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 […]

Small and Micro Enterprise VAT Exemption Prolonged

In order to support the development of small and micro enterprises, VAT small-scale taxpayers whose monthly sales are not more than RMB 30,000 are exempted from VAT from 1 January, 2018 to 31 December 2020 (CaiShui [2017] No. 76).

New Policy on Work and Residence Permit in China for Foreigners

Lee & Lee Associates hosted a webinar on New Policy on Work and Resident Permit for Foreigners for China-Britain Business Council (CBBC) members in both China & UK. To work and live in China legally, foreigners need to obtain work and residence permit. For the complex work permit and residence permit application, you may want […]

How to Establish a Business in China by Avoiding Common Pitfalls

Invited by China-Britain Business Council (CBBC), Lee & Lee Associates hosted a seminar in Shanghai on How to Establish a Business in China by Avoiding Common Pitfalls for CBBC members who are interested in doing business in China. China’s rapid economic development has been attracting more and more foreign investors to come to China. In […]

The Differences Between the Zero Rate, Tax Exemption, and Tax-free of VAT

When taxpayers issue the VAT common invoices, how to correctly choose the right rate for the zero rate, tax exemption and tax–free of VAT? Please see below explanation. ZERO VAT RATE Zero rate is one of the legal rates of VAT. When taxpayers sell the goods or provide the services or transfer of intangible assets, […]