Grace Shi

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Grace has more than 15 years of experience in accounting, auditing and tax advisory services, registration of companies to both international accounting firms and large domestic corporations. Grace has hosted several events on “Investing in Germany” and is a board member of the Benelux Chamber of Commerce in Beijing. Before joining Ecovis she was head of a professional firm in Beijing for six years and CFO of a local company with more than 1000 employees.
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VAT in China Part 1

Fapiaos The Chinese VAT system is similar in many aspects to most Western country´s VAT systems. Who is well familiarized with the international standards, often also knows the right procedure in the Chinese system. In both cases the VAT will be cha...
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VAT in China Part 3

The VAT reform in China: What has changed since 1st of August 2013?   Chinas Value Added Tax (VAT) reform is executed since August 2013 everywhere In China. On services in the transportation sector and on so called modern services there is no Busin...
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VAT in China Part 2

Importation VAT Same as for the EU, in China apart of the selling of products, the import of products is also subject to VAT. In opposite to the normal VAT this so called Importation VAT is an excise tax which is subject to the custom tax law. There...
VAT Update China

Companies benefit from the new VAT Tax System Upgrade

Already since the beginning of this year, the Chinese government has promoted the upgraded version of the Value Added Tax (VAT) Invoice System, also called the “fapiao” system. A comprehensive and nationwide implementation of the newly recognized Gen...

What you need to know for this year’s audit!

All foreign enterprises are required to have their company undergo an annual audit. This is often viewed by management as an additional bureaucratic burden. While there is the legal necessity, it is very important to understand that an audit in Chin...
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Tax Update June 2015 – Notification on nation-wide Tax Audit Plan 2015

As a result of its national tax meeting the State Administration of Taxation (“SAT”) has recently published an internal notification for the nation-wide tax audit plan 2015. The most important points of the notification can be summarized as follows: ...
Teambuilding day ECOVIS Beijing

Cherry Picking, Paintball & BBQ – Company Outing 2015

To celebrate our 3rd anniversary our whole team sallied out to the north of Beijing to spend a day at Yanqi lake.  Cherry picking, paintball, zip-lining, go-karts, bumper cars and speed boats are just some of the activities our ECO...
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Buy Assets Now to Save Taxes – The New “Shortened Depreciation”

By adopting the new shortened depreciation method, companies in certain industries can ease the financial burden of asset acquisition. Saving proportionally more corporate income tax in the first years after the acquisition, makes investing in new eq...

Less bureaucracy! No VAT general tax payer approval necessary

On February the 24th 2015, the State Council of the People’s Republic of China issued A Decision on Matters of Cancelling and Adjusting Batches of Administrative Approval Items (“the Decision”). The Decision covers 5 batches of administrative approv...
equit_transfers_tax_income

Update: Taxation on equity transfers in China

Mr. Jones wants to transfer his equity in Pharmaceutical Development Ltd. to Mr.  Meyer for the original value of 1 million RMB (even if the current assessment made by the tax authorities is 20 million RMB). Therefore he must provide the tax authorit...