Tax & Accounting

Three Chinese Banks Report US$297 Million Lehman Debt

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Sept. 18 – As the U.S. financial crisis unravels, China’s three top commercial banks have reported their levels of exposure through bonds issued by investment bank Lehman Brothers. The fourth largest investment bank in the United States, Lehman Brothers, had filed for bankruptcy on Monday when efforts to find a buyer failed last Sunday. In […]

China Purchasing Payment Defaults Rise

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HONG KONG, Sept. 5 – In a sign the global downturn is affecting Chinese exporters, payment default rates (non-collectable debts) due from mainland businesses rose in the first six months of 2008 to 1.6 percent of total payments due, according to Coface, the international trade risk financing group. Surveying over 3,000 Hong Kong businesses from […]

National VAT Reform Proposals Submitted to State Council

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Sept. 3 – Proposals to restructure the national application of China’s most important collectable tax, the value-added tax, have been put forward to the State Council and are expected to be implemented shortly. Two measures immediately stand out: VAT, which has not yet been levied on services, is to be attached to service contracts and […]

Chinese Legislators Call for SME and Worker Income Tax Cuts

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Sept. 2 – Several senior mainland legislators called for national tax cuts to be realized at the fourth session of the NPC on Friday, recommending that monthly individual income tax barriers be raised. Currently, workers in China pay income taxes on everything earned above RMB2,000 a month. Zheng Gongcheng, an NPC Standing Committee Member and […]

September Issue of China Briefing Out Now

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Aug. 29 – The September 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 look at the development of outsourced payroll services in China. With recent legislation in labor law, and with China’s national social security and […]

China’s Largest City Bank to Enter Fund Management Business

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Aug. 28 – Bank of Beijing is set to become the country’s first city commercial bank to expand into the fund management business in a joint venture with Canada’s Bank of Nova Scotia. The bank is China’s largest city bank in terms of assets and will a registered capital of RMB300 million (US$44 million). On […]

China to Abolish Administrative Fees for Individual Businesses

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Aug. 25 – The Ministry of Finance announced on their website that administrative fees for individual-owned businesses and market vendors will be abolished beginning September 1. The canceled fees will help individual business owners and urge people to start businesses of their own in the government’s bid to create more jobs for 10 million urban […]

Forex Now Available Outside Banks in China

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BEIJING, Aug. 21 – In a sign that China is further liberalizing its banking industry, it is now possible to exchange foreign currencies at non-banking sites the Beijing Morning Post reported. Citing the Beijing Administration Department of Foreign Exchange under the State Administration of Foreign Exchange, the paper reported that the first chartered site was […]

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