Lewis Lu

May 22, 2024 | internationaltaxreview.com | Lewis Lu

On April 26 2024, the Standing Committee of the 14th National People's Congress (NPC) approved and announced China's new Tariffs Law. The law is set to take effect on December 1 2024. Alongside this announcement, the State Council's Customs Tariff Commission clarified China’s import and export tariff rates, which will also be implemented on December 1 2024, as part of the law.

Apr 15, 2024 | internationaltaxreview.com | Lewis Lu

China has recently been enhancing aspects of its tax system with the aim of fostering a robust business environment for domestic enterprises and foreign investors. Inauguration of China’s first specialised tax tribunal in Shanghai The first specialised tax tribunal in China has been inaugurated in Shanghai, housed within the Shanghai Railway Transportation Court. This dedicated tribunal marks a significant advancement in the country's tax judicial system.

Mar 20, 2024 | internationaltaxreview.com | Lewis Lu

In February 2024, the Chinese Ministry of Finance and the State Taxation Administration jointly issued notices in the form of Caishui No. 2 and 5, 2024. These provide detailed guidelines for the implementation of preferential income tax incentives in the Shenzhen Park area within the Hetao–Hong Kong Science and Technology Innovation Cooperation Zone. The notices follow the release of the development plan for Shenzhen Park by the State Council in August 2023.

Feb 7, 2024 | internationaltaxreview.com | Lewis Lu |Xiaoyue Wang

In the context of a challenging economic environment, pricing outcomes for intra-group related-party transactions can deviate from expected levels provided for under multinational enterprises’ transfer pricing (TP) policies. This then calls for year-end TP adjustments. Year-end TP adjustments are typically applied to group entities performing simple functions with limited risks.

Feb 6, 2024 | internationaltaxreview.com | Lewis Lu

China has been taking steps towards creating a more transparent and predictable tax environment by actively developing its advance tax ruling (ATR) system. A milestone was reached on December 29 2023, when the Shanghai tax authority introduced the Interim Measures for the Administration of Advance Tax Ruling, aimed at governing the ATR system in Shanghai. Distinctive aspects of the Shanghai ATR system include the following.