How technology can help your human resources team save time and costs – Introducing our E5talent HR management platform

In the evolving world, technology has been playing a key role in corporate success.  As an essential element of a sound corporate structure, an effective human resources function is increasingly utilizing specialized software and cloud computing.  The era of paper documents and excel software is fading.  To cater the growing market with technological proliferation, solutions have been developed by HRM service providers.  Companies of various sizes, including yours, could benefit from these technological solutions:

  • Integrating technology in HR management allows you to access data at any time and from anywhere across the globe.

Imagine that you are on the way home on a metro train and are suddenly asked by your boss to retrieve some data from the salary records of your subordinates.  Are you going to go back to the office immediately?  The answer was probably “yes” some years ago.  With HRM software and solutions that are easily integrated with mobile apps, you are now able to access information pertaining to human resources records of your staff and yourself using your personal mobile devices.  These records may contain attendance, leave applications and performance status.  Simultaneous transfer of data among applications can also increase the transparency across various departments in your organization.

  • Internal approval workflows become not only paperless, but also transparent and traceable instantly.

Automated processes of internal approvals are facilitated by HRM solutions.  After your staff applies for internal approval in expenses reimbursements or leave, the information can be transferred to his/her respective manager or the human resources team directly.  The approval trail is recorded with access logs.  Exchange of paper documents is not required, and there is no delay of information relay caused by the mishandling of paper documents.  If a procedure is stuck, you can immediately check its status online and find out whom you are going to follow up with, regardless of your location.

 

HRM Solutions for SMEs

While developing your company’s own software may be costly, CW offers a readymade cloud-based platform for users of small and medium-sized enterprises (SMEs) – E5Talent.  E5Talent is an all-in-one system throughout Hong Kong, Macau, Taiwan, Mainland China, and other Asia Pacific Regions with the following features:

  • It enables personnel management, including payroll, leave application, and attendance management;
  • Fully compliant with local statutory requirements, it is flexible in parameter setting and user-defined workflows for employee and manager self-service;
  • It allows customized authorization process for each function, maintains access logs and generates audit trail reports. After all, nothing could be more important than safeguarding your firm’s interests.

The use of cloud technology enables you as a potential user to adopt modern HRM solutions at reasonable prices without the need to constantly upgrade or replace the systems by yourselves.  Without the necessity of building infrastructure in your office, you can save huge upfront costs of installation. 

You may pay monthly fees based on the usage, the number of employees, and the specific functions your company needs.  With the help of the software, you may not need huge HR, and IT teams to manage the human resources and IT issues.  You can transform their roles to boosting productivity and cooperating with external providers or deploy the human resources to other business areas.

Knowing the above advantages of HRM solutions, are you eager to adopt a suitable one for your China operation?  Please do feel free to contact our CW team for a preliminary consultation.

Contact:

Ray To

ray.to@cwhkcpa.com

Lily Xiang

lily.xiang@cwhkcpa.com

Written by Toby Wong, China Consultancy Team, CW CPA

Six Punitive Measures to Watch Out When Hiring Foreigners Working in China

With the development of international business in China, more and more foreigners come to work in China. While they can take advantage of the enormous market potential, it is strongly advisable to deal with the hiring process involving foreign employers with discretion to avoid possible penalties. Below are some common mistakes that you should avoid at all costs.

  1. Invitation letter with false information

A foreigner applying for a visa is required to provide an invitation letter issued by an organization or individual in China. The organization or individual issuing the invitation letter shall be responsible for the authenticity of the contents of the letter.

Any individual who provides false information in an invitation letter for a foreigner shall be subject to a fine ranging from RMB5,000 to RMB10,000.

Organizations presenting false information in invitation letters shall be subject to a fine ranging from RMB10,000 to RMB50,000. The person-in-charge at the organization shall be punished pursuant to the penalty mentioned in the preceding paragraph.

