Tax & Accounting

Billing Issues for SME’s with Hong Kong Holding Companies


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 […]

IRS to Open Office in Beijing


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 […]

China to Tax Online Business


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/August Issue of China Briefing Out Now


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 […]

U.S. Banks Finding Closed Doors as China Opens to Europe


June 27 – China is opening the door to European banks faster than U.S. ones according to a Financial Times article published today. The article, by Sundeep Tucker, asserts that European investment banks have established momentum over their U.S. rivals in the race to develop Chinese securities joint ventures, as it appears Beijing is delaying […]

China’s New Tax Incentives


By Dezan Shira & Associates June 18 – With the unification of China’s tax base at the beginning of 2008 to 25 percent (as predicted by China Briefing in April 2006, see page ten of the issue) much of China’s previous tax incentives for attracting foreign investment into the country dried up. Gone were the […]

Conducting Cost of China Business Assessments


By Dezan Shira & Associates June 17 – With the adjustment of China’s corporate tax base six months ago to a universal rate of 25 percent for all businesses, barring a few exceptions for encouraged industries, and the abolition of the profits tax breaks of manufacturing industries, many now mourn the passing of the “good […]

New Recognition Procedures for High-tech Enterprises


By Ronin Lin June 11 – On April 14, 2008, the Ministry of Science and Technology, the Ministry of Finance together with the State Administration of Taxation promulgated the Administrative Measures for Recognition of High – New Technology Enterprises (Circular 172) governing the recognition of high-tech companies. Article 4 of the circular states that recognized […]

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