TAX DUE DILIGENCE

If you do not feel comfortable for your company’s tax accruals and payments, if you are facing a tax audit by local tax authority, or if you want to establish a joint venture with a local partner, you may need to do a health check on you or the local partner to see whether you or the partner has been accruing and paying taxes timely and accurately. Since any underpaid taxes will be subject to a late interest penalty of 0.05% per day and a once-off fine ranging from 50% to 500%, the contingent tax liabilities would be prohibitively high.

You may find it necessary to ask experienced independent professionals to conduct a tax due diligenceon all aspects of your tax affairs, not only covering all tax categories, but also accrual and payment status, i.e., to conduct a “health check”.At the end of the paper, we also make a list of tax due diligence checklistfor your review.Our company is one of the famous accountant in chinese, please believe in our ability

Our tax professionals can interview your company or your partners’ employees to understand their business activities, as well as accounting and tax treatments on the activities to unveil any irregularities and propose corrective measures.

1. HOW CAN I PROCESS OUR ANNUAL FILING?

a) Register on AIC website

b) Log in the online annual examination system

c) Choose the item to be examined

d) Install the form filing software

e) Fill in the forms

f) Submit the forms online

g) Check out the status of examination on the website

h) Print the filing forms

i) Prepare other annual filing documents

j) Go to relevant government bodies where necessary submitting required documents

k) Provide explanations to government officials where any inquiries arise.

2. WHAT IS THE REQUIREMENT OF ANNUAL FILING?

All foreign invested enterprises must do annual filing each year. You company needs to submit reports to relevant government bodies including state and local tax authorities, Administration of Industry and Commerce, State Administration of Foreign Exchange, Customs, etc., by the end of June. You should correct any violations in your documents or activities conducted upon review by relevant government bodies, failure of doing so shall cause cancellation of your business license.

3. WHEN AND HOW SHOULD I PROCESS THE RELEVANT PROCEDURE IF THERE ARE SOME CHANGES IN MY RO?

You should go through the change procedures if some aspects of your RO have been changed such as the office location, name, number and name of representatives, scope of business, etc.

You should file corresponding application documents to competent government bodies to process the change in your RO. For example, where there is a change of your representatives, application letter, a power of attorney and their resumes etc should be submitted.

4. WHAT IS REPRESENTATIVE OFFICE (RO)?

A representative office (“RO”) is an office of a foreign enterprise set up in China for liaison with Chinese businesses and customers on behalf of its parent company. A RO is not a separate legal entity. It is not allowed to carry out direct revenue earning business activities. For example, it cannot enter into sales or service providing contracts and cannot receive payment for sales of products or provision of services. All revenue generating contracts should only be signed by the head office of the RO. Therefore, RO is office used as a tool to test Chinese market before a joint venture or wholly foreign owned enterprises is established in China.

5. WHAT ARE THE DOCUMENTS REQUIRED FOR ESTABLISHMENT OF A WOFE?

The documents required for setting up a WOFE are listed below:

a) An original copy of application letter;

b) A project proposal;

c) A feasibility study report;

d) Resolution of the Board of Directors;

e) An original copy of leasing agreement;

f) Directors name list of board

g) Importing equipment list;

h) Copies of the business licenses or certificates of incorporation of the foreign investor;

i) An original copy of the corporate ratification paper;

j) An original bank credibility letter for the foreign investors;

k) Notice of enterprise’s name confirmation approved by Administration of Industry & Commerce;

l) Contracts and articles of association;

Note: Due to the quick update of the official process, welcome to request the latest process and details by or

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