Meanwhile, any illegal income shall be confiscated, and the offender shall be ordered to bear the traveling expenses of the invited foreigner.

  1. Refusal of presenting immigration documents for inspection

Foreigners who refuse to present visas, identification documents, residence permits for inspection shall be given a warning and may be subject to a fine of not more than RMB2,000.

  1. Failure to update residence permit

Registration items of a foreigner’s residence permit include name, gender and date of birth, purpose, residence period, date and venue of issuance, passport (or other international travel document number) and etc.. If there are any change(s) in any of the above items, the permit holder shall complete registration change formalities with the public security authorities within 10 days from the date of change. Offenders shall be given a warning and may be subject to a fine of not more than RMB2,000.

  1. Failure to complete registration formalities within 24 hours from arrival

Foreigners who are residing or staying in a residence other than a hotel shall complete registration formalities personally or through the accommodation providers with the public security authorities at the place of residence within 24 hours of arrival. Failure to do so shall render the offender liable to a fine of not more than RMB2,000.

  1. Working in China illegally (without work and residence permits)

Foreigners working in China illegally shall be subject to a fine ranging from RMB5,000 to RMB20,000. In more severe violations, the offender may be detained for a period of more than five days but less than 15 days and be subject to a fine ranging from RMB5,000 to RMB20,000.

Persons arranging for foreigners to work illegally in China will also be held responsible. For each illegally employed foreigner, the offender shall be subject to a fine of RMB5,000 but a total fine of not more than RMB50,000. Companies arranging for foreigners to work illegally in China shall be subject to a fine of RMB5,000 for each illegally employed foreigner but the total fine shall not exceed RMB100,000. Any illegal income shall be confiscated.

Persons or organizations who employ foreigners illegally shall be subject to a fine of RMB10,000 for each illegally employed foreigner but the total fine should not more than RMB100,000. Any illegal income shall be confiscated

  1. Engaging in activities inconsistent with the declared purpose of stay or residence

Foreigners engaging in activities which are inconsistent with their purpose of stay or residence may be ordered to leave China within a stipulated period. Foreigners who are being deported shall not be allowed to enter China within 10 years from the date of deportation.

We hope that the above tips can help you avoid unexpected violations of laws and regulations when hiring foreigners. Given that the rules and regulations in China with relation to employing foreigners can be rather complicated, to carry out the hiring process legally, seeking advice from local professionals is recommended.

Should you need any advice, please contact our visa team:

Contact:

Ms. Jacqueline Zhang (jacqueline.zhang@cwhkcpa.com)

Written by China Consultancy Team,  CW CPA

Macao advantages as a bridge between China and Lusophone countries

The Macao Special Administrative Region may only have gained worldwide prominence with the advent of the liberalization of the gaming industry (casino) less than two decades ago, but it is important not to devalue what was and still represents Macao: a trading post. Macao’s history as a colony dates back to the 18th century. XVI when it was voluntarily ceded by China to the Portuguese to facilitate trade. Since then, this peaceful coexistence between East and West has defined Macao, making it an attractive business hub given the region’s stability and uniqueness, which is currently celebrating its twentieth anniversary of its return to the Chinese administration.

That said, the connection with Portugal, or with Lusophony, has never been lost, which is noticeable in the fact that the Portuguese language remains one of the official ones (together with Chinese). As such, official documents are almost all bilingual, and Portuguese is still heard in various public and private services (although in this latter context English is also often an option).

Another noteworthy aspect has been China’s investment in Portuguese-speaking countries (PALOPs), which has been carried out directly or through Macao. Forum Macao, as it is known, is a China-funded organization that aims to facilitate trade cooperation with the PALOPs. Moreover, at the advent of the Macao International Fair (MIF), it is worth noting this and other events held in Macao to promote products from around the world and in, which various buyers participate.

