Expatriates working in China Shall Participate in Chinese Social Insurance Schemes

According to Article 97 of Social Insurance Law applied since July 1st,2011, expatriates working in China shall participate in social insurance schemes. Lee & Lee Associates Comments: The implementation of Social Insurance Law obviously will increase the operation cost of employers who hires expatriates. Employers may need re-evaluate human resource plan of whether hire local staff […]

Time of New Individual Income Tax Law Is Around the Corner

New law of the People’s Republic of China on Individual Income Tax is released on June 30, 2011 by 21st Session of the Standing Committee of the Eleventh National People’s Congress. According to new law, for income from wages and salaries, the deduction amount is increased to BMB 3,500 and expands the tax-paying scope of […]

No Need to Apply for Ex-Approval For Delay Payment under Trading Credit Now

According to a Notice issued by the State Administration of Foreign Exchange (hereinafter referred to as the “SAFE”) on 23 May 2011, management measures for some foreign exchange transactions under capital accounts are adjusted. These adjustments relax the management on some foreign exchange transactions to certain degree by comparison with the rules before. Lee & […]

For Employee’s Annual One-off Bonuses, Individual Income Tax Partially Borne by Employers Shall Also Be Taxed

According to a notice issued by SAT on April 28th 2011, for employees’ annual one-off bonuses, individual income tax partially borne by employees is regarded as employee’s income and shall be included in employee’s income to pay individual income tax. Lee & Lee Associates Comments:  Employee shall pay individual income tax for the individual income tax […]

Foreign Investors Can Invest RMB to China

According to a notice issued by the Ministry of Commerce on February 25th 2011, foreign investors can invest with Renminbi in China to establish new enterprise, increase registered capital of the existing enterprise, purchase domestic enterprises, provide loans, etc . Lee & Lee Associates Comments:  To foreign investor, this rule increase ways of RMB utilization and […]

New Tool to Prevent FX Risk -Option Trading of RMB Against Foreign Currency

SAFE recently opened the options trading market for RMB against foreign currency. Lee & Lee Associates Comments: Domestic enterprises which shall conduct foreign currency transactions frequently or have material foreign currency assets or liabilities may be exposed to high foreign exchange risk and can consider reduce risk through tools such as that developed by SAFE above. […]

HOW TO PAY TAX FOR UNTAXED PREVIOUS YEARS’ EMPLOYER’S CONTRIBUTION OF EMPLOYERS ANNUITY

According to a supplementary provision issued by SAT on Jan. 30th 2011, method to calculate unpaid tax for employer’s contribution to the employer’s annuity in previous years is clarified. Lee & Lee Associates Comments:   The administration on taxation of employers’ Annuity is strengthened. Even the relevant tax is individual income tax, since the employer shall fulfill […]

Free Information on How to Access the Various Government COVID-19 Relief Packages

As an independent member firm of global alliance Alliott Group, we are in an optimal position during and beyond the COVID-19 crisis to connect clients with branches or subsidiaries in other countries to trusted accounting and legal professionals in 70 countries. Our colleagues around the world will be able to provide free information to you […]

IIT Implementation Seminar with BenCham was Successfully Held

Invited by BenCham, Ms. Sophie Tian, Accounting and Tax Manager of Lee & Lee Associates, delivered a tax seminar for the Chamber’s members in Shanghai on Nov 5th, 2019. The seminar talked about how new IIT Law which was published and took into effect from Jan 1st, 2019 has influenced foreign companies and foreign individuals […]