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Taxes in China
04 months ago
Taxes in China
China has tax treaties with the US as well as other countries that are set up to prevent individuals from being double taxed. However, the treaties are also designed to help each country catch the cheats. Penalties for tax evasion are far more severe in China than in the United States. For example, in the US you will get a slap on the wrist and a fine, but in China you will earn yourself a free trip behind bars. Since the spring of 2006, the tax bureau has been connected with the immigration bureau, so if you are going to get caught, its more than likely to be at the airport, just as you thought you were going to get away with it. Say goodbye to your friends and family, because it may be a long time before you see them again.
As an expat in China, you might be required to pay taxes both in China and in your home country, especially for atypical income such as property taxes and royalties. Ask your employee to help sort it out before accepting the job. Taxes can be very complex however, and the more you try to play it by the book, the high your bill will be.
The Individual Income Tax in the mainland tax just like in the US. The first 4000RMB isn’t taxed, but for wages up to 20,000 RMB you are taxed at a marginal rate of 20%. for wages 20,000RMB to 40,000RMB, the tax rate is 25%, and so on. China’s ITT tax rates are among the highest in Asia. The rates are lower for people who are classified as “individual entrepreneurs”, and tax brackets are higher in high cost cities such as Shanghai. Some expats split their work between two schools and keep their earning below 4000 RMB with each employer. (more…)
A Coupon to be used to Get Discounted Price
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Kai Tak Remembered
04 months ago
Kai Tak
More than a decade has already passed since the former Hong Kong International Airport at Kai Tak closed for business on July 6 1998 to be replaced by the superb new facility built on reclaimed land at Chek Lap Kok on Lantau Island. The two airports are like chalk and cheese; one futuristic, the other was long past its sell by date; but there are still plenty who mourn the demise of the old place. Many are pilots who readily recall the adrenalin rush as they guided their aircraft along the instrument guidance system (IGS) just a few hundred feet above densely populated Kowloon tenements towards the infamous orange and white painted checkerboard. When this was in view and the aircraft correctly aligned at a height of just 675 feet (206 metres), a sharp 47 degree turn was required to take the aircraft through a sweeping curve before levelling out 150 feet (46 metres) from the runway threshold.
At night, a unique lighting system set precisely at 400-foot intervals on rooftops and specially built gantries guided pilots towards the runway centre line. As final approach was imminent the spacing between the lights decreased to 200 feet. The need to use lights to guide pilots in this way, enforced a ban on flashing neon signs throughout Hong Kong to avoid distracting inbound pilots. The weather was often bad; typhoons, microbursts and severe crosswinds added to the workload of pilots and in many respects Kai Tak was a major accident waiting to happen. A few errant aircraft did end in the shallow waters of Kowloon Bay and it was indeed fortuitous that no commercial airliners ever came down on the crammed dwellings of Kowloon or missed the turn to end up ploughing into Lion Rock. This was due mainly to extremely good aviation skills, excellent air traffic control and, more specifically in the early days, an amazing element of luck. The airport certainly had its share of incidents and many aviation enthusiasts will have seen the video on ‘You Tube’ that shows how close a Korean Air Boeing 747 came to disaster during an extreme weather landing. (more…)
Phenomenal Action Games in China
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The Showdown
China has become home to non conventional games like the X-Games since the advent of the Olympics. While the traditional Chinese martial arts is still popular, the induction of the adrenaline inducing X-Games has left its mark. The country now hosts Action Games Sports Tours on a regular basis which sees huge participation. The popularity can clearly be witnessed by the fact that the country is now home to the world’s biggest skating park. The interesting fact of the situation is that these adventure sports evolved in the country after the sponsors found that there was a huge market to sell their products in.
Learning Chinese martial arts may not be the only option for sport-lovers visiting China. Being the host of the Olympic Games, the country has made way for non-traditional sports to make sure that visitors from around the globe feel completely at home when on the China tour. Now the world’s largest skate park has been built in Shanghai. Spanning an area of 44,936 sq. ft the SMP Skate Parkhouses several skating rinks inside it. There is everything here that a skater can want. There are flat banks, quarter pipes, hips, hand rails, wall rides and everything else that one would be looking for. This skate park has become a part of the Mandarin culture and the pro and neo skaters can be found honing their skills here.
There is an annual competition called the “The Showdown” that is held there. A 12,300 square foot viewing deck and plaza that allows an enormous crowd to gather and watch the ongoing fun.
The initiation of the X games and their rising popularity in China, surprisingly has been a result of a number of businessmen seeking new business opportunities in sports. In 2006, a group of five Chinese businessmen visited NBC Sports in their quest for new business opportunities in the light of the upcoming Beijing Olympics. They saw a presentation from Dew Action Sports Tour and decided to introduce and promote action sports in China. As a result in August 2007 Xingyi cut a deal with NBC to bring Action Sports Tour to Beijing. This not only popularized the games that did not receive recognition in China earlier but also offered the companies offering sports accessories an opportunity to promote their products and consequently the Action Games in China.
X-Games, Action Sports Tour and Action Sports Association held events in the Mandarin territory in 2008 and there has been no turning back ever since. An interesting fact to note is that; in the U.S. the “sport” came first and the industry got built around them whereas in China it has been the exact opposite. It was only after the industry established itself that the games grew around it. This has all gone so well that the world’s largest skating park is now a rage in the country.