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OUR JURISDICTIONS —
China
LAST UPDATED 21/07/2023
AT A GLANCE
Known to most simply as China, The People’s Republic of China has a population of over 1.3 billion. It’s also one of the largest countries in the world in terms of land area. The official language of China is Mandarin, and its capital city is Beijing.
Before Mao Zedong and his communist party established themselves after the Second World War, China had enjoyed leading the world in the sciences, the arts, and technology. And since Mao’s death in the 1970s, China’s economy has grown at a rapid pace, boosting investment and consumption, and improving living standards.
In mid-2010, China’s economy cemented its place as the second largest in the world (after the US) when it was valued at $1.33 trillion. It is the largest exporter of goods in the world, and the second largest importer.
In 2016 the Chinese currency, the renminbi (yuan) (CNY) was added to the Special Drawing Rights (SDR) basket of the International Monetary Fund (IMF). Before that, it had been mainly managed against the United States Dollar (USD) until 2005, when it was referenced to a basket of other currencies.
Our local Tax Natives in China can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or doing complex business deals, we’ll get you the advice you need. Just say the word and we can link you with a local expert who can answer all your questions.
THE HEADLINES
- Corporate income tax in China is 25%
- The rate for personal income tax stands at 45%
- VAT rates vary between 6%, 9% and 23%, depending on the type of goods or services
Tax experts in the region
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