Press Release
Apr. 25, 2008
Eyes on China Co. Ltd. meets the need for local and international solutions for tax difficulties in China
Eyes on China started 2008 with the announcement of a reformulated main objective: Eyes on China aspires to become one of the top 10 providers of business services as a one-stop solution for companies/organizations in the domains of corporate formation, accountancy, tax, specific industrial market researches and supply chain analysis.
Due to this new objective, Eyes on China extended and divided its business services to be able to provide tailor-made business service packages. This adjustment included the introduction of a new group of services: Bookkeeping, Accountancy, and Tax Services.
Ever since the tax reform in 1994, the Chinese government has been continuously fine-tuning it, and in subsequent years it has been able to control growth and to prevent overheating of the Chinese economy. As a result of the latest developments in China's economical situation the government and the taxing authorities are constantly changing the rules and regulations concerning tax legislation. For example in 2008 China’s corporate tax environment changed by reducing the corporate tax rate from 33% to 25%, with various reductions for different industries, activities, differing per factors such as the geographic location, socio-economical and environmental development in a certain area.
What does this new corporate tax rate mean for foreign and domestic companies?
The new corporate tax rate applies to both domestic and foreign companies. Foreign companies are facing numerous difficulties within China’s corporate tax environment. Besides the corporate tax rate China’s tax treatment of certain incomes and expense items, tax incentives, treaty network, stamp duty, loss treatment and VAT (GST) are complex and also rapidly changing. For example, China’s VAT-rate generally is 17% and 13% on certain other goods. But at the same time there are export refunds, with reductions for some goods, and the tax on services and transfer of intangible assets vary from 3% to 5% or to 20%.
With our effective accountancy and tax(ation) services, experienced in using IASB, IFRS, GAAP and other international standards, we effectively optimize your tax and accountancy activities in China's changing corporate environment.
We provide financial solutions such as : |
||
| Bookkeeping : | Accountancy : | Tax : |
| · Monthly bookkeeping | · Revenue, Expense Accruals | · Tax Accounting |
| · Quarterly bookkeeping | · Account Reconciliations | · Tax Returns |
| · Fixed Assets Accounting | · Risk Management | |
| · Inventory Accounting | ||
Deliverables of the services are produced in Chinese and English, suitable for the local authorities. Our experts can also deliver the products in your preferred language on request.
Specialized in the Chinese legislation, Eyes on China also offers advisory services on a membership base aimed at the Chinese corporate environment. Our experts vary from bookkeepers to junior and senior accountants.