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News & Events
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China (Shanghai) Free Trade Zone: A Breakthrough for the Next Stage of China’s Reform
16th December, 2014
Subsequent to the plan to establish the Shanghai Free Trade Zone (the Shanghai FTZ) announced by the China State Council in July 2013, China officially …
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Building an Effective Anti-Fraud and Anti-Corruption Program
12th December, 2014
A NEED FOR CHANGE Companies operating in China are finding an increasingly growing need for an effective, efficient anti-fraud and anti-corruption program. Companies in China, …
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Policies, Procedures, Processes and Controls (PPPC): One System to Help Effectively Manage Risk in Today’s Challenging Environment
12th December, 2014
Doing business in China carries with it many risks and many rewards. With a growing economy, competitive productivity and a relatively low cost base, China …
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Don’t rely solely on your external audits! Elements of a successful internal audit function.
12th December, 2014
In brief: Unfortunately, the finance departments of many companies mistakenly believe that having an external audit annually is part of their internal control structure they …
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Tax updates on VAT and Business Tax
12th December, 2014
Regulations Updates Notice On the adjustment of VAT to the importation of aircraft On 29 Aug 2013, the MOF and SAT jointly released a notice, …
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China’s Revised Reporting Requirements for International Receipts and Payments (Circular 642)
12th December, 2014
In brief: In November 2013, the State Council announced new reporting measures for international receipts and payments, which will affect corporations registered In China, Chinese …
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Changes in dealing with Overseas Remittances
12th December, 2014
Come September 1st 2013 China will have a new tax law in relation to overseas remittances. The new law is named “Announcement on Issues Concerning …
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The Shanghai Free Trade Zone
12th December, 2014
Background The Shanghai Pilot Free Trade Zone (FTZ) is the first free-trade zone in mainland China. It was officially launched on September 29, 2013, created as …
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IIT and Social Insurance for foreigners employed in China
12th December, 2014
Individual Income Tax (IIT) General IIT Principles For individuals to pay tax in China (PRC Tax Resident), they need to be domiciled in China …
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Due date looms for adapting the Changes in the COSO Framework and the impact on Sarbanes Oxley 404 Compliance
12th December, 2014
Jean Kester, Partner, LehmanBrown International Accountants COSO’s Internal Control – Integrated Framework updated and issued in May 2013 is required to be transitioned into use …
