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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....
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...
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...
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. (more…)
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...
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...
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. (more…)
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. (more…)
VAT exemption and issues in China
By ECOVIS Beijing On the 25th of April Manuela Reintgen and Richard Hoffmann held a online-workshop about the important topic “VAT exemption and issues in China”. If you export services from China you might have the chance to get VAT...
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. (more…)
Tax in China – Taxation in the PRC
By Richard Hoffmann, ECOVIS Beijing China Understanding the tax system in China can be challenging. 25 common types of taxes are currently levied on either enterprises or individuals. Some are of common nature but several are only imposed on very...
VAT China – How does it work for inter-company services
By Richard Hoffmann, ECOVIS Beijing China The following email inquiry from one of our readers will bring light into the darkness of pilot services applicable to VAT in China. A big foreign company group “The Group”, faces increasing inquiries from...
Comment on the current Tax System of the PRC
By Richard Hoffmann, ECOVIS Beijing China How would you summarize the current development of the Tax System in the PRC? China has built its tax system from the ground in the 1980’s. Since then there have been major changes and...
How to set up a Representative Office in China
By Richard Hoffmann, ECOVIS Beijing China If you want to enter China, you should pick the right entity which will allow you to do all the business related activities you want. For certain activities a Representative Office (RO) will be...
The ECOVIS Doing Business in China Guide 2014 is here!
By Richard Hoffmann, ECOVIS Beijing China The ECOVIS Doing Business in China Guide 2014 is here! A comprehensive & complimentary guide for potential and current investments in the Chinese market, providing you with a head start on your way to...
Annual Compliance Review in China
By Richard Hoffmann, ECOVIS Beijing China There have been several changes in 2013 for foreign companies, which are active in China due to the various newly introduced laws and regulations. For instance, the VAT reform has a big impact and...
New VAT Regime: Circular 37 Impact on Foreign Logistics
by Sven Rücker, ECOVIS Düsseldorf, Germany On 24th May 2013, the Ministry of Finance and the State Administration of Taxation issued a new VAT circular (Cai Shui [2013] No. 37 or Circular 37) for the transportation industry, which expanded the...
Brief Overview of China’s VAT Reform and its Impact on Companies
By Richard Hoffmann, ECOVIS Beijing China The indirect tax system in China is undergoing a significant reform with the objective of gradually unifying its Business Tax (BT) and VAT system. (more…)
China to waive taxes for small businesses, some thoughts from a German perspective
By Daniel Frischkorn, ECOVIS WWS Berlin According to the German Press, China waives VAT and Business Taxes for small business owner at least till end of the year. It is expected that more than six million small businesses with monthly...
V.A.T. for Chinese air carriers flying over Germany
By Sven Ruecker, Ecovis Duesseldorf Once air carriers will provide transport services of persons over Germany, this will be in principle subject to German V.A.T. This applies not only for German but also for foreign air carriers. (more…)
VAT Reform China: The Pilot Policy Extended of to Nationwide for Value-Added Tax (“VAT”) in Lieu of Business Tax (“BT”)
By Pingwen Hu, ECOVIS RUIDE CHINA, Shanghai The pilot VAT reform policy initialized in Shanghai from January 1, 2012 will finally be pushed to nationwide. (more…)
Changes, Changes, Changes. Taxes after the VAT reform.
By Richard Hoffmann, ECOVIS Beijing China The customer: A manufacturing company from Germany - delivery of machinery to China The Issue: Our client delivered his product (machinery) to China. He helped with the installation of the machine and also trained the staff...
Starting business in China – in brief
By Lily Gao and Richard Hoffmann, ECOVIS Beijing China Setting up a business in China can cause a lot of anxiety for the unprepared. The following article addresses some of the possibilities for foreign investments in P.R. China and...
Transition of some services from business tax to VAT
On 10 April 2013, it was decided to extend the VAT pilot programme to the whole country on 1 August 2013. As a result, the pilot programme will become national policy. (more…)