Tax Law's legal and international news

On 28 December 2021, the National Market Regulation Administration, the National Tax Office, and three other authorities jointly issued the new Delisting Guidelines, which replace and supersede the previous version dated 2019.

These guidelines outline the basic procedure for exiting the market.

Details by Yaqin Niu from our Beijing office.

In order to encourage companies to voluntarily rectify their customs non-compliance, China’s General Administration of Customs has just issued new rules regarding administrative penalties normally applied to customs violations.

These rules will be in effect from July 1, 2022 to December 31, 2023.

Yijun Liu from our Shanghai office outlines in this brief what types of penalties are eligible for the new mechanism and gives advice to companies that want to benefit from it.

In this ITR (International Tax Review) article, Cyril Maucour and Jessica Benchetrit evaluate the effectiveness of the OECD’s new unified approach, which provides market jurisdictions greater taxing rights over residual profits.

In light of the Covid-19 pandemic, the Singapore Government took precautionary steps such as entry restrictions and quarantine measures.

Unbeknownst to companies, these preventative steps and the correlative impossibility to convene management meetings in Singapore, or for employees of foreign companies to leave Singapore, could have consequences on a company tax residency.

The downsides of failing to obtain a COR or being deemed to have a permanent establishment could be significant.

Find out more in this brief by Lisbeth Lanvers-Shah and Olivier Monange.

[Income Tax] – Certain foreign senior executives, scientific or technical directors may qualify as high-level foreign talents and as such are eligible for a tax subsidy on their personal income

Check your eligibility with Shunshan HE and Sylvie Savoie.

Applications for the year 2020 can be submitted between July and August 2021. Detailed evaluation criteria will be listed by future guidelines.

[Income Tax] – With the 1^st of January 2022 quickly approaching, many employees are concerned about the potential abolishment of the current regime that allows for some benefits-in-kind to be exempt from tax.

Will this regime actually be terminated as of 2022?

How should we prepare?

Sylvie Savoie and He Shunshan answer your questions and share with you our analysis of the situation.