New VAT Exemption Policy for Small-scale VAT Payer

On 19th April 2016, SAT issued the 23rd Announcement. It specifically regulated the exemption of VAT for small-scale VAT payer after switching from Business Tax to VAT. The small-scale VAT payer should separately account for the 2 categories of revenue – 1) the sales for selling goods, provision of service of processing or repair, and, […]

Foreigner Working Permit Procedure Changed in Beijing!

Beijing Administration of Foreign Experts Affairs (“the Center”) started to use a new information system (“the System”) since 4 January 2016. All the companies are required to use the System to deal with any application for Working Permit. The System is mainly dealing with companies’ filing information; applications for employment license/working permit/expert certificate of ordinary […]

Preferential Income Tax Policy for Small and Thin-profit Enterprises

During the period from 1 October 2015 to 31 December 2017, Small and Thin-profit Enterprises, of which annual taxable income falls between RMB 200,000 and RMB 300,000 (inclusive), can also enjoy the privileged corporate income tax policy: pay corporate income tax at 20% based on 50% of its actual taxable income. For the profit during […]

Lee & Lee Associates contributes to China Business Handbook of CBBC

As a professional service firm in China, Lee & Lee Associates was invited to write the Section “Tax System & Unseen Costs” of the new China Business Handbook 2016 published by China-Britain Business Council (“CBBC”). The China Business Handbook 2016 is open to all to download free of charge from www.cbbc.org/handbook Mr. Stephen Phillips, the CBBC’s […]

Three Certificates in One Reform in China

The “Three Certificates in One” means Business License, Organization Code Certificate and Tax Certificate will be integrated into one Business License. This is a critical effort from the Chinese government authorities to further simplify the commercial registration procedures and improve the administration efficiency. This regulation became effective starting from 1 October 2015 across China. For […]