Talent Spot | China’s New Individual Income Law

China's top legislature adopted an amendment to the Individual Income Tax Law, raising the minimum threshold for paying personal income tax from 3,500 yuan ($510) to 5,000 yuan per month, or 60,000 yuan per year. The new tax threshold is set to take effect on Oct 1, before the whole amendment comes into force on Jan 1. However, there is a transition period starting from October 2018, which will include some of the new policies, such as the additional income allowance, and some of the current policies, as it will not include the additional deduction categories.

The aim of the new amendment of the Individual Income Tax Law is to ease the tax burden for low to middle-income earners while taking a higher standard on higher income earners. Overall the new tax system plans to reduce the tax burden on the middle class and deepen income distribution.

What are the changes?

Tax Residence Rule

The Draft draws from international practice and introduces the concepts of “resident taxpayers” and “non-resident taxpayers” for tax purposes. It also intends to modify China’s personal tax residence rule to a 183-day test from the existing one-year test.

Consolidating Income with Similar Nature for Taxation

The Draft grouped four categories of labor income, including income from salary and wages, income from the provision of independent personal services, income from author’s remuneration, and income from royalties, into the scope of “Comprehensive Income,” and one set of progressive tax rates will apply for determining the IIT. Resident taxpayers will be taxed on an annual basis while non-resident taxpayers will still be taxed on monthly taxable income or as and when taxable income arises.

At the same time, income from a production or business operation conducted by the self-employed will be re-classified as "Income of Operations," and income from contractual or leasing operations to enterprises and institutions will be incorporated into Comprehensive Income or Income from Operations depending on the nature of the income.

Income from operations, interest income, dividends, income from property leasing, income from the transfer of an asset, incidental income, and other income will still be taxed separately at the rate prescribed for that category of income.

Income Tax Brackets

Personal income tax in China ranges from three percent for monthly taxable incomes of RMB 1,500 per month to 45 percent for taxable incomes greater than RMB 80,000 per month. This means that the lower tax rates are now applied on a wider range of income levels, while the higher tax brackets remain the same.

Personal income tax threshold will be raised up from RMB 3,500 to RMB 5,000 (i.e., RMB 60,000 per year) for Chinese nationals, and RMB 4,800 to RMB 5,000 for foreign individuals.

If introduced, the new personal deduction will apply to all, and the current step-up in the personal deduction (i.e., RMB 1,300 per month) for foreign individuals will no longer apply.

Allowing Itemised Deductions for Specific Expenditures

The special tax deduction is only available for resident taxpayers under the new system. The current deductible items, e.g., basic pension insurance, basic medical insurance, unemployment insurance, and housing fund, the Draft has set up additional deductions for specific expenditures which are closely related to people’s lives, such as expenditures on dependent children’s education, continuing education, serious illness medical treatment, and housing mortgage interest and rentals. In the old system, foreign individuals are entitled to the allowance deductions, the current deductible allowances applicable to non-resident taxpayers are no longer available.


How Can Talent Spot International Help You?

Reduce costs: Through the refined management of labor costs, reasonable salary optimization, using current domestic tax policies, combined with human resource management ideas, as far as possible to reduce labor costs for enterprises, to maximize benefits

Improve efficiency: The new tax law has high requirements for HR tax knowledge reserve. Talent Spot International's salary outsourcing team has served many large-scale well-known enterprises in various industries and has the professional understanding and practical experience in tax law knowledge. It can be combined with different regions and industries. Different scales of customer service experience make it easier to help HRs in all regions share the workload.

Compliance: With the implementation of the third phase of the Golden Tax, the integration of the five certificates, and the implementation of the new tax law, the data of the enterprise in the human resources management is completely controlled by the regulatory authorities, and “compliance” has become a rigid demand. The Lide International Compensation Outsourcing Team helps the enterprise. Solve the balance of salary, individual tax, social security, and provident fund, help companies standardize operational processes and share potential risks.

