Tax Due Diligence
Whether your business is located in China, Hong Kong or anywhere else in the world, tax compliance according to local regulations can be a painful task for many organisations. Making sure your company is fully compliant with tax requirements will not only allow your company to operate efficiently, knowing that future costs placed upon you will be paid, but will also allow you to foster a strong and positive business ethos throughout all your operations, both for internal and external observers to see. LehmanBrown can assist you with tax compliance under China tax regulations or any other country’s regulations through our high levels of expertise and years of experience.
For many Foreign Invested Enterprises (FIEs), Tax Compliance in China is a challenge. China Accounting Standards (CAS) are different compared to their domestic country (GAAP & IFRS) and registration to the local tax bureau and other legal taxation bureaus might seem complicated. Every business operating in Mainland China is required to prepare their annual audit according to China Accounting Standards. Furthermore, the annual audit has to be in Renminbi (¥), the local Chinese currency. While using the CAS, there are different ways to calculate the impairment of assets, inventory cost & reversal, capitalisation of development costs, depreciation expenses, interest rates, dividends and asset valuation. The different methods for tax compliance can have an impact on your business ratios, level of profitability and level of taxation.
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