By Chris Devonshire-Ellis, Andy Scott, Sam Woollard
Do you need to do enterprise in China? when you are already during this colossal state and need to grasp extra, or in case you have by no means attempted your hand at this interesting industry, then this e-book is for you. This consultant is a realistic review for the foreign businessman to appreciate the principles, rules and administration matters relating to setting up consultant workplaces in China. we'll assist you to appreciate the consequences of what can at first look be a sophisticated and contradictory topic. This e-book tells you the fundamentals of what you must comprehend, and aspect you on the constructions you can use in addition to a number of the pitfalls. This booklet is the 1st in a brand new sequence of books on doing enterprise in China, with a view to steadily disguise such themes as constructing completely foreign-owned companies, constructing joint ventures, tax, IP and plenty of different important concerns for overseas traders during this fascinating market.
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Extra resources for Setting Up Representative Offices in China
By insisting on this declaration from the foreigner directly, the responsibility is passed onto the foreigner—there is no way out. And, if the two filings do not balance then tax authorities can easily identify false declarations. But overall, the policy intention would appear to be to provide an additional check that high earning individuals—domestic and foreign—have paid all their tax, some of which may be on income that is not simply from a single employer. It also brings the Chinese system, at least for such taxpayers, into line with the likes of, for example, the USA and UK systems.
Many ROs would use the cost-plus assessment method for tax and it is thus immediately apparent the fact that if you spend (or officially declare) less then you will end up paying less taxes in the end. From a pure mathematical point of view this is actually true, however, other factors can bring potential dangers to the foreign organization. Here is a list of the most common ones. 1. These malpractices are common everywhere in the country. Chinese authorities are more and more aware of this and it may happen that local withdrawals above a certain amount need to be supported by declarations and signatures at the related bank.
There are a few limited exceptions. Individuals staying in China ‘‘less than one full year’’ will not be affected by items 1 or 3 above. To qualify, they must be absent for more than 30 consecutive days or more than 90 cumulative days in the relevant calendar year. Eleven types of taxable income are included when assessing whether an individual has annual income of more than RMB120,000. They are: • income from wages and salaries; • income from production and business operations by industrial or commercial households; • income from remuneration for labor services; • income from remuneration for manuscripts; • income from royalties; • income from interest or dividends; • income from the leasing of property; • income from sales of property; • contingent income; • other kinds of income specified as taxable by the relevant authorities.