Tax Newsletter – November/December 2014 (China & Hong Kong)

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Numerous developments occured within the PRC and Hong Kong that may be of legal and tax significance for your companies. Within the PRC, the People’s Bank of China (“PBOC”) released a circular permitting two-way mix border RMB cash poolings to become available to multinational companies countrywide. The Secretary of state for Finance (“MOF”) and also the Condition Administration of Taxation (“SAT”) also collectively released a circular verifying the continuance of preferential tax remedies for Advanced Technology Service Businesses (“ATSE”) for that period from 1 The month of january 2014 towards the finish of 2018. Further, the Sitting promulgated an open notice to explain certain implementation issues on faster depreciation of fixed assets along with a public announcement to codify individual earnings taxation remedies on capital gains of numerous equity transfers. According to the Shanghai-Hong Kong Stock Connect program (“Stock Connect”), the China Investments Regulating Commission (“CSRC”), MOF and Sitting collectively launched a notice concerning PRC tax remedies on investments via Stock Connect. So they can improve anti-avoidance tax laws and regulations, Zhejiang released a circular to bolster the supervision on various mix-border transactions. Various consumption tax guidelines were also modified through the finance and tax government bodies. Finally, the recently signed China-Europe double taxation agreement arrived to pressure on 15 November 2014 and is applicable to earnings produced from 1 The month of january 2015 let’s start.

In Hong Kong, an extensive double tax agreement was signed using the Uae. Further, notes were exchanged between your HKSAR Government and also the Japan Government regarding existing double tax agreement. The intergovernmental agreement using the U . s . States, which facilities compliance using the US Foreign Account Tax Compliance Act, has formally been joined into. To be able to promote the introduction of eft’s (“ETFs”), the HKSAR Government suggested to waive stamp duty for that change in ETFs shares or models. Additionally, the research Group on Asian Tax Administration and Research established an activity pressure to permit the Asia-Off-shore region to take part in discussions and turn into up-to-date on worldwide developments. Also, the annual meeting between your Hmrc Department (“IRD”) and also the Hong Kong Institute of Licensed Public An accounting firm (“HKCPA”) occured where lots of important issues were talked about. Finally, the IRD has reported some tax avoidance cases throughout the two several weeks.

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