China abolishes tax burden on FX remittance under $50K
China has lifted requirements for companies to provide tax certificates in respect of payments remitted offshore that exceed $30,000. In new requirements set out under State Administration of Foreign Exchange “Circular 40”, only tax notification is required for a single payment that exceeds $50,000 and general tax compliance for remittance has been made easier. Multinationals can now make payments offshore without waiting for all taxes to be cleared.