Judiciary is not independent in China. The government controls the judiciary. The CCP directs verdicts and sentences, particularly in politically sensitive cases.
Equal treatment of nationals and foreigners
The judiciary does not guarantee an impartial trial to a foreign national. A high degree of corruption exists in the country, especially corruption within the CCP is rampant.
The language of justice
Mandarin-Chinese is the judicial language of China.
Having recourse to an interpreter
Having an interpreter is possible.
Sources of the law and legal similarities
The constitution is based on the promulgation of December 1982; with country's legal system originating from the civil law system which has been derived from Soviet and continental civil code legal principles.
Intellectual Property
Domestic network and international agreements
Texts currently applying to patents/brands
Type
Text
Date entered into law
Period of validity
Remarks
Patent
Munich Convention
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Tax rates
Consumption taxes
Tax rate
17%
Reduced tax rate
3% or 6% for small-scale business 0% for exported goods.
Other consumption taxes
Corporate taxes
Tax rate for resident companies
Tax rate on long-term capital gains
Capital gains are levied at the rate of 33%,
System governing groups of companies and dividends paid by subsidiaries to their parent companies
Dividends are not subjected to any withholding tax,
Tax rate on branches
There is no separate branch income tax .
Individual taxes
Tax rate
Allowable deductions and tax credit
In China there are several types of deductions and reductions applying to taxpayers, For example, single people can deduct a fixed amount of their monthly salary accounting for 800 RMB, An additional amount of 3,200 RMB can be deducted from the monthly income of the foreigners taxed in China, for a total of 4,000 RMB, The other deductions depend on the activity and on the salary of each,
Double taxation treaties
Countries with whom a double taxation treaty have been signed
Sources of fiscal information
Tax Authorities
Accounting rules
Tax year
The fiscal year begins on January 1-st and ends on December 31 of the same year.
Accounting standards
Accounting reports
Companies have to produce a balance sheet and a profit and loss account. Moreover, the Ministry of Finance publishes some important guidelines in the "Accounting Standards for business Enterprises ".
Accountancy profession
- The Ministry of Finance.
Certification and auditing
" The Nation's People's Congress " is the highest authority, which promulgates laws and standards of the Chinese accounting.