Strategic issues and implications of PRC tax reform

Article Abstract:

Tax reform in the People's Republic of China (PRC), effective Jan 1, 1994, involved imposition of a turnover tax, enterprise tax, income taxes, and other taxes including the controversial Land Appreciation Tax. The PRC's tax regime, attempting to keep pace with its rapidly expanding economy, features a value added tax, consumption tax, and business tax as the components of its turnover tax on goods and services, the biggest source of PRC tax revenue. The goal of the reforms is to create more competitive fairness between domestic and foreign businesses, while providing funds to bolster the PRC's infrastructure and fiscal strength.

Products, Services industry, Service industries

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Income tax considerations for U.S. expatriates in the PRC

Article Abstract:

US expatriates working in the People's Republic of China (PRC) may find tax planning techniques useful because of the progressive income tax rates there. For example, US foreign tax credits can be fully used if PRC individual income tax is paid at certain levels. Expatriates may also want to consider using split or dual employment contracts, fringe benefit arrangements, and ex-gratia bonuses as tax planning devices. Revised Chinese laws tax non-PRC-domiciled persons on Chinese-source income and PRC-domiciled persons on worldwide income.

United States, Americans abroad, Expatriation, Americans in China

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The historical development of income tax law for domestic and foreign enterprises in China

Article Abstract:

China's enterprise income tax laws, which cover both domestic and foreign businesses, developed gradually during 1949-1994. A 1991 foreign enterprise tax law superceded earlier similar laws from the early 1980s. The 1994 Enterprise Income Tax Law replaced three earlier laws on taxation of domestic enterprises, including the law covering state-owned enterprises. The tax-planning implications for foreign investors, as well as the historical development of Chinese tax law during the 1950s and 1980s, are discussed.

Public Finance Activities, Corporate Income Taxes, Foreign investments, Government business enterprises, Public enterprises, Foreign source income taxation

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