taxes annually…

Written by Rosanna Choi, Partner, CW CPA   On 31 August 2018, the seventh revision of the “Individual Income Tax Law of the People’s Republic of China” was approved by the 5th Session of the Standing Committee of the 13th National People’s Congress. The Revised Individual Income Tax (IIT) Law has become effective since 1…

Written by Adriana Vericat, Tax Services, ilv silver   TAX RESIDENCY According to the Spanish Personal Income Tax (“PIT”) Law, a natural person will be considered a tax resident in Spain, in a certain tax period, when either of the following circumstances occur: Staying more than 183 days in Spain during the calendar year, with…

As mentioned in our previous issue of newsletter on 21 September 2018, a broad review of the IIT law, approved on 31 August 2018, that will become effective on 1 January 2019. On 20 October 2018, the Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly published draft implementation regulations regarding the…

Written by Victor Herrera On 31 August 2018, the Standing Committee of the 13th National People’s Congress (NPC) voted and adopted the Amendments to the Individual Income Tax (IIT) Law of the People’s Republic of China. The new IIT Law will be fully enforced starting from 1 January 2019. The key changes are summarized as…

Written by Delilah Li, CW CPA Tax residency status for individuals without domicile in China is assessed by the period of stay in China. Counting an expatriate’s period of stay in China is quite a convoluted process. Thus, the assessment of an expatriate’s tax residency status and tax liabilities in China can be a tricky…

On 19 June 2018, a draft amendment of China’s Individual Income Tax Law was submitted to the 13th National People’s Congress Standing Committee for approval. This would be the seventh amendment to China’s tax law since it was introduced in 1980. One of the proposed changes will be the individual income tax threshold raised to…

Page 1 of 21 2

© 2018 CW CPA. All rights reserved.