- This event has passed.
20201028 Latest tax development in China – Hainan Free Trade Port and Permanent Establishment under COVID-19
Description
The government of the People’s Republic of China (PRC) established the Hainan Pilot Free Trade Zone in September 2018 covering the entire Hainan Island and would be gradually exploring and steadily promoting the establishment of a free trade port (“FTP”). In June 2020, Overall Plan for the Construction of Hainan Free Trade Port (the “Plan”) was officially released granting greater reform autonomy to Hainan and aiming to build it into a globally-influential FTP by the middle of 21st century. To further specify tax preferential policies outlined in the Plan and practical issues related to the implementation, relevant tax circulars and notices were released recently.
In addition, the COVID-19 pandemic has raised cross border tax issues, including Permanent Establishment (“PE”) issue. Recently, the PRC State Taxation Administration shared its view regarding PE issue under COVID-19.
In view of the above, we will share with you the insights as follows:
· Overview of the Plan for Hainan FTP
· Benefits outlined in the Plan for investors in Hainan
· Corporate Income Tax and Individual Income Tax preferential policies in Hainan
· Sharing on the view of PRC tax authority regarding PE issue under COVID-19