The Challenges and Response for Customs Matters and VAT Management
Thursday, 12 April 2012 02:30 |
The Challenges and Response for Customs Matters and VAT Management 当前海关事务与增值税管理的 挑战与应对
In 2012, Chinese Customs will further enhance the supervision. In the National Conference of Customs Directors in early 2012, the General Administration of Customs said that the strengthening of actual regulation is the primary focus in 2012, and the Chinese Customs will continue to promote the "three check in one" model. The so-called "three check in one" is to merge with the verification of bonded goods, the verification of tax relief goods, and the inspection of customs together in order to strengthen the supervision on import and export trading enterprises. In addition, it should also be noted that the enhancement of tax collection is one of the most important tasks for Chinese Customs in 2012. Therefore, it is of vital importance for Chinese enterprises to keep their own compliance operations updated in order to deal with the more stringent regulatory challenges. Are you clear about the latest development on customs supervision? How can the enterprise ensure its compliance and reduce the risk through self-examination? How to deal with customs inspections and inquiries? In the wave of VAT reform, how can enterprise manage the VAT in China in order to reduce the risk of joint investigation for the Customs and tax authorities? PEO is honored to invite several specialists from Ernst & Young for the analysis of recent regulatory changes for the Customs, and will also provide professional advice on how to deal with customs inspections. Meanwhile, for the sake of continued development, the relevant strategies and methods for the management of VAT in China will also be shared.
Annual Summary and 2011 Cases Review 2011年度总结及案例剖析
In year 2011, a number of new updates on the PRC IIT law and Social Insurance Law made a profound impact on high-income individuals and expatriates working in China, in turn leading to several controversial tax issues throughout China and Hong Kong. First, the sixth amendment on the PRC Individual Income Tax ("IIT") Law was announced, in which the IIT rate table has been first time updated since 1980. As a consequence, more tax burden has been put on certain group of high-income earners. In order to intensify the administration on high-income earners, the state tax authority issued Circular 50 which provides specific guidance to the local tax authorities to step on the enforcement of IIT collection on high-income industries as well as high-income individuals. Last but not least, the nationwide implementation of foreigners' participation in the PRC social security program. With the gradual integration of Delta River Region in China and Hong Kong, we have seen an increasing number of cross border employees who are required to provide services in and out of Hong Kong. Therefore, the recent development under Hong Kong Salaries Tax must unquestionably be considered since this growing interaction brings up more tax complications to both employers and employees in particular double taxation issue. What are the optimal tax planning and structuring for employers in the light of their contributions made to retirement schemes? What processes should the corporations take in face of the foreseen challenge? What actions can they do to smoothen their daily operations? We are pleased to invite several specialists from Deloitte to talk about those developments, implications on individuals and share with us their insights and real-life cases.
2011年中国流转税改革及影响 Analysis on Chinese Indirect Tax Reform in 2011
For many years, double taxation has been a serious problem in China. In order to move forward to mitigate the multiple taxation issue associated with goods and services that lasts for decades, the Ministry of Finance and the State Administration of Taxation have jointly released Circulars Caishui [2011] No.110 and Caishui [2011] No.111 on 16 November 2011, right after the State Council announced Pilot Reform Program for Transforming Business Tax ("BT") into Value-added Tax ("VAT") in China. The new policy specially states that from January 1, 2012, a pilot reform program for changing the national VAT and business tax will be implemented in Shanghai in the transportation and other modern service industries. The new tax policy earmarks the official kick off of the transformation of BT to VAT for service industries in China. This move will likely bring dramatic changes to the landscape of Chinese indirect tax system and a profound impact on not only those within the Pilot Program but also most businesses. Numerous BT and VAT payers will be impacted either positively or negatively. In an era that VAT will replace business tax, what kind of opportunities and challenges will the enterprises face in the future? What kind of precautious should be taken for enterprises in non-pilot regions? PEO is honored to invite Tax Partner Daisy Kwun, Tax Partner Janet Xu and Tax Manager Cloris Li from PricewaterhouseCoopers to share with you their observation on the launch of dramatic tax reform and to provide you their in-depth analysis about any positive or negative challenges and any opportunities that Chinese enterprises will be facing under the transformed indirect system. Meanwhile, new thoughts for tax planning and suggestions of next actions will also be provided. 一直以来，中国流转税重复征税现象严重。为进一步解决多年来货物和劳务税制中的重复征税问题，继国务院发布了《营业税改征增值税试点方案》后，财政部和国税总局于2011 年11 月16 日共同颁布了财税【2011】110 号和财税【2011】111 号文件，明确2012 年1 月1 日起，在上海市交通运输业和部分现代服务业开展营业税改征增值税试点。新税制文件的出台，标志着中国现代服务业营业税改征增值税的转型改革正式启动。这一举措很大程度将会改变现时中国流转税制度，也同时带来很深远的影响，不仅针对试点地区的企业，其他绝大多数行业的营业税和增值税纳税人也会遭遇不同程度的影响。有些企业会从增值税转型中获益，相反有些企业会受到冲击。在税制改革浪潮中，企业到底面临怎样的机遇和挑战？作为非试点地区的企业应该如何未雨绸缪？ PEO 很荣幸邀请到普华永道的税务合伙人Daisy Kwun，税务合伙人Janet Xu 及税务经理Cloris Li 与您剖析中国流转税改革的相关政策并分享试点改革的最新进展，同时也为您提供税务筹划的新思路和企业应如何着手准备的相关建议。
Thursday, 12 April 2012 02:30 | 
The Challenges and Response for Customs Matters and VAT Management
