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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. This article intends to offer you a brief introduction to the most basic Chinese accounting […]

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China: Transfer Pricing Regulation Update


  On 13 July, the State Administration of Taxation issued a notice related to the long-expected adjustments in regulations of transfer pricing. With the announcement [2016] No.42, the previously valid “Implementing Measures for Special Tax Adjustments (for Trial Implementation)”, (Guo Shui Fa [2009] No. 2) effective for 8 years is partly replaced by SAT [2016] […]

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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) in 2016 in China. The measures’ aims: To bring simplicity and equality by avoiding different […]

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ECOVIS in Shanghai and Taicang qualified to review investors’ documentation interested in China’s financial leasing industry


Throughout China’s implementation of the 11th and 12th 5-year-plan the country was seeking to reform and develop its short-term and long-term financial leasing system so as to let the pawn industry play an active role in meeting financing needs of small, medium and micro-sized enterprises but also to support emergency requirements of residents as well […]

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China: 2016 will bring an increased focus of authorities on transfer pricing and tax-avoidance


As ECOVIS Ruide was covering last year in our March issue of the our newsletter, on March 18th, 2015 the State Administration of Taxation (SAT) announced a new regulation concerning Enterprise Income Tax (EIT) Issues. Specifically the Disbursement of Expenses by Enterprises to Their Overseas Related Parties also known as transfer pricing was regulated in […]

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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 full amount in light of actual situation.

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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 Assets” (Cai Shui [2015] No. 106) (hereinafter “Document No. 106”). Furthermore, on September 25 the […]

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In 4 Steps to the Annual Compliance Review


Doing it right! How to do your Annual Compliance Review in 4 steps: The Annual Audit, the Annual Foreign Currency Filing, the Annual Tax Audit and Clearance and Report of Enterprise Information Publicity.

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Deadlines for the Annual Compliance Review


As for the annual compliance review: it is not hard work but it needs to be done right. Do not see it only as an additional burden for your company. It is a great chance to do a small “health check” of your operations, to evaluate the tax burdens, the compliance status, the financial structure, […]

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Abgabefristen für den Jahresabschluss auf einen Blick


Die Jahresabschlussprüfung ist nicht kompliziert, aber sie muss gemacht werden. Sehen Sie die Überprüfung nicht als zusätzliche Last für Ihr Unternehmen. Sehen Sie sie als Chance ihr Unternehmen einem Gesundheits-Check zu unterziehen.

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