For any business owner, the difference in tax burden is currently an important aspect of decision making. In Macao, given the considerable government revenue from gambling tax, corporate income tax is limited to only 12%. The same applies to the amount of profits after deduction of the exemption, which varies each year from MOP600,000 for the 2018 financial year, currently equivalent to about USD74,273. Also, there is no dividend tax, which means that net income is the amount the end-day investor takes home. Business taxation is divided into two groups of taxpayers, one of which is based on presumed income. To do so, the annual statement provided by the Finances must include the total amount of income and expenses – overall, Macao has a much easier bureaucracy. Likewise, the personal income tax is progressive up to a maximum of 12%. Since the employer is only required to withhold and pay social security contribution (which is not high). Besides, there is no value-added tax and Macao is considered a free port, there are no customs duties on imported products. Also, the Macao Government has entered into various double taxation agreements.

Another interesting aspect is the Mainland and Macao Closer Economic Partnership Arrangement (CEPA), which gives Macao companies privileged access to the interior of China, including the export of certain goods. types of products exempt from customs duties. Company formation in Macao is a relatively simple procedure open to any investor and can be done remotely. The subsequent opening of a bank account currently requires (depending on the requirements of KYC), in addition to the usual documents, proof of the existence of a (legitimate) business, final beneficiary and, in most banks, a personal journey in front of the counter.

It is therefore advisable to set up the company first, which may take up to 1 month (two weeks minimum for registration with the Conservatory), with a subsequent director traveling to Macao to handle the opening procedures of bank account. In this context (as anywhere), professional assistance can be a valuable help in saving time in making any investment in the region.

This text is only a basic guide and should not be taken as a reference for making investment decisions in Macao as the specifics of the case may translate into the application of different rules.

Written by Jose Alvares, Partner, CA Lawyers – Macao

The 2019 Edition of Negative Lists and Catalogue of Encouraged Industries for Foreign Investment

Foreign investors are subject to special administrative measures for access to the Chinese market. Currently, China adopts the management system of negative list for granting foreign investors and their investments into China. The negative list sets out industries where foreign investment is prohibited or restricted. To push forward the development of an open economy, the National Development and Reform Commission and the Ministry of Commerce jointly published two updated negative lists and the encouraged industry catalogue for foreign investment on 30 June 2019, which came into force on 30 July 2019, namely:

  • Special Administrative Measures for Admission of Foreign Investment (2019 National Negative List)
  • Special Administrative Measures for Foreign Investment Access in Pilot Free Trade Zones (2019 PFTZ Negative List)
  • Industry Guidelines on Encouraged Foreign Investment (2019 Encouraged Catalogue)

The structure of the updated edition remains the same as the old one (2018 Edition), while some items have been removed or modified. The number of entries in the national Negative List was reduced from 48 to 40, and the number of entries in the PFTZ Negative List was reduced from 45 to 37.

2019 National Negative List

Opening of service industries

  • In the field of transportation, the restriction that domestic shipping agencies must be controlled by Chinese majority shareholders has been lifted.
  • In the area of infrastructure, the restriction that Chinese majority shareholders must control the gas, heating pipelines and water supply in cities with a population of more than 500,000 has been lifted and only the restriction of water supply remains effective afterwards.
  • In the cultural field, the restriction that cinemas must be controlled by Chinese majority shareholders has been removed. The restriction that performance agencies must be controlled by Chinese majority shareholders, which was removed in 2018 Pilot Free Trade Zone Negative List, is now removed nationwide.
  • In the field of value-added telecommunications, restrictions on foreign investment imposed by domestic multi-party communications, store-and-forward and call center services have been lifted.

Opening of agriculture, mining and manufacturing industries

  • For agriculture, the prohibition for foreign investment in wildlife resources development has been lifted.
  • In the field of mining, the limitation of exploration and development of petroleum and natural gas to joint ventures and cooperation has been lifted, and the prohibition on foreign investment in exploration and development of molybdenum, tin, antimony and fluorite has been removed.
  • In the manufacturing sector, the ban on foreign investment in Chinese art paper and production in ink stick has been lifted.

