Bonded and Free Trade Zones in China
Whenever it comes to international economic activity, one of the key issues is dealing with VAT and other taxes and customs duties in all possible variations. In particular, the requirements for the payment of VAT or duties might become the very stumbling block that would make th...
VAT refund on export from China
When exporting any product, there are two options for dealing with VAT. Option 1 – the seller is the same as the exporter. In this case, the seller must receive payment for the goods directly from the foreign buyer (either from a foreign bank account or from an NRA accou...
Foreigner’s income in China and its taxation
At first glance, it seems that all money received (it does not matter whether to a card, to a Wechat wallet or by bank transfer) is one and the same. But, as it turns out, it is not quite so. In this article, we will talk about their difference, best ways to receive them and the...
VAT refund for individuals in the PRC or Tax Free
It is common knowledge that the price we pay for a product in a store is made up of numerous components. One of them is value added tax (VAT). Which in many cases can be refunded. We will talk about how to do this in this article. Clearly, VAT refunds by legal entities and the...
Reporting expenses or 报销
In all cases when the company needs to transfer money to the employee for something (besides the salary), s/he must report on spending. In this article, we will go over the entire process in detail. In total, there are two options: The company in advance transfers money...
Invividuals tax deduction in China
It is always a pleasure to pay less taxes. In 2019 new tax deductions came into operation in China: 1. For children education – up to 12.000 yuan per year, every parent may get up to 50% of this amount. 2. For professional and post-graduate education – up to...
