China Social Insurances Collection

Starting from January 1, 2019, the basic pension insurance, basic medical insurance, unemployment insurance, injury insurance, maternity insurance will be collected by tax authorities. On the other hand, the government bodies are preparing to decrease the insurance rates to decrease the burden for companies. Lee & Lee Associates Insights: When tax authorities take over the […]

New Website, New Tools

We updated our website to provide a better browsing experience and to use “FIE Registered Capital Calculation Tool” and “Individual Income Tax Calculation Tool”. Welcome to use it. Note: due to the reform of individual income tax, we will update the “Individual Income Tax Calculation Tool” as soon as possible after the implementation of the […]

Five Key Points of Official Receipt Issuance

1. The customer’s Tax ID No. should be input to the official receipt. Otherwise, it will be deemed as invalid. 2. Purchased goods details should be in the official receipt. If there are many items, a separate list can be printed and stamped with the financial chop. 3. Price and discount amount must be in […]

Update on Withholding Tax for Non-Residents

The new circular (SAT Announcement [2017] No. 37) comprise following key changes: Canceled the requirement for the payer to register business contracts within 30 days after the contract with non-resident is signed. The calculation method of property transfer income is clarified. Canceled the requirement for the foreign payee to declare withholding tax within 7 days […]

VAT Seminar for German Chamber Members in Shenyang and Changchun

Invited by German Chamber, Ms. Lucy Dai, Accounting and Tax Manager of Lee & Lee Associates, delivered a tax seminar for the Chamber’s members in both Changchun and Shenyang. The seminar talked about VAT management under the impact of the new Phase three of the Golden Tax System as well as VAT audit or query […]