2019 PFTZ Negative List

 

The purpose of setting up Pilot Free Trade Zones is to explore the application of national treatment and the use of negative list in the foreign investment approval process, to boost opening up and innovation in the financial sector, and to provide an invest-friendly regulation environment. In 2018, opening measures regarding performance agencies and oil and gas exploration were proved successful in these Pilot Free Trade Zones and then were spreaded to the whole country. And for this time in 2019, opening measures on industries like fishing of aquatic products and printing of publications are carried out nationwide.

In addition, on 26 August 2019, the State Council announced the Promulgation of Overall Plan for the fifth batch of PFTZs, which will be set up in Shandong, Jiangsu, Guangxi, Hebei, Yunnan and Heilongjiang, in total 6 provinces.

2019 Encouraged Catalogue

Besides the Negative List, China also issued the Industry Guidelines on Encouraged Foreign Investment, which combined the “Industry Guidelines on Encouraged Foreign Investment” in the 2017 Catalogue on Industry Guidelines for Foreign Investment and the 2017 Catalogue of Priority Industries for Foreign Investment in Central and Western Region. This catalogue mainly stresses upon encouraging foreign investment to participate in high quality development of manufacturing industry. More than 80% of the new or revised items in the national catalog belong to the manufacturing sector, supporting foreign investment to pay more attention to high-end, intelligent and eco-friendly manufacturing.

  • In the electronic information industry, the Catalogue further includes the development and manufacturing of 5G core components, integrated circuit etching machine, chip packaging equipment, cloud computing equipment etc.
  • In the equipment manufacturing, items related to industrial robot, new energy vehicles, key components for smart vehicles are added or amended.
  • For the medical and pharmaceutical industry, the Catalogue adds the development and production of new key raw materials for the production of vaccines, cell therapy drugs, and large-scale cell culture products.
  • To encourage the new material industry, the Catalogue further updated the section about the development and production of new materials for aerospace, monocrystalline silicon, large silicon wafer etc.
  • In the commercial services sector, the Catalogue updated the sections about project consultancy services, tax consultancy services, inspection and testing certification services etc.
  • For business services and trade, cryogenic distribution, e-commerce, construction and operation of railway arterial network and railway special line are updated.
  • Under the technology service sector, artificial intelligence, clean production, the development of Carbon Capture and the development and application of energy saving, and circular economy technologies are included.
  • In Yunnan, Inner Mongolia, Hunan and other regions with certain distinguished agricultural resources and labor advantages, the Catalogue modifies items regarding the industries of agricultural product processing, textile clothing and furniture manufacturing.
  • In Anhui, Sichuan, Shaanxi and regions where the development of electronic industry clusters is accelerating, the Catalogue adds the development and manufacturing of integrated circuit, tablet computer and communication terminal etc.
  • In Henan, Hunan and regions with dense transportation and logistics network, the construction of new logistics storage facilities and auto refueling stations has been added.

The incentive policies supporting the old catalogues of encouraged industries will apply to the 2019 Encouraged Catalogue, including:

  1. For encouraged foreign investment projects, the import of self-use equipment within the total amount of investment shall be exempted from the customs duty and import value-added tax;
  2. Enterprise income tax will be collected at a reduced rate of 15% for qualified foreign invested enterprises in Western Regions which fall into the category of encouraged industries;
  3. Relevant land use policies are applicable to foreign-invested and domestic enterprises equally. China will continue to provide land in priority to the “encouraged-type” of foreign investment industrial projects on intensive land use; After the reserve price for land use is determined, no less than 70% of the national minimum standard for land for industrial use corresponding to the same rank of land may be implemented. 

