Our collection of resources based on what we have learned on the ground
Resources
Q&A
What are the internal audit frameworks in China?
- January 2014
- Free Access
Compared with the international framework, the Chinese internal audit framework is more focused on financial-audit definition. This may render the internal audit result under the Chinese system not as reliable as the international one, due to its ...
Q&A
What are the key concerns in auditing for annual compliance by representative of...
- January 2014
- Free Access
The key steps are audit, tax filing and annual reporting to the Administration of Industry and Commerce. For audit, a few aspects would deserve attention: Whether the balance of the representative office is equivalent to that in the ba...
Q&A
What are the main concerns in tax filing and reporting to Administration of Indu...
- January 2014
- Free Access
The key steps are audit, tax filing and annual reporting to the Administration of Industry and Commerce. For tax filing, the key concerns would be: Since the responsibility for tax filing rests on the taxpayer’s shoulder, taxpaye...
Q&A
What are the main concerns for auditing by joint-venture companies or other fore...
- January 2014
- Members Access
The main concerns that joint-venture companies or other foreign-invested enterprises should pay heed to are: The completion of annual financial statement and auditor’s report should be before end of April in order to make time for th...
Q&A
How are fixed assets defined in annual compliance for foreign-invested entities ...
- January 2014
- Free Access
Fixed assets include, but are not limited to, the following items: Houses, buildings and structures; Machinery and mechanical apparatus; Means of transport and other such equipment to the same effect; Appliances and tools...
Q&A
What aspects should foreign-invested enterprises (FIEs) pay attention to in tax ...
- January 2014
- Free Access
All foreign-invested enterprises should pay attention to the following: The FIEs should submit the Annual Taxation Consolidation Reporting Package, which is authorized by the CPA firms, to the tax bureau by the end of May each year. The FIEs shou...
Q&A
What are counted as deductible expenses for foreign-invested entities under Chin...
- January 2014
- Members Access
The following items count as deductible expenses for foreign-invested entities in China: Advertising and business promotion expenses – they are deductible up to 15 percent of the sales income of that year; Business entertainmen...
Q&A
How are asset losses defined in China for annual compliance purposes and how sho...
- January 2014
- Free Access
Asset losses include the following items: Monetary assets loss – i.e.: losses of cash, bank, account receivables, prepayments; Non-monetary assets loss – i.e.: losses of inventory, fixed assets intangible assets construction in proces...
Q&A
How should withholding obligations be discharged for annual compliance in China?
- January 2014
- Members Access
When expenses are incurred for services rendered by foreigners in China, withholding obligations will arise, and such obligations shall be so arisen on an accrual basis. When such obligation arises, as of current legislations, 10 percent withh...
Q&A
What are non-deductible expenses in China for annual compliance purposes?
- January 2014
- Free Access
The following items are not deductible under Chinese laws for annual compliance: Management fees paid between enterprises; Rental and royalty fees paid between business units; Interest paid between business units of a non-bank enterprise; Provi...
Q&A
What are the liabilities that are specifically applicable to legal representativ...
- January 2014
- Free Access
The liabilities specifically applicable to legal representatives are found generally in: General Principles of the Civil Law of the People’s Republic of China; 2007 Enterprise Bankruptcy law; and Regulations of the PRC Concerning the Admin...
Q&A
What are the duties that are applicable to shareholders in a foreign-invested en...
- January 2014
- Free Access
The shareholders are those who contribute capital to the company. For a wholly-foreign owned enterprise, shareholders are the supreme authority. The shareholders have the power to exercise such functions and powers, as below: Decide on the operati...
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