Talent Spot International has over 20 years of payroll outsourcing experiences in China. We concentrate on HR laws and regulations to ensure the payroll services we provide are accurate. Talent Spot payroll outsourcing means faster and easier solutions to improve and drive your comprehensive HR management to the next level.
http://www.talent-spot.cn/

Talent Spot | Using A Recruitment Agency To Help You Avoid Hiring Mistakes

What will you do if you made a hiring mistake? Finding a replacement for a bad hire can be time-consuming, drain energy, and it costs a lot for the company in many ways. Therefore, what are the tips and practices you can learn from your past bad hiring decisions?

Sometimes it happens that a candidate who had the right credentials seemed to fly through the interview process, and had lovely references turns out to be an unexpected problem after hiring. If you’ve been in this situation, you’ve had to face the dilemma of whether it’s worse to be stuck with an employee who can’t handle the work and is damaging to the team or to go public with the admission that you’ve made a significant mistake. Usually, in these situations, it’s less costly to make a change, and the sooner you make it, the better. Although coping with the impact of a bad hire will never be easy, following these steps will help you recover and move on with the least possible damage to all parties.

Prepare for a direct, and probably uncomfortable, conversation with the new hire. Rather than hoping for the best, or trying to deter a confrontation, leveling with the new hire about your dissatisfaction and their performance issues can open the way to joint problem-solving. By sharing your concerns and asking for their input, you may be able to discover workable alternatives, or at least understand how bad the situation truly is. You can start off with something like, “James, I want to talk about the last few weeks, and where we seem to be on track and where we need to make some adjustments.” Keep in mind that the new employee may recognize the same problems that you do and be grateful for the opportunity to clear the air and work on a solution together.

Try to repair the situation with focused feedback or reassignment. One of my clients hired a relatively junior staffer for his moxie, energy, and drive. Within just a few weeks, though, the new employee started broadcasting his concerns that the job was not as exciting or rewarding as he had expected, and he started making careless mistakes and goofing around with other employees. His manager gave him careful feedback on his behavior and asked lots of questions about why the job felt unsatisfying. Luckily, thanks to projected business growth and flexible organizational parameters, the manager was able to shift the new hire to another department and a more challenging job that suited his ambitions better. We developed an intensive training program to equip him for the new role and ensure a smooth transition.

Try to repair the situation with focused feedback or reassignment. One of my clients hired a relatively junior staffer for his moxie, energy, and drive. Within just a few weeks, though, the new employee started broadcasting his concerns that the job was not as exciting or rewarding as he had expected, and he started making careless mistakes and goofing around with other employees. His manager gave him careful feedback on his behavior and asked lots of questions about why the job felt unsatisfying. Luckily, thanks to projected business growth and flexible organizational parameters, the manager was able to shift the new hire to another department and a more challenging job that suited his ambitions better. We developed an intensive training program to equip him for the new role and ensure a smooth transition.

This doesn’t always work. At one client’s company, a new vice president who came from a different industry made numerous commitments to apply the feedback she was receiving, but she didn’t understand the business model and seemed either unable or unwilling to adapt her technical skills, so she was incapable of implementing the feedback accurately. Watch out for the escalation of commitment — many of us resist “giving up” on a tough situation. But if you’re giving the person lots of feedbacks, and you don’t see both significant personal effort almost immediately and actual improvements over the next three to six months, at some point you need to prepare to cut your losses.

Identify both the current and the future expense of keeping the bad hire. In some situations, the negative impact on other team members or the business makes it impractical to look for other internal opportunities or to invest in ongoing development. In one case, a senior executive who had previously worked for a very large public company joined my client, a midsize family-owned company, with such unrealistic expectations about resources and autonomous decision making that he cost the business dearly. Giving him feedback didn’t work, and moving him to another role wouldn’t have solved the problem.

In situations like these, the costs usually include reduced productivity or increased opportunity costs, employee disengagement and possible turnover, and increased interdepartmental conflict. Some clear indicators are missed deadlines or a decline in work quality. A less obvious sign is extra pre- and post-meeting meetings — often an attempt by colleagues to compensate for or work around an underperformer’s struggles. Compare those impacts with the cost of replacement and onboarding for a new candidate.

