In China, January and February brings New Year banquets, transportation chaos…and annual compliance procedures.
Prior to distributing and repatriating profits, foreign-invested enterprises (FIEs) must complete annual compliance, involving an audit, tax filing and inspection. These procedures are not only required by law (and completing them improperly could lead to fines), but are a good opportunity to conduct an internal financial health check.
In this magazine, we take you step-by-step through this process for representative offices (ROs); and for joint ventures (JVs), wholly-foreign owned enterprises (WFOEs) and foreign-invested commercial enterprises (FICEs).
Closely connected to the annual compliance process are the topics of tax deductions and IIT calculations (especially for expatriates). In the second and third article of this issue, we overview both of these topics, clarifying what is tax deductable and the “who and what” of IIT for expatriates.
Including:
To read the full version of this magazine, please purchase this issuein the Asia Briefing Bookstore. Companies requiring assistance may contact Dezan Shira & Associatesat china@dezshira.comor visit www.dezshira.com.
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm, please contact one of our specialists at china@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
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