Tax & Accounting

Dezan Shira’s Tax Network World’s Third Largest

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Global 2008 revenues in excess of US$2 billion Jan. 9 – The Leading Edge Alliance, the global network of international accounting and audit firms that Dezan Shira & Associates is the China member of, has just been ranked as the third largest international association of independent accounting firms by the International Accounting Bulletin, the accounting […]

China Increases Export Tax Rebates

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Jan. 5 – China’s Ministry of Finance announced that it will further increase tax rebates for exports including 533 hi-tech and machinery products beginning this year as its way of aiding the export market that has been hard hit by the global economic slowdown. Businesses exporting industrial robots and airplane navigation systems can now avail […]

China Eastern Stocks Fall after Share Sale is Expanded to RMB7 Billion

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Dec. 30 – Shares of China Eastern, the nation’s third-largest carrier, dropped 3.9 percent in Hong Kong trading after expanding a discounted sale of new shares to its parent. According to Bloomberg News, the airline fell to HK$1.24 in this morning, after declining as much as 6.2 percent and gaining as much as 4.7 percent. […]

China to Establish Social Security Fund

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Dec. 23 – China announced plans Monday to establish a social security number system for the welfare of its citizens. State media reported on Tuesday that the draft of the social insurance law was discussed by the Standing Committee of the 11th National People’s Congress, the country’s top legislature, on Monday. According to the draft, […]

AmCham Shanghai Launches 2008 China Business Report

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SHANGHAI, Dec. 17 – The American Chamber of Commerce in Shanghai launched their 2008 China Business Report today, based on an online survey answered by 238 U.S.-based companies doing business in the country. The survey, conducted prior to the eruption of the global credit crisis in September and October of this year prior, provides a […]

Overseas Banks Reneging on China FDI Commitments

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Dec. 16 – Several international banks are reneging on previously agreed financing for multinational clients to secure investment capital for overseas expansion, said Chris Devonshire-Ellis, the senior partner of Dezan Shira & Associates. Citing several recent examples, he explained that some businesses, already committed to licensing and approvals processes in China, were now finding that […]

China Raises Money Supply to Help Liquidity

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Dec. 15 – China’s State Council has announced that it would increase money supply growth from 16 percent to 17 percent to stabilize the capital market and aid the slowing economy. The new figure is 3 to 4 percentage points above the total growth of economic output and consumer prices. The measure comes three days […]

China Considers Cutting Purchasing Tax for Vehicles

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Dec. 12 – The Chinese government is mulling over either reducing or cutting purchase tax for vehicles and granting subsidies to environmentally friendly energy vehicles to encourage its use. According to Shanghai Daily, Chinese carmakers, including Guangzhou Automobile Industrial Corp. and Geely Automobile Co., are asking for government support for slowing vehicle sales during the […]

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