Company owners may think using a recruitment agency can cost huge money, however, this is not always true. Directly hire candidates may save the bucks at the beginning, but in the long run, you are investing your time and effort to hire candidates, and increases working hiring possibilities. Here are reasons why you should consider a Recruitment Agency:

Using recruitment agencies, you can reach out to maximum candidates, your job posts will be responded immediately.
Interviewing candidates requires a lot of effort, let recruitment agency make this tiring task for you, They will take care of the whole hiring Process for you. Just interview the pre-screened candidates best suitable for your job position. Hire only the best.
Every position and job duty is different, the same applies to the candidate's interviews. Talent Spot International has the rich talent pool and experienced consultants, we know how to reach your potential candidates and hire the best candidates for your hiring investment in a recruitment agency.
As a one-stop HR services company, Talent Spot International offers permanent and temporary job positions. Hiring the right candidates is not easy, you have to interview hundreds of Applicants. Manually verify their work and check whether they are fit to finish the project on time. The whole process is very time-consuming and risky. Talent Spot has different recruiting teams who focus on different industries. With your company need, Talent Spot always has a solution for you, and it limits hiring risks.
Talent Spot International is a one-stop HR service solutions company, get your free consultation if you need more information about Recruitment Services at Talent Spot International.
http://www.talent-spot.cn/page/staffing-service.html

Injection mold principle and structure knowledge

The injection mold consists of two parts: a movable mold and a fixed mold. The movable mold is mounted on the moving template of the injection molding machine, and the fixed mold is mounted on the fixed template of the injection molding machine. In the injection molding, the movable mold and the fixed mold close constitute a casting system and a cavity, and when the mold is opened, the movable mold and the fixed mold are separated to take out the plastic product.

Although the structure of the mold may vary depending on the type and performance of the plastic, the shape and structure of the plastic product, and the type of the injection machine, the basic structure is uniform. The mold is mainly composed of a gating system, a temperature control system, a molded part and a structural part. The gating system and the molded part are in direct contact with the plastic and vary with the plastic and the product. It is the most complicated and most varied part of the mold, and requires the highest degree of smoothness and precision.

The gating system refers to the part of the flow path before the plastic enters the cavity from the nozzle, including the main channel, the cold material hole, the shunt channel and the gate. Molded parts refer to various parts that make up the shape of the product, including moving molds, fixed molds and cavities, cores, forming rods, and exhaust ports.
http://www.adtcmold.com/products/electronic-and-industrial-parts.html

The principle of injection mold talks about the structure, take a look at the structure

An injection mold is a part that imparts shape and size to a plastic during molding. Although the structure of the mold may vary depending on the type and performance of the plastic, the shape and structure of the plastic product, and the type of the injection machine, the basic structure is uniform. The mold is mainly composed of a casting system, a molding part and a structural part. The gating system and the molded part are in direct contact with the plastic and vary with the plastic and the product. It is the most complicated and most varied part of the mold, and requires the highest degree of smoothness and precision.

The gating system refers to the part of the flow path before the plastic enters the cavity from the nozzle, including the main channel, the cold material hole, the shunt channel and the gate. Molded parts refer to various parts that make up the shape of the product, including moving molds, fixed molds and cavities, cores, forming rods, and exhaust ports. The typical mold structure is shown in the figure.

Mainstream road

It is a passage in the mold that connects the nozzle of the injection machine to the splitter or cavity. The top of the main flow path is concave to engage the nozzle. The inlet diameter of the main flow channel should be slightly larger than the nozzle diameter (O.8mm) to avoid flashing and prevent the two from being blocked due to inaccurate connection. The diameter of the inlet depends on the size of the product, generally 4-8mm. The diameter of the main flow channel should be expanded inward by an angle of 3° to 5° in order to demold the flow path

Cold pocket

It is a cavity at the end of the main channel to capture the cold material generated between the two injections at the end of the nozzle to prevent blockage of the runner or gate. If the cold material is mixed into the cavity, internal stress is easily generated in the manufactured product. The cold pocket has a diameter of about 8-10 mm and a depth of 6 mm. In order to facilitate demolding, the bottom is often carried by the stripper. The top of the demolding rod should be designed as a zigzag hook or a depression groove so that the main channel can be smoothly pulled out during demolding.

