New Individual Income Tax Law of the People’s Republic of China Ⅱ---Denise Xia Comments

 Another big change of the New Individual Income Tax Law is that the Tax Bureau is entitled to adjust the tax accordingly if following situations occured:

1. If the individual and the relative party's trade is not applied the dependent transaction principle. Which means the individual and the relative party have relationship, and they use the relationship to trade and reduce tax.

2. If a shell company which is controlled or partly controlled by the Chinese Residence, even if the shell company is ouside of China, the Tax Bureau is entitled to adjust the tax accordingly if the shell company's tax is obviously too low.

3. If the individual gain unappropriate tax interest without unreasonable purpose.

As we all know, many individuals or companies use HK or other countries' shell company to reduce or advoid tax. After the New Tax law put into practiced, it seems they need to find another way.

New Individual Income Tax Law of the People’s Republic of China---Denise Xia Comments


As the new Individual Income Tax Law entered into force from January 2019, many foreign friends are highly concern about their tax payment conditions.

According to the new Individual Income Tax Law, an individual who resides in mainland China for 183 days or more within one tax year, he or she shall pay individual income tax in China. Once a non-domiciled individual has lived in China continuously for more than five years he or she would then pay individual income tax on his or her all income derived from within and from outside of China.

But there is an exceptional that, if the non-domiciled individual left outside of China for more than 30 days during any of the five years, he or she don’t need to pay the income derived from outside of China. But a registration shall be submitted to the Tax Bureau for it.

RSU and PSU ---Denise Xia

RSU(Restricted Share Unit) is a kind of compensation offered by an employer to an employee in the form of company stock. The employee does not receive the stock immediately, but instead receives it according to a vesting plan and distribution schedule after achieving required performance milestones or upon remaining with the employer for a particular length of time. The RSU are assigned a fair market value when they vest. Upon vesting, they are considered income, and a portion of the shares are withheld to pay income taxs. The employee receives the remaining shares and can sell them at any time.

New ways to celebrate Chinese New Year---Kate Wang


Chinese New Year, also known as Chinese Lunar New Year and Spring Festival, which last 15 days. It is the most important and biggest festival in China with plenty of traditional customs. Different parts of China have different traditions, but the typical customs are similar, such as clean and decorate the house to welcome New Year, whole family prepare a New Year’s Eve Dinner, elder give lucky money to children and unmarried young people, visit home elder, relatives and friends and so on. However, the legal holiday for celebrate Chinese New Year only have 7 days, with the increasing level of service diversification, it is becoming more flexible.


Spring Festival Gala

Measures for managing the pension fund investment issued---Denise Xia

The State Council recently issued the Measures for the Administration of the Basic Pension Insurance Fund Investment.
The Measures define the investment scope of pension funds and stipulate that the total proportion of pension funds invested in stock markets, stock funds, mixed funds and stock pension products shall not exceed 30% of the net worth of the pension funds. In addition, equity investment in the process of restructuring or public listing of key state-owned enterprises is allowed for pension fund investment. To improve the transparency of the operation of pension fund investment, the Measures require regular disclosure to the public of the operation of pension fund investment through periodicals and/or websites.



A Social Business Investment Bank that also opens markets

The purpose of this writing is to open a larger discussion about our relationship to corporations and the
larger and more open world we now find ourselves hurtling towards...
I wanted to share my thoughts about a social business investment bank, so am reaching out to seek

Just back from swimming with turtles in Indonesia

turtle.jpegIf you have not made the trek to the Gili Islands between Lombok and Bali to see the corals and green sea turtles, you might put it on your 'to do' list.







Measures for Administration of the Levy of Income Tax on Non-tax-resident Enterprises by Assessment

Article 1:These Measures have been formulated pursuant to the PRC Enterprise Income Tax Law (the Enterprise Income Tax Law) and its Implementing Regulations and the PRC Law on the Administration of the Levy and Collection of Taxes (the Tax Collection Law) in

Foreign exchange settlement and sale---Denise Xia

As we all know, China has its policy on foreign exchange settlement and sale. Generally, the policy was divided to four parts, personal, trade of goods, trade of service, and capital fund. Hopefully the following brief policy introduction will help.

Personal Foreign exchange settlement and sale

Limited amount, USD50, 000 a year;

Deposited in foreign currency account, USD5, 000 a day;

Withdrawal from foreign currency account, USD10, 000 a day;

Transferred foreign cash to oversea account, USD10, 000 a day;

Transferred to oversea account through foreign currency account, USD50, 000 a day.

Trade of goods

Happy Thanksgiving----Shirley Pan

 Thanksgiving Day is a national holiday celebrated primarily in the United States and Canada as a day of giving thanks for the blessing of the harvest and of the preceding year.  Thanksgiving Day is really a harvest festival. This is why it is celebrated in late fall, after the crops are in.
Thanksgiving Day is a time for many people to give thanks for what they have.
In this special day, I’m so truly thankful for so many things, for I have been blessed in so numerous ways.
I’m thankful for my parents who invited me to access this world.Happy Thanksgiving.jpg
I’m thankful for my husband who articulates meaning of family.
I’m thankful for my child who explains indication of humanity.
I’m thankful for my friends who share happiness and sadness.
I’m thankful for all assistance from my boss and colleagues.
I’m thankful for the time I had with my loved ones that have gone on to be with.

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