Other Briefings
Shanghai Requires Computer Generated Tax Invoice for Claiming Export Refund
According to Announcement No. 3, starting from July 1, 2012, the use of all old versions of tax invoices should be abolished and the new versions of tax invoices should be used uniformly throughout Shanghai.
China Clarifies Pre-Tax Deduction Policies for Advertising and Promotional Expenses
Jun. 22 – China’s Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly released the “Circular Regarding Pre-tax Deduction Policies on Advertising and Business Promotion Expenses (caishui [2012] No.28, hereinafter referred to as ‘Circular’)”on May 30, which is retroactively effective from January 1, 2011 and will remain in effect through December 31, […]
Notice: FBAR Filing Deadline for U.S. Persons Rapidly Approaching
U.S. persons are required by law to report foreign bank accounts to the IRS by Saturday, June 30, or face severe civil or criminal penalties! By Chet Scheltema Jun. 21 – According to the U.S. Bank Secrecy Act, if the aggregate amount in a U.S. person’s foreign accounts exceeds US$10,000 at any time during the […]
Accounting and Bookkeeping in China
Jun. 20 – China’s current basic accounting standards, issued by the Ministry of Finance in 2006, are broadly in line with the International Financial Reporting Standards. All foreign-invested enterprises in China are required to prepare annual financial statements, including balance sheets and income statements for their annual Chinese audit (conducted by a CPA registered in […]
VAT Reform Rates by Service Type
PDF summary of the new VAT rates by service type.
Hong Kong Amends Mandatory Contribution Levels for MPF
Hong Kong has recently passed legislation that will amend the maximum level of relevant income for compulsory Mandatory Provident Fund (MPF) contributions, effective from June 1, 2012.
China Issues Regulations on Foreign Labor Service Cooperation
China’s State Council approved measures to regulate foreign labor service cooperation and legitimatize laborers’ rights on May 16.
China Clarifies Use of Special VAT Invoices for Export Tax Refunds
China recently clarified that foreign-trade enterprises can use special VAT invoices which have been approved as input VAT creditable to apply for export VAT. Clarification was also issued concerning the treatment of special VAT invoices under different circumstances.
