On 10 June 2021, the Standing Committee of the National People's Congress ("NPC") adopted the Anti-Foreign Sanctions Law of the People's Republic of China. The Anti-Foreign Sanctions Law ('AFSL') establishes the regulatory framework for foreign persons, both legal entities and individuals, acting against China's national interests. For foreign companies and individuals working in or with…
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Foreign investors may decide to close their China operations for various reasons. Closing operations in China involves dissolving and liquidating the company. Abandoning a company without completing the legal requirements can result in severe penalties for personnel and the company. Specifically, the personnel and company can be blacklisted, and individuals may not re-enter China or…
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On 1 January 2019, reforms in China's Individual Income Tax (“IIT”) were effective. IIT reforms ease tax burdens for lower-income earners and provision higher taxes for high-income earners – both foreign and domestic individuals. For foreign employees in China, further IIT changes from 1 January 2022 shall heavily impact the net salary. Effective from 1…
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