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Tax Guide China
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Accounting
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Accounting
Accounting in China
The Chinese Generally Accepted Accounting Principles (China-GAAP) are similar to the International Financial Reporting Standards (IFRS), but differ from the American accounting system (US-GAAP). Most foreign companies are unaware of these differences, and are, therefore, running the risk of non-compliance....
Summarized changes for you implied in the business tax to value-added tax changes
As had been shared earlier this month once by our Ecovis Beijing office, Premier Li Keqiang on 5 March, introduced the government report and with it the announcement that value-added tax (VAT) is going to completely replace business tax (BT)...
Tax deductibles of R&D expenditures in China
The “Law of Enterprise Income Tax” and its “Implementing Regulations” provide that the R&D expenditures incurred for the purpose to develop new technologies, new products and new crafts, can be subject to 50% more additional deduction after being deducted in...
Accelerated Depreciation of Fixed Assets
According to the decision of the State Council on September 17, 2015 the Ministry of Finance and State Administration of Taxation jointly issued the “Circular on Further Improving the Enterprise Income Tax Policies relating to the Accelerated Depreciation of Fixed...
Five reasons for outsourcing bookkeeping in China
Outsourcing your bookkeeping can help running your business more effectively and enables you to focus on the core competencies of your company. In addition, subcontracting a professional accounting firm for providing bookkeeping or payroll processing can increase your profitability, reduce...
Import & cross border payment solutions with 3rd parties in China – A Case Study
Companies importing products to China often face a complex set of payment rules. We did a case study about a previous clients issues concerning cross border payment. (more…)
Buy Assets Now to Save Taxes – The New “Shortened Depreciation”
By Grace Shi, ECOVIS Beijing China By adopting the new shortened depreciation method, companies in certain industries can ease the financial burden of asset acquisition. (more…)
Accelerated depreciation of fixed assets, scope is expanded
By Yi Wang, ECOVIS Ruide China In October 2014, Ministry of Finance promulgated “Circular on Improving the Enterprise Income Tax Policies relating to the Accelerated Depreciation of Fixed Assets” (Cai Shui [2014] No.75). In November 2014, State Administration of Taxation...
How Capital Verification Can Help You Pick the Right Customers and Avoid Losing Money!
By Richard Hoffmann, ECOVIS Beijing With an increasing rate of foreign companies coming to China seeking trade opportunities, a horizon of concern arises. Most concerns are related to the ability to pay and reliability of the potential stakeholders. Capital Verification...
Payroll and Bookkeeping: Evaluating the Decision to Outsource
By Richard Hoffmann, ECOVIS Beijing As you develop your company, consider outsourcing payroll and bookkeeping in the first years of your business. In our new brochure, the decision to outsource is evaluated considering that a third party can ensure comprehensive and compliant...
M&A in Germany: the perfect foreign investment?
By Richard Hoffmann, ECOVIS Beijing Mid-sized German businesses are a hot takeover target for Chinese companies. German business is known for its innovation and product integrity, a natural match for China’s large market and manufacturing prowess. As this relationship becomes more apparent,...
Five reasons for outsourcing bookkeeping in China
Many business owners can, effectively, only manage a handful of staff. Rather than doing everything internally and specializing in all relevant business activities, business owners should think about what activities to outsource. Outsourcing is when a company subcontracts an outside...
Company Liquidation: A comprehensive guide on how to proceed [3/4]
By Richard Hoffmann and Michelle Yan, ECOVIS Beijing China Doing business will always have its success and failures. However, in the case where it really comes down to needing to liquidate your company, there are formal steps in which you should closely follow....
HGB and China GAAP – what are the differences?
by Richard Hoffmann, ECOVIS Beijing China Preparing the yearly financial statements is not just a duty in China but also a health check for your company – If several subsidiaries in different countries are involved and different accounting standards come into consideration,...