Split runner

It is a channel connecting the main channel and each cavity in a multi-slot mold. In order for the melt to fill the cavities at a constant velocity, the arrangement of the runners on the mold should be symmetric and equidistant. The shape and size of the cross-section of the runner have an effect on the flow of the plastic melt, the release of the product, and the ease of mold manufacture. If the flow is of equal amount, the flow path resistance with a circular cross section is the smallest. However, due to the small specific surface of the cylindrical flow passage, it is unfavorable for the cooling of the shunt passage, and the shunt must be opened on the two mold halves, which is laborious and easy to align. Therefore, a trapezoidal or semi-circular cross-section runner is often used and is placed on one half of the mold with the stripper. The runner surface must be polished to reduce flow resistance to provide faster mold filling speed. The size of the runner is determined by the variety of plastics, the size and thickness of the product. For most thermoplastics, the cross-sectional section width is no more than 8m, and the extra large can reach 10-12m, and the extra small is 2-3m. Under the premise of meeting the needs, the cross-sectional area should be minimized to avoid increasing the shunting and prolonging the cooling time.

Gate

It is the channel that connects the main channel (or shunt) to the cavity. The cross-sectional area of the channel can be equal to the main channel (or shunt), but it is usually reduced. So it is the smallest part of the cross-sectional area of the entire runner system. The shape and size of the gate have a great influence on the quality of the product. The function of the gate is: A. Control the flow velocity: B. In the injection, the molten material stored in this part can be condensed early to prevent backflow: C, the molten material is subjected to strong shearing and the temperature is raised. , thereby reducing the apparent viscosity to improve fluidity: D, to facilitate separation of the product from the runner system. The design of the gate shape, size and location depends on the nature of the plastic, the size and structure of the article. Generally, the cross-sectional shape of the gate is rectangular or circular, and the cross-sectional area should be small and the length should be short, which is not only based on the above effects, but also because the small gate becomes larger, and the large gate is difficult to be reduced. The location of the gate should generally be chosen where the product is thickest and does not affect the appearance. The gate size should be designed to take into account the nature of the plastic melt.

Cavity

It is the space for molding plastic products in the mold. The components used to form the cavity are collectively referred to as molded parts. Each molded part often has a unique name. The molded part constituting the outer shape of the product is called a concave mold (also called a female mold), and the inner shape (such as a hole, a groove, etc.) constituting the inner shape of the product is called a core or a punch (also called a male mold). When designing a molded part, the overall structure of the cavity is first determined according to the properties of the plastic, the geometry of the product, the dimensional tolerances, and the requirements for use. Secondly, the position of the parting surface, the gate and the vent hole, and the demolding mode are selected according to the determined structure. Finally, the design of each part is carried out according to the size of the control item and the combination between the parts is determined. The plastic melt has a high pressure when it enters the cavity, so the molded parts should be properly selected and checked for strength and stiffness. In order to ensure the smooth and beautiful surface of the plastic products and easy demoulding, the surface in contact with the plastic has a roughness Ra>0.32um and is resistant to corrosion. Molded parts are generally heat treated to increase hardness and are made of corrosion-resistant steel.

exhaust vent

It is a trough-shaped air outlet opened in the mold to discharge the original and the gas brought in by the melt. When the molten material is injected into the cavity, the air originally stored in the cavity and the gas brought in by the melt must be discharged to the outside of the die through the exhaust port at the end of the flow, otherwise the product will have pores and poor fusion. The filling is not full, and even the accumulated air burns the product due to the high temperature generated by compression. In general, the vent hole can be located at the end of the flow of the melt in the cavity or on the parting surface of the mold. The latter is a shallow groove having a depth of 0.03-0.2 mm and a width of 1.5-6 mm on one side of the die. During the injection, the vent hole does not have a lot of melt oozing out, because the melt will cool and solidify there to block the passage. Do not point the opening of the exhaust port to the operator to prevent the fuse from accidentally squirting and injuring people. In addition, the matching gap between the ejector rod and the ejector hole, the matching gap between the top block and the stripper and the core may be utilized to exhaust.

