China Economic Outlook 2024
While spectators worldwide had pinned high hopes on China achieving a swift and sharp rebound in economic activity, the wheel of fortune turned more sluggishly than expected after its post-Covid reopening. A cocktail of pressing challenges, including subdued consumption and a slump in the property market, continue to cloud China’s recovery outlook. Despite a somewhat bumpy ride last year, the world’s second-largest economy managed to hit its growth target of 5%, expanding by 5.2% year-on-year to RMB 91.3 trillion.
Hong Kong to Introduce Amendments to Enhance Aircraft Leasing Preferential Tax Regime
On 17 November 2023, Hong Kong’s Special Administrative Region Government (“SAR Government”) gazetted the Inland Revenue (Amendment) (Aircraft Leasing Tax Concessions) Bill 2023 (“Bill”). The purpose of the Bill is to enhance the aircraft leasing preferential tax regime originally introduced in 2017. This article will provide a summary of the key legislative changes to the aircraft leasing preferential tax regime. For information about other tax incentives in Hong Kong, consult our Complete Guide to Hong Kong Tax.
A Guide to Company Chops in China
Understanding the different types and uses of company chops is essential. Integral to day-to-day business activities, company chops are official seals used to validate various documents and contracts. In this article, we will explore the significance of company chops and the different kinds of chops, including e-chops. In addition, we will offer guidance on safeguarding your chops to avoid any potential misuse or unauthorised use.
Demonstration Zone in Nansha of Guangzhou for All-round Cooperation Among Guangdong, Hong Kong and Macao (GBA)
Nansha, a strategically located district in Guangzhou, China, has emerged as a dynamic hub for innovation and cooperation, particularly within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Designated as the Demonstration Zone in Nansha of Guangzhou for All-round Cooperation Among Guangdong, Hong Kong and Macao, the district is fostering a vibrant ecosystem for businesses, industries, and talents from across the region. This article offers an overview of the Nansha Plan, highlighting the advantageous policies within the Nansha Cooperation Zone and showcasing examples of successful foreign enterprises that have thrived in this area.
Your Guide to Hiring Employees Locally in China
Are you seeking to expand your operations into China? China’s labour market is evolving rapidly. Understanding its dynamics is crucial to ensuring success in recruiting and retaining the right talent. This article will walk you through the important aspects of the hiring process in China. Topics covered include methods to hire local employees, employment contracts, and other compliance considerations.
What are Fapiao Invoices in China?
In China, fapiaos (meaning invoices) play a pivotal role in everyday business transactions and taxation. Unlike invoices or receipts typically used elsewhere, fapiaos have several functions. These official invoices serve not only as proof of purchase and sale of goods and services but also as a vital component in tax compliance. Due to the distinctiveness of the fapiao system, many foreign businesses establishing operations in China encounter challenges when navigating it.
Hong Kong’s Foreign-Sourced Income Exemption Regime: New Draft Legislation Expands Scope to Include Asset Disposal Gains
On 13 October 2023, the Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Bill 2023 was gazetted to further refine the foreign-sourced income exemption (“FSIE”) regime, expanding the scope of disposal gains to include gains derived from the disposal of all kinds of assets, including movable and immovable property. Subject to the approval by the Legislative Council, the refined FSIE regime is expected to come into force on 1 January 2024.
Hong Kong Introduces Bill on Tax Certainty Enhancement Scheme for Onshore Equity Disposal Gains
On 20 October 2023, the Inland Revenue (Amendment) (Disposal Gain by Holder of Qualifying Equity Interests) Bill 2023 (“Bill”) was published. It was introduced in Hong Kong’s Legislative Council on 1 November. The Bill introduces a tax certainty enhancement scheme for onshore equity disposal gains. This article below will delve into the key features of the new tax certainty enhancement scheme as detailed in the Bill.
Your Guide to Employee Termination in Hong Kong
Managing employee termination in Hong Kong can be a sensitive and difficult task. This article will provide you with an overview of the key aspects of employee termination in Hong Kong. It covers important topics, such as the legal grounds for termination, notice periods, procedural requirements, and unfair grounds for dismissal.
Your Guide to Employee Termination in China
Navigating employee termination in China is a delicate and often challenging process. You may be faced with the need to sever ties with an employee while operating in China. Whether it is due to underperformance, misconduct, or company restructuring, terminating an employment relationship requires prudent management. It also demands strict adherence to the relevant local […]