Other Briefings
Why is China’s Tax System so Complex?
Despite recent efforts to streamline the tax system, China’s tax system can be bewildering for foreign investors unaccustomed to its intricacies and idiosyncrasies. In this article, we examine why China’s tax system is so complex.
How China’s VAT System Skews Financial Reporting
Foreign investors reviewing Chinese financials may find themselves at a loss to ascertain the standard for booking revenue and expenses. Here, we look at how distortions in financial reporting can arise from China’s VAT system.
Internal Control for Day-to-Day Operations in China
The issues that arise in day-to-day business in China present a unique business environment for implementing internal control. Here, we outline areas where companies in China are often exposed to fraud, and present practical internal controls to mitigate exposure.
China Deepens VAT Reform to Combat Financial Complexity
The government’s latest effort to improve the tax system sets out to enhance the non-standardized tax rate structure, simplify the tax compliance system, and push forward VAT legislation. In this article, we look at how the latest announcement by the State Council fits in with the recent tax reforms.
Export Tax Rebates in China
While a useful channel for recovering the costs of input taxes paid, not all goods are subject to tax refunds upon being exported. Businesses must register for, and keep tax authorities updated on their exports eligible for VAT tax refunds. In this article, we look at the different types of tax rebates, and how to obtain them.
Internal Control Review: Audit and Evaluation in China
An internal control review (ICR) might be the best step for foriegn companies to assess internal controls within their Chinese subsidiaries. Unlike annual audits, the ICR focuses on the specific management process in place. In this article, we investigate key considerations and specific steps involved to carry out an ICR.
New FASB Lease Accounting Standards Impact US Businesses in China
In February 2016, the FASB issued new lease accounting guidance which eliminates the historical concept of off-balance sheet treatment for “operating leases” for lessees for the vast majority of lease contracts. In this article, we look at the structure of the new lease model, and other accounting considerations for lessees.
Internal Control in China – New Issue of China Briefing Magazine
The latest issue of China Briefing Magazine, Internal Control in China, is out now and available for download.
