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 carried out by tax authorities with case studies. The detailed outline is as below.
- Understand the latest developments in VAT management – specifically, what is the impact of the new Phase three of the Golden Tax System and the invoicing developments affecting taxpayers;
- Effectively manage risk – what are the indicators which are likely to lead to a VAT audit or query, and how to prevent or pre-empt queries before they arise;
- Know the target areas – what are the tax authorities looking for – we shared real examples of the most common focus areas;
- Respond to tax authority queries – what is the process the tax officials typically adopt in raising queries or carrying out an audit, and how to respond effectively.
- Explore VAT opportunities – in addition to proper risk management, what can businesses do to achieve costs savings and reductions in their tax burden;
- Get prepared for potential VAT audits – designing a sustainable VAT control framework in view of the potential audits.
During the seminar, the attendees nodded all the time, took pictures of the PPT, wrote notes diligently and asked many questions in the seminar and even after it. Some attendees came to the seminar from other cities, which well indicates companies are very interested in this topic and the speaker. As the feedback from German Chamber, the seminar content is very practical and helpful and the attendees are quite satisfied with the seminar.