At present, China is striving to accelerate the development of emerging industries and create a strong domestic market opened to global investors, which provides not only market opportunities but a more strengthened legislative framework for supervising the foreign investments in China. Coupled with China’s new Foreign Investment Law, which will come into effect on 1 January 2020, foreign companies that are already established in China may consider the following actions:

  1. Revise the current market situation and explore beneficial restructuring options considering the new Negative Lists and the 2019 Encouraged Catalogue;
  2. Pay close attention to any changes of the local rules set forth by local competent authorities in response to the new Foreign Investment Law to be implemented soon.

As for investors who are still yet to put forward the China project:

  1. The Negative Lists and the 2019 Encouraged Catalogue shall be first reviewed in order to confirm whether a Wholly Foreign-Owned Enterprise can be set up or a Joint Venture is needed.
  2. In the latter case where a Joint Venture is considered, be aware of the upcoming changes that the Law on Sino-foreign Equity Joint Ventures, and the Law on Sino-foreign Cooperative Joint Ventures shall be repealed after the new Foreign Investment Law comes into effect on 1 January 2020. Therefore, it is strongly advisable to consult with a China legal counsel for solutions to cope with the legislative changes.

Should you wish to know more about China’s recent changes in foreign direct investment laws, please feel free to reach out to our China Consultancy Team.

Contact:

Delilah Li

Senior Manager, Greater China

delilah.li@cwhkcpa.com

Phenix Zheng

FDI Legal Counsel, Greater China

phenix.zheng@cwhkcpa.com

Written by Edwin Yin, China Consultancy Team, CW CPA

Recruiting in China – online recruitment platforms that work

In China, there were nearly 200 million people who searched for jobs online in 2018. To broaden their search, job seekers often tap on multiple recruitment platforms. In recent years, many online recruitment platforms have emerged as the market leaders by offering not only online recruitment, but also other human-resource related services. Some focus on particular industry verticals, such as technology and finance, or job seeker segments, like the younger generations and re-joiners in the labor force.

If you are an HR tasked with recruiting local staff in China or a start-up business owner looking for Chinese talents, you need to know the most effective and popular platforms that could offer the very specific niche that suits your business needs. Our Human Resources Process Outsourcing (HRPO) team has complied the following list to help you navigate through the all the various choices in the market.

51job.com gives you access to a nationwide database of job seekers of nearly 200 Chinese cities. It also provides a number of other value-added HR services including training, professional assessment, executive search, and compensation analysis. 51job.com primarily targets white-collar workers between the ages of 20 to 35 and covers many different job categories, from professional and middle management positions to entry-level, clerical and hourly jobs.

Zhaopin.com is a popular recruitment website focusing on hiring students, white-collar workers and high-end talents across different fields. Similar to 51job.com, it also offers other professional HR services throughout China. Posting a recruitment ad in Zhaopin.com is free of charge, which may be preferable to start-up companies.

Chinahr.com is a comprehensive recruitment website under the world-famous recruitment network Saongroup. However, in recent years, Chinahr has become a less preferable choice due to the fierce competition in the recruitment market. Employers can still consider posting recruitment ads in Chinahr as an additional channel complementary to 51job.com and zhaopin.com.

YJS is an online recruitment website that focuses on graduates and students in China. If you are keen on hiring fresh graduates and training them from the basics, YJS can be a useful tool as it attracts many new highly educated, first-time workers. It has a large concentrated pool of young workers looking for opportunities to kickstart their career. Besides of recruitment, YJS is also a platform for on-campus talks, corporate visits, and recruitment fairs.

Jingying targets much more experienced and highly skilled professionals. While traditional headhunting firms prefer networking in the offline community to scout for mature candidates, 51jingying addresses this segment of market by introducing an online platform where job seekers, headhunters or direct employers can access the online professional network built by Jingying, featuring mobile application with private communication channel and name card exchanging and scanning.

Lagou specializes in the fields of technology and engineering. Employers seeking software developers, computer programmers, web designers, system administrators, data analysists and project managers will appreciate its niche in technology related positions. Lagou also provides industry insights, company profiles and user discussion forums.

