Other Briefings
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.
China’s New VAT Fapiao Requirements to Affect Taxpayers, Service Providers
The new fapiao policy, which will come into effect on July 1, 2017, will change the type of information taxpayers need to provide when obtaining a fapiao. It also specifies measures fapiao issuers (service providers) need to take to be compliant.
China’s Accounting Standards: Chinese GAAP vs. US GAAP and IFRS
The completion of annual statutory audits and settlement of all relevant tax liabilities are prerequisites for FIEs to distribute and repatriate their profits or dividends back to their home country. In this article, we explore the differences between China and the US’ accounting practices, and how to stay in compliance when conducting annual audit.
Individual Income Tax for Expats in China
In China, though individual income tax (IIT) is usually filed by employers’ HR behalf of employees in, both parties should be aware of tax thresholds, and implement salary planning to reduce tax liability. In this article, we give a general overview of how IIT works for foreign nationals working China.
Transfer Pricing Investigation in China: Understanding the Latest Adjustments
China’s State Administration of Tax has issued new regulation for transfer pricing and special tax investigation adjustment, which came into effect on May 1, 2017. In this article, we look at the change in scope of the regulation, and its impact on foreign enterprises.
