The summary of the corporate income tax (“CIT”) policies on the small scaled and minimal profit enterprises

Firstly, we may distinguish the two concepts of the small scaled and minimal profit enterprises “SSMPE” and the small/miniature enterprises “SME”. SME is comparative with large and middle sized enterprises. According to the categorization standard of middle and small sized enterprises, issued by Ministry of Industry and Information Technology of the P.R.C, National Statistic Bureau, […]

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

The customer’s Tax ID No. should be input to the official receipt. Otherwise, it will be deemed as invalid. 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. Price and discount amount must be in the same official […]

Update on Withholding Tax for Non-Residents

The new circular (SAT Announcement [2017] No. 37) comprise following key changes: Canceled the requirement for the payer to register business contracts within 30 days after the contract with non-resident is signed. The calculation method of property transfer income is clarified. Canceled the requirement for the foreign payee to declare withholding tax within 7 days […]

VAT Seminar for German Chamber Members in Shenyang and Changchun

Invited by German Chamber, Ms. Lucy Dai, Accounting and Tax Manager of Lee & Lee Associates, delivered a tax seminar for the Chamber’s members in both Changchun and Shenyang. The seminar talked about VAT management under the impact of the new Phase three of the Golden Tax System as well as VAT audit or query […]

China VAT Rates Reduced

Since 1 May 2018, the VAT rates are adjusted down as below: a) Manufacturing industry: reduced from 17% to 16% b) Transportation, construction, basic telecommunication services industries and agricultural produces: reduced from 11 % to 10%. Lee & Lee Associates Insights: VAT payers should pay attention to below issues: 1) New rates should be applied […]

Seminars for Swiss Embassy Business Delegation for Three Consecutive Years

Lee & Lee Associates is a long-term partner and qualified service provider of Swiss Embassy, and has been providing services of reception and seminar for three consecutive years for the Embassy. The Swiss Embassy and business delegation, altogether 15 people, visited Lee & Lee Associates Beijing Office and participated in a seminar on “How to […]