Taxes Cut in China: How Much on VAT, IIT and CIT?

China’s government is continuously decreasing taxes and burdens on companies in China, aiming to infuse energy to the market, promote employment and boost up economy as a whole. Among these decreases, business leaders and accountants should understand how your value-added tax (VAT), individual income tax (IIT), and corporate income tax (CIT) have been changing. Value-added […]

IIT Calculation Tool is Updated

Before the full implementation of the new tax law, the transitional policy of the new tax law will be implemented first from 1 Oct. 2018 to 31 Dec.2018 in order to allow taxpayers to enjoy tax cuts and dividends as soon as possible. Welcome to use our updated Individual Income Tax calculation tool to experience […]

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 […]