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China’s Polluted Air is an Opportunity for Foreign Technology

Posted by PTL Group
PTL Group
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on Wednesday, 08 March 2017
in Business in China

The Chinese are finding it hard to breathe. According to the WHO, the proper air quality level for daily living is no more than 25 micrograms of pollution particles per meter cubed of air. During the first days of 2017 in Beijing, the concentration of pollution particles in the air passed 500 micrograms, over 20 times the limit!

Under these conditions, PTL Group, as a company that provides shared offices in China and offers services including business and operational support for foreign companies, strictly maintain air quality and their offices are equipped with all required air filtration equipment, as well as a measuring device which shows the air quality at all times.  The company, managed by Arie Schreier, was awarded first place in a competition held by gem in Shanghai, which tested the air quality in a large number of co-working spaces in the city. The competition tested the air quality using three parameters: 2.5PM (concentration of small particles that pass through the respiratory system), amount of carbon in the air and amount of VOCs.  

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China has restricted its overseas transaction regulations

Posted by PTL Group
PTL Group
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on Wednesday, 08 March 2017
in Business in China

Since the beginning of 2015 the value of the yuan against the dollar has weakened, devaluating more than 6% in 2016. Meanwhile, a large amount of capital left China, which led Bloomberg to 

estimate that China has suffered more than $1.7 trillion in capital outflow since 2015. A big percentage of this outflowing capital was used for overseas real estate investment by individuals and groups, some of which also involved money laundering. To slow down this outflow and combat money laundering the State Administration of Foreign Exchange (SAFE) is introducing restrictive measures that will be implemented from July 1 2017. After the implementation of the new measures, individuals are still allowed to transfer up to 50,000 USD yearly overseas, however the money transferred is not allowed to be used for real estate investment purposes, only for medical or travel services. If individuals want to transfer a higher amount they have to disclose their reasons and wait for regulators to evaluate their case. In addition to this, financial institutions will have to document all transactions, and since January 1 2017, the Bank of Shanghai and China Merchants Bank are required to have their customers complete a form if they want to exchange RMB to foreign currencies through mobile bank apps.

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New Regulations for Third-Party Payment Services

Posted by PTL Group
PTL Group
PTL Group has not set their biography yet
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on Wednesday, 08 March 2017
in Business in China

The past few years have shown that payment through third-party services has become more and more popular among the Chinese population, and this popularity is only set to increase. Today many shops, retailers and restaurants accept third-party mobile payments such as Ant Financials’ Alipay or Tencent Holding’s WeChat Pay. On one hand it is convenient for customers to use third-party payment, but on the other hand it has a higher risk of money laundering and there is less transparency with these companies.

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2017 Chinese/Jewish Holidays Calendar

Posted by PTL Group
PTL Group
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on Tuesday, 13 December 2016
in Business in China

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China's New Transfer Pricing Rules

Posted by PTL Group
PTL Group
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on Friday, 02 December 2016
in Business in China

Written by Zachi Lichtblau at Bonnard Lawson International Law Firm

On the 13th of July 2016 China's State Administration of Taxation (‘SAT’) released Bulletin 42 that contains the new transfer pricing documentation rules. Since it will have a far-reaching impact on taxpayers, it is of great importance to be aware of the content and effects of these (partly) new rules. In principle, all multinational companies engaged in cross-border, related-party transaction can expect to be significantly affected by the transfer pricing documentation requirements in Bulletin 42. An exception has been made for multinational companies that are engaged in purely domestic related-party transactions.

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