Structural part

It refers to the various parts that make up the mold structure, including: guiding, demoulding, core pulling and various parts of the parting. Such as front and rear splint, front and rear buckle template, bearing plate, pressure column, guide column, stripping plate, stripping rod and return rod.

Heating or cooling device

This is a device for solidifying and shaping the melt in the mold. For thermoplastics, generally the passage of the cooling medium in the male and female molds, the circulating flow of the cooling medium is used for cooling purposes. The cooling medium to be supplied varies depending on the type of plastic and the structure of the product, such as cold water, hot water, hot oil and steam. The key is high-efficiency uniform cooling, which will directly affect the quality and size of the product. The arrangement of the cooling channels and the choice of cooling medium should be considered based on the thermal properties of the melt (including crystallization), the shape of the article, and the mold structure.

Introduction and composition of injection molds

Plastic products are usually produced in batches or in large quantities. Therefore, molds are required to be used with high efficiency and high quality. After molding, they are less processed or not processed. Therefore, mold design must be considered:

1. Determine the parting surface and gate position according to the performance and molding properties of the plastic parts.
2. Consider the processability in the mold manufacturing engineering, determine the design according to the condition of the equipment and the technical strength, and ensure that the mold is easy to process from the whole to the parts, and it is easy to ensure the dimensional accuracy.
3. Consider injection productivity, increase the number of injections per unit time, and shorten the molding cycle.
4. The size and the structure of the hole, column, convex, concave, etc., which are required to be accurate, are expressed in the mold, that is, the plastic part is not processed or processed less after molding.
5. The mold structure is simple and applicable, stable and reliable, short cycle and low cost, easy to assemble and repair and replace wearing parts.
6. Selection and processing of mold materials.
7. Standardized production of molds: Standard parts such as standard mold bases, common ejector pins, guide parts, sprue bushings, and positioning rings are used as much as possible.
First, the basic composition of the injection mold

1. Gating system: the flow of molten material from the nozzle of the injection machine into the cavity, including the main channel, the runner, the gate, the cold well, and the pulling rod.
2. Molded parts: parts of molded plastic parts, such as cores, cavities and other auxiliary parts.
3. Temperature control system: used to adjust the temperature of the mold.
4. Plastic parts ejection system: including side-dividing mechanism, secondary ejection mechanism, first resetting mechanism, several sequence and fixed-distance division mechanism.
5. Mounting section: A part in which the phantom is reliably mounted on the injection machine.
6. Connection system: The connection system that makes each structural component integral.
7. Guide system: to ensure the movement accuracy of each structural member, such as guide columns, guide slots and so on.
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Ford's grand vision for Detroit train station to cost $740 million

WASHINGTON -- Ford Motor Co. disclosed Tuesday it will spend $740 million on a project to revamp Michigan Central Station, Detroit's historic, dilapidated former rail station, as well as other neighborhood sites.
Ford aims to turn the building into a campus of offices for up to 5,000 tech workers and software engineers focused on self-driving vehicles and ancillary technologies and services.
Ford announced the project in June, but had not previously disclosed costs until a community meeting on Tuesday.
The company said Tuesday in a statement it is "working with federal, state and local economic development groups and officials, seeking at least $250 million in tax or other incentives to support the development of the five Corktown sites Ford has purchased."
Ford said total investment in the development of the train station and developing 45 acres of vacant land will cost approximately $740 million over the next four years.
The figure includes acquiring the buildings and land as well as rehabilitation costs "which takes into account the requirements of restoring a historic building such as the train station," the company said.
The automaker said the project costs do not require additional capital beyond what it previously committed as part of its overall 10-year campus plan in 2016.
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