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Insights e-Newsletter

  • Policies, Procedures, Processes and Controls (PPPC): One System to Help Effectively Manage Risk in Today’s Challenging Environment

    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.

    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

    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)

    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

    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

    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

    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

    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 …

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  • China’s New Exit-Entry Law and Implementing Regulation

    Introduction As a result of the deliberations of the standing committee of the National People’s Congress on June 30th 2012, a new exit-entry law came …

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  • Update on China Secondment Arrangements

    Background Expatriate secondment arrangements have been very common for companies that have operations in China. Under such arrangements, the foreign (Home Entity) seconds their employees …

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  • Managing Bribery Risk

    The Environment Entities operating in China have long dealt with China’s tradition and culture of gift giving and favor exchange. Coupled with a reputation that …

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  • Foreigners and Taxation in China

    Recently, there have been 3 changes to Chinas tax administration, the impact of which foreigners should be aware of. Broadly, these changes are to: the …

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