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Introduction For many Guernsey tax-resident companies, the onset of the COVID-19 pandemic created difficulties in complying with economic substance requirements. Guernsey tax-resident companies carrying out certain relevant activities must comply with the substance requirements set out in the Income Tax (Substance Requirements) Implementation Regulations 2018 (as amended) (the regulations). In particular, these include requirements that a company's activities be "directed and managed" from Guernsey, and that certain "core income-generating activities" (CIGAs) be carried out in Guernsey. Diffi...

To print this article, all you need is to be registered or login on Mondaq.com. In order to encourage the development of innovative pharmaceutical companies in China, patent term extension (PTE) is introduced for the first time to the amended Chinese Patent Law that will take effect from June 1, 2021. PTE was first introduced from the Hatch-Waxman act of the U.S in 1984, with the aim to make up for the time taken for the clinical trials and market approval of a drug. At the beginning of 2020, PTE was mentioned in the Economic and Trade Agreement Between China and the U...

Introduction For many Guernsey tax-resident companies, the onset of the COVID-19 pandemic created difficulties in complying with economic substance requirements. Guernsey tax-resident companies carrying out certain relevant activities must comply with the substance requirements set out in the Income Tax (Substance Requirements) Implementation Regulations 2018 (as amended) (the regulations). In particular, these include requirements that a company's activities be "directed and managed" from Guernsey, and that certain "core income-generating activities" (CIGAs) be carried out in Guernsey. Diffi...

According to the STA Notice on Some Tax Treatment Issues During the Implementation of the Corporate Income Law (Guo Shui Han [2009] No.202), when calculating the pretax deduction cap for advertising expenses and business publicity expenses, enterprises should determine the sales (business) revenue – which should include main business income, other business income, and deemed sales (business) income stipulated in the Article 25 of the Implementation Regulations for the Corporate Income Tax Law. Deduction of advertising and business publicity expenses under a sharing agreement with associat...