Other Briefings
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.
New VAT Rates in China Simplify Tax Administration
China has simplified its four tiered VAT system to three tiers, eliminating the 13 percent bracket. Here, we look at which taxable items have been affected most by the change, and provide an up-to-date table of new VAT rates.
Tax Considerations for Legal Representative Offices in China
A legal representative office (LRO) does not have access to as many funding options as a profit-generating business, which can collect revenue by means of invoicing customers but also related-party entities in the same group. In this second part of a two part article, we explore taxation and funding issues for LROs.
WeChat’s ‘Fapiao Helper’: A User’s Guide for this Helpful App
From July 1, 2017, corporate tax codes will be required in addition to company name in order to issue fapiao. In reaction to this, WeChat has launched a convenient new ‘fapiao helper’ function. Here, we present a step-by-step guide on how to use it.
Pilot Tax Policies for Venture Capital Enterprises and Individual Investors in China
The new preferential tax policies aimed a corporate and individual investors will mean that invested amounts will be able to deduct from taxable profits of tech startups. In this article, we detail the new policies, and eligibility requirements for investors and tech enterprises.
