News from China

Tax

Double Taxation Treaty

Individual Income Tax (IIT) Reform: New Tax Law Confirmed

On Friday, August 31st the Standing Committee of the National People’s Congress confirmed the amendments to the individual income tax law, which will fully take effect on January 1st, 2019. The main changes affect the tax thresholds, the tax brackets...

New Chinese Punitive Tariffs Against U.S. Products Announced

After the US under the Trump Administration announced new punitive tariffs of 25% against 1333 Chinese products on Tuesday, April 3rd, the Chinese Ministry of Commerce has published a second list of US products to be imposed by tariffs. (The first li...
VAt

Tax Update: New VAT Rates Starting From 1 May 2018

In the wake of China’s VAT reform, business has already benefited from savings worth 2.1 trillion RMB (270 billion EUR), according to the Chinese government. On 28 March 2018, the State Council announced three measures, which aim at further reduci...

Case Studies

company liquidation

Case Study: Tax Liquidation in China – including a Step-by-Step-Guide for the Liquidation Process

The tax liquidation process in China is a complicated and sometimes time-consuming effort that can take at least 4-6 months or up to 24 months. The duration depends mainly on the right preparation beforethe actual liquidation process starts. Just as ...

Internet conference in Wuzhen: the future of the Chinese Internet?

The 4th “World Internet Conference” took place In Wuzhen, near the city of Shanghai. Over the course of four days, 1500 attendants from 80 countries discussed the future of the Internet, including topics such as internet control, technological innova...
RMB

Chinese RMB on its way to becoming international currency

China’s RMB joins the U.S. Dollar, Euro, Yen, and the British Pound in the SDR (Special Drawing Rights) basket as the fifth currency with a weight of 10.92%! This is a historic milestone for the IMF, SDR, and China, and “the first time” in history th...

Legal Service

Copyright

Protecting Your Intellectual Property Rights In China

China is known for its inventions like gunpowder, the compass, and paper. But in recent years, China has had a rather different reputation, namely that of a shameless “copycat”. Although China has recognized the importance of Intellectual Property Ri...
cybersecurity

Which Sanctions Can Be Imposed For Violating The New Chinese Cyber Security Law

At the end of 2018, the grace period for implementing the new Chinese Cybersecurity regulations will expire. ECOVIS Beijing explains which sanctions can be imposed for violations. At the end of 2018, the grace period for implementing the new Chine...
visa

Visa-Free Entry For Tourists From 59 Countries To Hainan

On Wednesday, 1 April 2018, China´s State Immigration Administration announced at a press conference that, starting from 1 May 2018, China will adopt a new 30-day-visa-free policy in Hainan province for people from 59 countries. The island has gra...

Accounting & Audit

What You Can Do In The Case Of A Trade War

On 22 March 2018, President Trump announced American trade actions against China. ECOVIS Beijing summarizes the report. The US government claims that China’s acts, policies and practices in the fields of Technology Transfer, Intellectual Property and...
the cloud

Why Should You Take Your Accounting to The Cloud?

As China's economy has been developing rapidly, foreign direct investment (FDI) has also been on the rise in line with the economic growth. Since 2015, the FDI has reached close to 120 Billion USD. While it’s tempting to invest in China, there might ...
Double Tax

Five reasons for outsourcing bookkeeping in China

Outsourcing your bookkeeping can help running your business more effectively and enables you to focus on the core competencies of your company. In addition, subcontracting a professional accounting firm for providing bookkeeping or payroll processing...

Investments

FOCAC Summit Beijing 2018

FOCAC is the Forum of China –Africa Cooperation that is held every three years alternatively in China or an Africa nation. FOCAC focuses on reinforcing the China-Africa international relations, security and investments. Last week on 3r...
open

Xi Jinping Promises Further Opening Up At Boao

From 8 to 11 April 2018, the Annual Conference of the Boao Forum for Asia was being held in name-giving Boao, a town in southern China´s island province of Hainan. The conference, which labels itself as a Asian Davos, is themed “An Open and Innovativ...
Private School China

10 Things You need to know when engaging a Chinese Distributor

The export of products to China can be very lucrative. Nevertheless, partnering with a Chinese distributor has its risks. They can, however, be avoided with a good contract. The following lists 10 things any agreement with a Chinese distributor shoul...