20th July 2016
The respective tax systems of the People's Republic of China and Hong Kong have some key differences that a business operating in both tax jurisdictions should be aware of in order to ensure full compliance. This article by MSI's Chinese accounting member LehmanBrown explains both systems and offers a simple comparison.
Tax is the most important source of fiscal revenue collection in the People’s Republic of China (“PRC”) making China more competitive as it has progressively opened up to the outside world and also promoting further development of China’s national economy. Since the tax system underwent substantial reform in 1994 and a subsequent series of policies for optimisation and refinement since, China has built a tax system that is both conducive and adaptable to the market economy.
Under the current tax system in China as of 1st May 2016, there are Five Categories of Taxes.
Read the full article on China & Hong Kong tax systems
LehmanBrown International Accountants is a China-focused accounting, taxation and business advisory firm, operating in Beijing, Shanghai and Shenzhen.
View firm profile
We have just added our new 'Doing Business In... Guides' to our website. All guides have been prepared by MSI membe… https://t.co/tMRLUk7JPi
RT @BowditchDewey: Mike Angelini has been recognized as a 50-year member of the @WorcCountyBar! https://t.co/y9kOIgYPhf
RT @MillerTiterle: Shout out to @JustinTrudeau and the #canadiangovernment for making the Cannabis Act law. Want an update of what's up? Re…