Internet Platform Tax Reporting Regulations Take Effect
The State Council unveiled the Internet Platform Enterprise Tax Information Reporting Regulations on June 23, 2025, requiring quarterly submissions of identity and income data for platform-based businesses and workers to tax authorities. Initial reporting begins this October.
Key exemptions:
– Delivery, transportation, and domestic service workers’ income data are exempt
– Cross-agency data sharing reduces duplicate filings
Officials clarified that compliant businesses will see no tax changes, while non-compliant entities (e.g., those hiding income) will face normalized taxation.
👉 Discover how global tax policies impact digital economies
Government Procurement Crackdown Begins
A joint initiative by the Ministry of Finance, Ministry of Public Security, and SAMR targets four violations until January 2026:
1. Discriminatory tender clauses
2. Agency fee abuses
3. Fraudulent supplier documentation
4. Bid-rigging schemes
2023 Context: China’s procurement market totaled ¥3.39 trillion, representing 10% of fiscal expenditure. This year’s audits will prioritize large agencies and past violators.
Six-Point Financial Plan to Boost Consumption
China’s central bank and five agencies introduced 19 measures across six dimensions:
| Focus Area | Key Actions |
|---|---|
| Product Upgrades | Financing for replacement programs |
| Service Economy | Tourism, education, housing support |
| Emerging Trends | Digital/green/health consumption |
The strategy aims to enhance purchasing power while stimulating service-sector demand.
👉 Explore financial tools for consumer growth
Third Round of Trade-In Subsides Arrives in July
The NDRC confirmed July disbursements for replacement programs, with:
– ¥200 billion in ultra-long bonds (first batch: ¥173B for 7,500 projects)
– Weekly fund allocation plans to ensure even distribution
Sector Impact: Appliance and auto industries expected to benefit most.
Hong Kong’s Digital Asset Leap
The Digital Asset Development Policy Declaration 2.0 introduces:
– LEAP Framework: Legal reforms, tokenized assets, cross-industry applications
– New Rules: Stablecoin oversight + tax-free tokenized ETFs
– Market Response: 11 licensed exchanges; brokerages like Guotai Junan surged 468% post-license approval
Analysis: While establishing Hong Kong as a crypto hub, analysts warn of volatility risks despite regulatory advances.
FAQ
1. How will small platform sellers be affected by the new tax rules?
Most will see no change unless previously underreporting income. Simplified filings for micro-transactions remain.
2. Can foreign firms participate in China’s procurement market?
Yes, but must comply with anti-discrimination rules. Recent reforms aim to increase accessibility.
3. What’s the deadline for trade-in subsidies?
Funds will roll out through December 2025, with no fixed cutoff—early applications recommended.
4. Does Hong Kong’s crypto license allow mainland Chinese investors?
No—Mainland China maintains separate crypto restrictions. The license serves international markets.
5. How might US interest rates impact China’s policies?
PBOC maintains independence but monitors Fed moves for potential capital flow effects.