Accounting, CPA, Bookkeeping for Taxation Reporting of WFOE China Company
If you are finding a local Chinese CPA to assist you do tax registration and accounting report, SMEsChina can explain all Chinese tax laws and regulations, China government stipulates all Chinese companies as WFOE, LLC, Joint Venture, Domestic enterprises must report finance record to local tax bureau.
Advantages of SMEsChina CPA team
– Professional management and consultants team – Cash cashier management and services – 7*24 fast response for local WFOE and companies – Know well local tax regulations – Best assistance and advice
SMEsChina CPA team offering full experience and the best accounting services for your business and protecting your benefits and providing series risk management of taxation.
How Our CPA Team Works
– Collection of original documents and invoice – Calculate basic taxes and individual tax – Prepare all official financial statements – Submit bookkeeping and accounting record – Report taxes to local tax bureau – Inform the latest tax laws, rules and policies – Deliver the certificate of taxes record – Chinese Fapiao / invoice issue and apply
Types and Timing of Chinese Taxation
– Monthly VAT Reporting – Monthly individual tax for Chinese employee – Monthly individual tax for foreign staff – Monthly the Customs clearance tax – Monthly import VAT – Monthly additional tax – Monthly cultural tax – Monthly expenses and costs report – Quarterly corporate income tax – Yearly local government annual audit report – Yearly local government annual financial statements report – Yearly local government annual corporate inspection report – Yearly employee social insurance annual inspection
All above monthly and quarterly taxation you need to report before 15th each month, and yearly reporting need to submit to government within March to April each year, the national legally holidays will be postponed. Do not worry, SMEsChina CPA team will help you assisting to collect all invoice and documents before 15th, and will accounting and bookkeeping income and expense and submit to local tax bureau as soon as possible.
As a local accounting, CPA, Bookkeeping firm, our team provides professional taxation compliance services and Reporting to Chinese enterprises from various of industries all over the world. If you are intending to hire a accounting consultant, contact our CPA right now.
Filing of Monthly, Quarterly and Annual Accounting & Bookkeeping
After your local WFOE has registered Chinese company and opened bank account, do not forget to apply for tax registration from tax bureau, and you have to provide the taxation record and files at the appropriate time. Its very important to report monthly accounting and annual government audit for local legal registered enterprises.
As a foreign enterprise you must prepare these forms and information before 15th each month, if you do not report the tax record and accounting, here’s tax government office will put your China company into black name list and the same time Chinese tax government will reduce your credit degree of taxpayer and give you a penalty decision paper.
How Keeping a Legally Credit Degree of a WFOE Taxpayer
1. Each month you need to report and submit VAT record and documents. 2. Each month you need to report import tax and import VAT records. 3. Each month you need to report individual tax for your staff. 4. Each month you need to report additional tax in terms of different industries. 5. Each quarter you need to report corporate income tax ( quarterly profits tax ). 6. Each year you need to submit annual financial settlement report. 7. Each year you need to submit annual government audit report. 8. Each year you need to submit annual government enterprises inspection report. 9. Each year you need to report annual employee social security record.
General Types of Invoice for Compliance Requirements
Your local WFOE needs to collect the following original Chinese local invoice and report to tax office before 15th each month. Then you can get a legal and good credit degree of taxpayer.
Monthly bank statement for your China company.
Cash receipt details forms.
Travel expenses for transportation, accommodation, meals.
Office rent and property management fee
Payroll and welfare details.
Communication expense, tolls, courier fees, parking fees.
Advertising fee, exhibition cost.
Payment proof of Social security and accumulation fund.
Income proof and invoice.
Others expenses and invoice for costs.
So in China, your WFOE must report everything for monthly and annual financial record to local tax administrative department. You know, the credit degree of taxpayer normally is very important in regarding to due diligence, corporate lending, transaction agreement, competitive bidding, invoice delivery, working visa,etc. Do not worry, SMEsChina will assist you doing all filing of monthly and annual accounting, and offer monthly bookkeeping for your Chinese company.
Ready to Start and Launch a Business in China? So Are We.
SMEsChina teams focus on the growth of enterprise and providing a variety of business solutions in the area of strategy consultancy, WFOE setting up services, business registration, company formation, incorporation of domestic invested enterprise, finance and audit services, HR and payroll, corporate bank account, resident permit, immigration and visa, trademarks and legal compliance.
China is attracting more and more foreign companies, SMEs,entrepreneurs, startups, brands to invest and establish their business entities through reforming various laws and regulations actively. More than 47 million companies and small medium enterprises have registered their business entities in mainland China and over 3.5 million new enterprises are incorporated during each financial year with comfortable process of registering companies. Here SMEsChina is sharing our knowledge and business insights to global enterprises and companies for better learning the regulations and rules of China corporations running and corporate maintaining. All reference and guidance collected by SMEsChina Teams in accordance with the latest implemented laws of the People’s Republic of China on Wholly Foreign-Owned Enterprises ( WFOE ), Joint Venture ( JV ) and Limited Liability Company ( LLC ), Limited Liability Partnership ( LLP ), and other relevant and officially promulgated regulations and rules on the corporation formation and registration of industrial and commercial enterprises and related IP laws, immigration and resident policies ( VISA ), tax laws.
SMEsChina teams happy to work around you and look after your daily China operations confidently and smoothly. Check if setting up a private company is right for you, if you have everything to set up a business in Mainland China, you can get in touch with our teams to get more useful information and online guidance.