By Dezan Shira & Associates
With the full implementation of the business tax to VAT reform earlier this year, China’s tax and accounting system is still evolving at a rapid pace toward a sophisticated mechanism. In this interview presentation with AmCham, Ines Liu, Senior Associate and member of the International Business Advisory team in Dezan Shira & Associates‘ Beijing office, discusses accounting and tax compliance in China. During the discussion, you will learn more about the main features of China’s tax and accounting requirements and how they differ from those in the west.
RELATED: Tax and Compliance Services from Dezan Shira & Associates
Taxation affects almost all aspects of doing business in China. With an idiosyncratic legal system
widely different to that of Western countries, having a strong understanding of China’s tax liabilities
enables foreign investors to simultaneously maximize the tax efficiency of their overseas investments
while ensuring full compliance with the country’s tax laws and regulations. This also applies to the country’s accounting system, in which its generally accepted accounting principles vary in certain areas from international practice. With its own unique features, such as the fapiao system, China’s tax and accounting environment prove a daunting on first observation. Becoming familiar with these accounting and tax compliance issues is the key to running a successful business in China.
Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email email@example.com or visit www.dezshira.com.
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