Aug. 11- China’s National Audit Office (NOA) has set-up two departments tasked to review state-owned companies and their overseas national assets. These departments will examine the companies’ fiscal revenue and social security funds in addition to establishing links with other international audit organizations. In a statement, the NOA said, “The office will also pay more[…..]
Aug. 1 – China increased the tax rebate on textiles and garments from 11 percent to 13 percent today. The tax relief will help textile exporters who have been hurt by slumping demand, higher costs, and the RMB rising value This increased tax rebate is expected to boost exports, most significantly for silk, chemical fiber,[…..]
July 25 – In November 2007, the Ministry of Finance and the China Appraisal Society jointly announced an asset appraisal standards system, comprising 15 appraisal standards. The standards system comprises two parts: professional ethics standards and business standards. The business standards are classified into four categories: basic standards, detailed standards, valuation guidelines, and guiding opinions.
July 23 – Long held at an artificially low rate by the Chinese government, the RMB has been allowed to slowing appreciate in recent years, helping to ease a growing trade imbalance with the United States and the EU. The rising value is just one example of how Beijing has maneuvered tools in place to[…..]
By Chris Devonshire-Ellis July 18 – Most SME’s have established operations in mainland China with a company in Hong Kong to support their China operations. These companies have done so to direct billing for China work through their Hong Kong company to take advantage of lower corporate income tax base of 16.5 percent in Hong[…..]
BEIJING, July 6 – The U.S. Internal Revenue Service is opening an office and place an attaché within the U.S. Embassy in Beijing. The office, which will open “by the end of the 2008 fiscal tax year” according to Barry Shott, the deputy commissioner for the large and midsize business division, will focus on the[…..]
July 3 – China has announced that online businesses are now required to register and pay taxes. The new rule covers corporations as well individuals who make profit online. The rule does not apply to people who sell or swap personal goods online not for profit, according to sources. The Beijing Administration for Industry and[…..]
July 1 – The July/August issue of China Briefing magazine is out now and available for download (click on the image – subscription required, however this is complimentary). In this issue, we take an in-depth look at Beijing, concentrating on the reemergence of the capital as the nation’s financial center. The development of Beijing’s Financial[…..]