BOSS Zhipin is an active latecomer to China’s online recruitment market. Its selling point is that it offers job seekers direct chat engagement with recruiters by learning user behaviors. One can expect that such “fast food” experience is suitable for matching less experienced job-seekers with employers who wishes to find someone inconveniently and fast. BOSS Zhipin’s users are mostly “green-hand”, or inexperienced workers under the age of 24.

Liepin is also a job seeker-employer match making platform that prides itself in applying artificial intelligence to match job seekers and business needs, hence reducing information asymmetry and recruitment costs. Liepin focuses on mid-to-high-end talents in China.

58.com is the largest online marketplace serving local merchants and consumers in China. It is also a place where free lancers, entry level and blue-collar workers congregate. Similar websites include ganji.com, baixing.com, gongren.com, chinalao.com and 528.com.cn.

Certainly, there are abundant other recruitment platforms you can work with. For foreign companies operating in China, local hiring can be easy if there is a dedicated Chinese speaking HR manager who can undertake the whole process from writing job descriptions, posting on recruitment sites, interviewing and shortlisting to negotiating and issuing the offer letter.  However, it is often the case that SMEs do not always have the adequate resources and time to work on bringing the right people on board. This is where CW’s HRPO team can come into the picture.

CW’s HRPO team offers recruitment services that focus on entry to mid-level positions. We believe that a successful recruitment is a fine-tuned process with an understanding of both your expectation and the characteristics of the current job market.  With CW’s help, you can rest assure to achieve the following:

  • Market benchmarking, requirement analysis
  • Job analysis, marketing design, and descriptions
  • Candidate sourcing or pooling
  • Screenings and skills assessments
  • Reporting and documentation
  • Interview management and selection assistance
  • Pre-employment checks
  • Off-boarding, paper work and tax clearance

Do you need to hire someone in China? Please do not hesitate to contact us.

EMAIL : cw@cwhkcpa.com
WEBSITE : www.cwhkcpa.com

Written by Delilah Li, China Consultancy Team, CW CPA

On the Revision of “Anti-Unfair Competition Law” in April 2019

On 23 April 2019, the 10th meeting of the Standing Committee of the 13th National People’s Congress decided to amend eight laws, including the Trademark Law and the Anti-Unfair Competition Law. Among them, the revision of “Anti-Unfair Competition Law” is of great progressive significance. This amendment has made more detailed provisions on some existing concepts in the Anti-Unfair Competition Law, which expanded the scope of application of this Law while further clarifying the responsibilities and penalties for illegal acts.  

  1. Definition of infringement of trade secrets and expansion of its scope of application

  This amendment has made more detailed provisions on the infringement of trade secrets. On the one hand, electronic intrusion is added to the act of infringing trade secrets. With the advent of the electronic age, illegal acts of infringing trade secrets in the form of electronic invasion have become increasingly frequent. This form of invasion is often more covert, convenient, and technical than usual. Compared with the previous classification of electronic intrusion into the category of “other unfair competition means” in Article 9, this amendment juxtaposes it with theft, bribery, fraud, coercion in the form of enumeration, clarifying the illegal nature of electronic intrusion and facilitating relevant departments to supervise and regulate it. By explicitly including this new form of intrusion into the law as a notice provision, the Anti-Unfair Competition Law will be more adaptable to the complicated business competition situation and will be more conducive to ensuring the network security of business secrets. On the other hand, a new paragraph (4) is added to Article 9 to include the acts of instigating, luring, and helping others to obtain trade secrets into the acts of infringing trade secrets. At the same time, other natural persons, legal persons, and organizations of non-legal persons other than business operators are also defined as the subject of infringing trade secrets, further clarifying the scope and targets of this law.  

