Tax & Accounting

Oh Shanghai, where art thou?


The development of the city into an international financial center has stalled By Chris Devonshire-Ellis  SINGAPORE, Feb. 29 – The much lauded attempts to reposition Shanghai as a regional financial center appear to have ground to a complete halt. Statements made just a few years ago such as “In five years we will overtake Hong […]

China securities regulator appoints new vice-chairman


Feb. 28 – The China Securities Regulatory Commission announced today that it has appointed Yao Gang as a vice-chairman, amid a slew of high-level personnel changes. Yao was formerly an assistant to CSRC chairman and director of the CSRC public offering supervision department, Xinhua reported the CSRC website stating. The securities regulator also named Zhu […]

Hong Kong ’08 budget proposes HK$75 billion in relief measures


HONG KONG, Feb. 27 – In his annual budget speech, Financial Secretary John Tsang announced a host of changes amounting to HK$75 billion tax reductions. While legislative amendments are required for implementing each of the relief measures proposed in the budget, the changes should provide a boost to the territory’s economy. Here’s a look at […]

Practical Accounting – It’s Really All In The Numbers


February 7th – It’s always good to meet other industry professionals, and we all love a bit of media attention. So it was when our Senior Partner, Chris Devonshire-Ellis, bumped into Howard Wolosky, Editor-in-Chief at America’s industry standard “Practical Accountant” ( magazine at a global tax conference in Las Vegas last week. The publication deals […]

Dezan Shira & Associates global network billing reaches US$1.6billion in 2007


Big Four staff moving to larger boutique firms as industry focus shifts LAS VEGAS, Jan. 22 – The Leading Edge Alliance firms yesterday revealed their total billing for professional services globally reached US$1.6 billion for 2007, an increase of 21 percent over 2006 figures. Dezan Shira & Associates, the Alliance’s largest Asian practice announced individual […]

China to introduce resource tax system in 2008


Jan. 11 – Details of a new resource taxation system will be announced this year, an official with the State Administration of Taxation said on Thursday. While the system is still being finalized, it may include a shift to taxation by price instead of volume and an expansion of the category of taxable resources Xinhua reports. The […]

Filing annual individual income tax returns in China


By Smile Yu/Dezan Shira & Associates  BEIJING, Jan. 2 – Early in 2008, expatriate employees in China with annual incomes in excess of RMB120,000 (about US$16,200) should complete an annual self-declaration to be submitted by the end of March – at the latest – for their income earned in the 2007 tax year. This annual […]

China’s audit regulations – Filings shortly due


Getting prepared for your annual audit inspection By Chris Devonshire-Ellis BEIJING, Dec. 19 – All foreign invested businesses in China are required to prepare annual financial statements, including balance sheets and income statements for their annual Chinese audit. Such accounts must be in accordance with the Chinese accounting standards for business enterprises – there are […]

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