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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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VAT Reform to be Completed in May 2016


During the annual National People’s Congress meeting on March 5, Premier Li Ke Qiang announced in his speech of the government report that the VAT reform will cover the last few industries as of May 1st, 2016.  The main points taken out of his speech are as follows:-   As of May 1st, 2016, the […]

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Tax update – VAT (Value Added Tax) Reform to be Completed in May 2016


During the National People’s Congress meeting on March 5th, Premier Li Keqiang held a speech on the government report. He announced that the upcoming VAT reform will cover the last few industries which were not included yet. The main points taken out of his speech are as follows:

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Update: To which extent can international companies operate in China without being forced to pay taxes?


Update: To which extent can international companies operate in China without being forced to pay taxes? Service provision and product order without having an office in the P.R.C.

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VAT in China Part 2


Same as for the EU, in China apart of the selling of products, the import of products is also subject to VAT. In opposite to the normal VAT this so called Importation VAT is an excise tax which is subject to the custom tax law. Therefor it is gathered by the Chinese customs bureau and […]

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VAT in China Part 1


The Chinese VAT system is similar in many aspects to most Western country´s VAT systems. Who is well familiarized with the international standards, often also knows the right procedure in the Chinese system. In both cases the VAT will be charged on products, services, imports, processing, as well as repair or replacement services.

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Less bureaucracy! No VAT General Tax Payer approval necessary


By Grace Shi, ECOVIS Beijing Do you hate bureaucracy? Learn how the changes regarding VAT General Tax Payer status approval and Special Red-ink VAT invoices will simplify your company’s VAT booking and filing.

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Preparing your leasing business in China


By Manuela Reintgen, ECOVIS Beijing Preparing your leasing business in China requires commitment and patience. Both lessor and lessee should be familiar with the tax and legal regulations in order to be compliant with the Chinese law.      

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VAT exemption and issues in China


By ECOVIS Beijing On the 25th of April Manuela Reintgen and Richard Hoffmann held a webinar about the important topic “VAT exemption and issues in China”. If you export services from China you might have the chance to get VAT exemption and reduce your tax burden. Learn more in the seminar which will give you […]

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Case: VAT Refund China – VAT Reform – Deadline March 31st 2014!


by Richard Hoffmann, ECOVIS Beijing China The deadline for the VAT refund in Beijing is approaching fast – just 2 months left until March 31st, the last day in which companies can apply for it.

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