Author: HACOS

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© Image | 人民网

The final draft of foreign investment law was approved by 2929 National People’s Congress lawmakers in the Great Hall of the People, with 8 opposing the measures and 8 abstaining.

© Image | 环球网

The new law will come into effect on January 1, 2020.  

The new law was first introduced as a draft in 2015, but its progress picked up markedly since the middle of last year to address issues in the key to the US-China trade war.

The Chinese government appears to have rushed through the investment law as an olive branch to the US amid trade war negotiations.

© Image | Google

However, many in the business community here in China see this law as a kind of sweeping set of intentions rather than a specific, enforceable set of rules. 

They fear it could be open to different and changing forms of interpretation.

Investment activities directly or indirectly conducted by foreign natural persons, enterprises and other organizations.

❶ A foreign investor establishes a foreign-funded enterprise independently or together with any other investor

❷ A foreign investor acquires shares, equities, property shares or any other similar rights and interests of an enterprise within the territory of China

❸ A foreign investor invests in any new construction project independently or together with any other investor

❹ Investments stipulated in laws, administrative regulations, or defined by the State Council

The bill will eliminate the requirement for foreign enterprises to transfer proprietary technology to Chinese joint-venture partners and protect against “illegal government interference” – major sticking points in the trade negotiations.

© Image | Google

It also promises to abolish the “case-by-case approvals” process for foreign investments, officials say.

The changes will ensure that foreign investors will enjoy the same privileges as Chinese companies in most sectors.

• Government procurement covers both goods and services;

• Strengthen accountability for intellectual property infringement;

• Make it clear that “administrative personnel shall not disclose trade secrets“;

• Adjust the provisions of relevant chambers of commerce and associations;

• The law is also applicable to company law and partnership enterprises law;

• The state council is authorized to formulate specific implementation measures for the transition of foreign-invested enterprises;

• Show the requirements of “streamline administration, delegate powers, and improve regulation and services“.

The aim of the new law is to ease the tax burden for low to mid-income earners while taking a tougher stance on both foreign workers and high-income earners.

The tax record becomes increasingly important and will soon be connected to the paperwork that requires for almost any formal procedure, for example, your work permit renewal. 

You’d better provide your relevant tax report before getting approved to continue with any kind of legal procedure in most major Chinese cities (like Beijing Shanghai and Shenzhen only part of applications).

The following 4 ways will tell you how to check your tax records.

Nevertheless, the paper only shows your salary income tax records under this company and not available for the work permit renewal procedure!

Go to any tax bureau hall to print your tax report, which is a full edition with tax bureau stamp and your tax number.

By ARM machine on the Self-Tax Service Hall, you can print your tax report if your passport enabled in the tax system, or if you get the “registration code”.

Here is the formal tax report:

Visit https://gr.tax.sh.gov.cn/webchart

1) The login interface as below:

2) Apply a “Registration Code” in the local tax bureau(suggested way for foreigners).

3)“Registration Code” can be applied from the tax bureau hall for foreigners.

4) After you register and log in, click“Individual Income Tax Report Application” (“个人所得税纳税清单查询和申请”) 

5) All your 2018 tax records here, click the arrow on the right side to see all the details, including which company paid the tax on your behalf, the amount of salary declaration and amount of taxes paid for every month.

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6) Click on the “Tax list and report application”(“申请纳税清单”) and the system will organize the report and send it to your verified email.

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Below is the final version of the tax report that you will get, this one can be for work permit renewal or any other procedure:

The easiest and most convenient way to get tax report

1) Click on “City Service” in Alipay APP

2) Choose “government affairs”(政务）

3）And then click “tax hall”(税务大厅）in the section of “tax affairs”(税务）

4） You’ll see the homepage of the tax system

If you want to know more information in detailed, please contact us, seeking professional advice from the accountant in our company.

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