China’s cryptocurrency market – We give you an overview of legal regulations and tax implications in terms of Bitcoin-related business.
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Regulatory change often comes quickly in China – and the year ahead will be no exception. Some major legal changes already came into effect on January 1st, 2019, whilst others are still in the pipeline.
On 1 May 2018, new standards will come into force that further clarifies the data protection rules of the Cyber Security Act.
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The Chinese Generally Accepted Accounting Principles (China-GAAP) are similar to the International Financial Reporting Standards (IFRS), but differ from the American accounting system (US-GAAP). Most foreign companies are unaware of these differences, and are, therefore, running the risk of non-compliance.
This article intends to offer you a brief introduction to the most basic Chinese accounting features, in order to help you make your China venture a complete success.
On 9 September 2016, the State Administration of Foreign Experts Affairs published the reform of the current work visa system for foreigners in China. The changes will merge the various regulations for foreign specialists with the normal application procedures. The reform will also replace the current work permit booklet with a small card. Additionally, it implements a grading system, which will rank foreign workers according to their experience and skills.
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The deadline for the Annual Compliance Review in China is on 31 May. Although it seems that there is still a long time until the deadline, there is an incredibly huge amount of work to do before you can hand in your annual audit reports.
On 13 July, the State Administration of Taxation issued a notice related to the long-expected adjustments in regulations of transfer pricing. With the announcement [2016] No.42, the previously valid “Implementing Measures for Special Tax Adjustments (for Trial Implementation)”, (Guo Shui Fa [2009] No. 2) effective for 8 years is partly replaced by SAT [2016] No.42 on two points:
The third part of Guo Shui Fa [2009] No. 2 Regulation of cost sharing arrangements meanwhile stays untouched.
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1. What is FATCA?
The Foreign Account Tax Compliance Act is a U.S. tax law that was enacted in 2010 –
Final U.S. Treasury regulations on FATCA were issued on January 17, 2013. The regulations launched on July 1, 2014, and came into effect from 2014 to 2017. It aims to prevent U.S. tax evasion by U.S. persons through use of offshore accounts held at Foreign Financial Institutions (“FFIs”) and Non-Financial Foreign Entities (“NFFEs”). The U.S. Internal Revenue Service (“IRS”) and the U.S. Congress believe that many U.S. citizens are evading U.S. taxes by hiding their assets overseas.
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The State Administration of Tax (”SAT”), has released Tax Circular No. [2016]37 and the Interpretation of double agreement on taxation between China and Germany (“DTT”) on 16 June 2016. Tax circular 37 informs the new DTT will be in effect from 1 January 2017 onwards as the new tax agreement is approved by both governments.
Do I need a visa to work in Germany? This article explains who and how you can apply for a German work permit
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