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ACCOUNTING & Tax
GWBMA provides monthly bookkeeping services to our clients. We help to develop different template forms like expense application form, payment application form, invoicing forms, etc. Beyond that, our clients are provided support in generating accounting documents and recording the same documents in the UFIDA software system. We generate all the basic books of accounts for the clients like sub-ledgers, general ledgers, monthly books of accounts, etc. GWBMA provides services for monthly, quarterly tax returns to all our clients to whom we provide monthly bookkeeping services. We provide comprehensive services for tax filings. The different tax filings handled by us include corporate income tax, individual income tax (excluding expats and foreigners), business tax, value-added tax, etc.
Moreover, all companies operating in China are required to file the Annual Corporate Income Tax (CIT) consisting of approximately 30 reports for the last year till the end of May next year. The CIT annual filing requires a lot of experience and understanding of the systems as it is generally a complicated process. We assist our clients in the collection of all original accounting and tax documents like trial balance, profit and loss account, balance sheet, tax payment notices, etc. from their management. On the basis of documents collected, we prepare the details of tax adjustments, explanation reports of annual filing and share the same with the clients for their approval. If required, GWBMA also arranges a face-to-face meeting with the client’s representatives to help them out in a better manner. Once the clients approve the estimated returns, a print of all the annual filing documents is sent to them for their signature and seal. Subsequent to this, the returns are filed with the appropriate authorities, completing the process of filing the annual CIT.
Accouting & Tax Return
The expert of your Bookkeeping , Accounting & Tax
- Simplify your Company Management
Our seniour accountant team maintain your company’s good standing by filing monthly or quarterly Tax Return reports. - Time Saving Accounting Outsourcing
Let us share some of your burdens, we can provide you with services of long-term stability. - Manage your Accounting system more efficiently
Start to use bilingual (English and Chinese) Bookkeeping & accounting documents for your corporation. - Tax Risk Controller
Quickly realize financial and tax optimization objectives with lower costs.
The Accounting & Tax Procedure
The tax filing procedure for Tax Bureau in China
ACCOUNTING BOOKKEEPING TAX SERVICE
We provide comprehensive Accounting & Tax services for Expats
Bookkeeping
1. Initial finance/accounting system setup Preparing. 2. Monthly accounting reports and Bookkeeping report 3. Financial statements Reconciliation services 4.Print and bind voucher and book account
Accounting
1. Set up the accounting system 2. Bills and receipts audit 3. Compile the accounting documents 4. Design and implement an accounting system 5. Account items recording 6. Financial report & Balance Sheet 7.Statement of income and loss Financial advisory
Taxation
1. Apply for General VAT Payer (if required) 2. VAT (Value Added Tax) Report 3.Tax Filing in Tax Authorities monthly or quarterly 4. Applying for E-tax filing 5. Applying for VAT Invoices (Fapiao) and Invoices IC card
Annual Inspection
1. Compile the annual report for your company 2. Audit for annual report 3. Audit for foreign exchange 4. Annual income tax collection 5. Separate annual inspection 6.Individual income tax filing 7. Individual income tax advisory
What kind of Fapiaos you need
There are two kind of Fapiaos in China
Regular Value-added Tax Fapiao
If your company in China is the Small company, you can apply for the Regular VAT Fapiao issued by local tax authority. Applicable industries and business activities should be service industry, trade, installation, engineering. Technique industry. etc. The most impotant thing is the the annual turnover must not exceed 5 million RMB.
Value-added Tax Special Fapiao
If your company in China is the Trading company, you can apply for the Value-added Tax special Fapiao issued by local tax authority. Meanwhile, the purchase invoices can deduct the sale VAT, such as: local purchase and oversea import.
Additional Service
Provide the additional Management Service in China
Secretary
If you are not in China, we provide complete solution of acting as a third party safe keeper of company chops & licenses.
Cashier
We can take care your internet banking including paying your vendors, check, the payment from your customers, foreign transfer, capital verification and all other issues with the bank.
Fapiao Issuing
Purchasing VAT invoice from the tax authorities. Preparing and issuing VAT invoices according to the client’s requirements; Helping to verify the input VAT issued by the suppliers.
Frequently Asked Questions
Learn more about Accounting & Tax in China
Do I need to open the Tax Account after company registraton in China?
According to the Tax Law in China, in Article 15, “Enterprises, the branches and the sites engaged in production or business operations established by enterprises in other places, industrial and commercial households and institutions engaged in production or business operations (hereinafter all referred to as taxpayers engaged in production or business operations) shall, within 30 days from the date the business license is obtained, apply to the tax authorities for tax registration by presenting the relevant documents. Particularly, If a corporation didn’t submit the annual report on time, it will be included in the list of abnormal by the SAMR.
What kind of Tax Types in China?
Under normal conditions, there are 18 kinds of taxes currently applicable to Foreign Invested Companies, including Value Added Tax (VAT), Consumption Tax, Tariff, Company Income Tax, Personal Income Tax, Stamp duty tax, Property tax, Vehicle & vessel tax, Deed tax, Urban land use tax, Land value added tax, Resource tax, Urban maintenance and Construction tax, Farmland occupation tax, Tobacco tax, Vehicle Purchase Tax, Tonnage tax, Environmental protection tax.
What is the Export VAT Refund and how can I get it?
The Chinese Trading companies generally obtain a refund of VAT incurred on exported goods. The refund is implemented through a refund rate based on the HS customs code used for the exported goods. But only the foreign companies registered in China and have the Import & Export License can claim VAT refunds.
What is the Corporate Income Tax (CIT) Annual Report?
Precisely, it is the Corporate Income Tax (CIT) Annual Report. the Corporation needs to submit the CIT Annual Report in China to Tax Bureau before the end of May of each year in China. It includes income, cost, expense, tax adjustment, etc. It is important to note that, if the corporation didn’t submit the annual report on time, it will be included in the list of abnormal by the National Tax Bureau.
What is the difference of Accounting system in China?
If you set up a company in China, you need to have robust accounting processes and systems in conformity to the China GAAP, without which they will be unable to meet the statutory requirements. China GAAP is similar to the International Financial Reporting Standards (IFRS) as there is a convergence of 90-95% between them. However, there are many differences between the US GAAP and the China GAAP. That’s where you will benefit immensely by hiring the services of a credible and experienced accounting and tax firm like us. So, normally you should open the tax account after company registration quickly except for sepcial reasons.
What kind of Expense or Cost Fapiao (Invoice) can offset profits in China?
The Fapiao and Company management expenses can offset Company profit to reduce taxes. It includes:
1. Purchase product raw material Fapiao or Service Fapiao;
2. Office Rental Fapiao and employee’s apartment rental Fapiao;
3. Traffic fapiao (Traveling, catering, hotel, tickets);
4. Running cost ( warehouse, rent, advertising, conference, exhibition, marketing, office equipment, communication fee ), etc.
5. Management cost (Salaries, Social Insurance, House Funding, other benefits), etc.
What is the Corporation Annual Report in China?
According to the Company Law and relate Laws in China, the Corporation needs to submit the Annual Report in China to SAMR before the end of June of each year in China, including WFOE, joint ventures (JV), Representative offices (RO), etc. It is important to note that, if the corporation didn’t submit the annual report on time, a fine of up to RMB 10,000 will be imposed and they will be put on the list of abnormal.