This morning Liu Tianyong from Hwuason Law Firm said that as certain exemption amount of IIT has been excluded from tax, additional welfare should bare tax obligations. Yet the so-called “moon cake tax” is not appropriate enough to convince most people.
Most people cannot understand the tax levied on moon cakes as “incomes”, said Liu, although Tax Law explicitly stipulates that all welfares shall be levied for IIT. As the IIT law has become a hot topic among Chinese people since the amendment of IIT Law this year, any detail of IIT law has become popular topic, explains why the “moon cake tax” aroused great argument.
Liu said that there’s not a legal amount on IIT of presents, but to be more humanistic, we should refer to the rules of other countries to find a better way.
On July 3, 2010, the managing partner of Hwuason law firm, Liu Tianyong together with Hwuason lawyer’s delegation visited TAXPERIENCE. Two founding partners attended the communication conference. All participants discussed deeply about their experience, tax developments and the new challenges ahead in the tax field.
TAXPERIENCE is a renowned institution that is engaged in all sorts of tax-related advisory and business services. Its widespread business scope, specialization in tailor made and to-the-point tax consultancy, expertise knowledge on a variety of in- and outbound investment vehicles and R&D operations have made its good reputation all over Europe.
It is believed that through this exchange visit, the two parties will improve their understanding to each other, enhance the mutual study and communications, and promote the friendship as well.
On July 2, 2010, the managing partner of Hwuason law firm, Liu Tianyong together with Hwuason’s lawyers delegation visited GGSM law firm in France. The chief partner and three senior counsels attended the meeting. Two parties exchanged their professional opinions during the meeting.
At the conference, the GGSM law firm expressed its keen interest in Chinese tax laws and Hwuason Law Firm. Centering on newly issued Circulars, the two parties discussed hotspots on tax administration concerning foreign investment in China. Meanwhile, the GGSM law firm showed its interest to strengthen the ties with Hwuason for further communication and cooperation.
GGSM is a comprehensive law firm with all kinds of tax business; the tax department takes an important role in its development. Its new focus on domestic and internal tax law reveals the ambition in becoming a diversified and specialized law firm. Under this circumstance, this visit has not only enhanced the mutual understanding and trust, but provided each other a better foundation for further development.