Tax & Accounting

Individual income tax reports must be filed by the end of March


Expatriates earning income in China must self report within the next two weeks  Mar. 8 – China’s new self reporting regulations dictate that expatriates working in China and earning salaries of over RMB120,000 annually must complete self reporting and complete their individual income tax returns by the end of this month. Late payment penalties of […]

China allows more foreign banks to incorporate locally


BEIJING, Mar. 7 – China’s banking regulator said yesterday it would continue to push for the local incorporation of foreign banks. The China Banking Regulatory Commission (CBRC) also urged locally incorporated foreign banks to build a wall separating themselves from parent banks and remaining Chinese branches. They should also set up independent risk control, accounting and […]

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 […]

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