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The Annual Audit Report consists of a balance sheet, an income statement, and a cash flow statement. The report must be conducted by external licensed accounting firms and signed by a Certified Public Accountant (CPA). The audit procedure usually takes two months and the report should be completed within April, in order to meet the May 31st tax reconciliation deadline, which is the second procedure we will see afterwards.
Each company, in order to be prepared for this important step should prepare the following material, that can be divided into two groups. First, we have the accounting related material, which comprehend:
Multinational groups conducting cross-border related-party transactions must ensure their intercompany arrangements comply with the arm’s length principle. Transfer pricing rules apply to sales and purchase of goods, provision of services, licensing of intangible assets, and al…
Multinational groups frequently restructure their global presence, discontinuing certain businesses and winding down investment projects. While China remains a key market for many businesses, there is growing trend of restructuring and exits among foreign entities seeking to o…
Pursuant to the “Circular on Issues Concerning Treatment of Corporate Income Tax in Enterprise Restructuring Business” (Cai Shui [2009] No. 59, hereinafter “Circular 59”), the corporate income tax treatment for equity transfers can be categorized into two approache…