  1. Increase in compensation and punishment standards

  This amendment adds compensation and punishment standards for serious violations to Article 17 of the Anti-Unfair Competition Law. If the circumstances are serious due to the malicious acts of business secret infringement committed by the business operator, compensation shall be made according to the standard that the actual amount of losses suffered due to infringement is more than one time but less than five times. In addition, the punishment for violations of trade secrets will be increased from a maximum of RMB 3 million yuan to a maximum of RMB 5 million yuan, and the supervision and prosecution department has the right to confiscate the illegal income from violations. The increase of the punishment standard and upper limit has greatly increased the cost of illegal acts, which will help to crack down more effectively on infringement on business secrets.  

  1. Transfer of burden of proof

In normal cases, the proof rule of “the burden of proof lies with the person making the claim” is applied in civil proceedings. The party who claims provides evidence to prove his claim and bears corresponding adverse consequences if he fails to prove it. Before this amendment, this rule of proof was applicable to illegal acts that violate trade secrets. The right holder of trade secrets needs to prove the existence of infringement acts and damage results, the causal relationship between acts and results, and the infringer is at fault for the occurrence of results. However, due to the strong concealment of trade secret infringement, theft, disclosure, and illegal application of trade secrets are usually carried out in a secret way. The application of the general rule of “the burden of proof lies with the person making the claim” often places the plaintiffs of trade secret infringement cases in a very passive position, which leads to the high losing rate of the plaintiffs of trade secret infringement cases tried by our courts in recent years.   This amendment adds a new article 32, which stipulates that the rule of inversion of burden of proof will apply to cases of infringement of trade secrets. The plaintiff only bears the preliminary burden of proof; that is, it only needs to prove the existence of infringement or infringement risks and has taken reasonable confidentiality measures for trade secrets. Correspondingly, the suspected infringer needs to prove that there is no infringement or the trade secret claimed by the obligee does not belong to the trade secret stipulated in this law. This amendment has reversed the situation of showing fairness to the plaintiffs in cases of infringement of trade secrets and provided a strong guarantee for the holders of trade secrets to safeguard their legitimate rights and interests.   

Summary 

This amendment specifies some specific issues of unfair competition from the aspects of definition and scope of application, compensation, punishment, and allocation of burden of proof, etc. The identification standard of infringement has been clarified, and some forms of infringement with apparent harmful nature have explicitly been incorporated into the law to be stipulated separately so that this law can meet the challenge of illegal infringement under the new situation. It has also strengthened the punishment for infringement, increased the burden of proof for the infringer, and significantly increased the expected cost of illegal infringement.

Written by Kemelly Morais Vera, Brazil Desk, CW CPA China is the second largest economy in the world, with an estimated GDP of around US$ 14.2 trillion this year, according to the International Monetary Fund. It is an attractive economy for multinational companies, being ranked as one of the most significant Foreign Direct Investment (FDI) recipients….

Written by Delilah Li, China Consultancy Team, CW CPA In an attempt to shift Macau’s economy away from gambling, Macau’s Monetary Authority has started feasibilities studies for a yuan based securities market. Under China’s Greater Bay Area plan, Macau, like Hong Kong, would be a free economy. Carlos Alvares, Chief Executive at Banco Nacional Ultramarino…

Written by May Tung, Tax Advisory Services, CW CPA   The new version of Profits Tax Return (PTR) issued by the Inland Revenue Department of Hong Kong has become effective from 1 April 2019. A set of supplementary forms has been introduced as part of the PTR. In one of the supplementary forms – Supplementary…

Written by Spring Lin, Accounting and Tax, CW CPA   To further reduce taxpayers’ VAT burden, in 20 March 2019, the Ministry of Finance, State Administration of Taxation and General Administration of Customs jointly issued “Administration and the General Administration of Customs” (Hereinafter referred to as Announcement [2019] No. 39.)   The specific VAT reduction…

Page 1 of 71 2 3 7

© 2018 CW CPA. All rights reserved.