Author: moming25

4 days later, tax bureau will start to examine all Chinese bank accounts. That means, Those foreign trade enterprises, which use individual or offshore accounts to conduct transactions, should pay more attention to the new tax policy!

Tax declaration with invoice

In recent years, since “the 3rd China Taxation Administration Information System” have been promoted, tax bureau has been controlling the tax mainly by invoice.

Generally, 90% of tax risks come from tax payment appraisal and routine tax investigation by tax authorities according to enterprises’ invoices and receipts during transactions.

Therefore, invoice is not only crucial for tax declaration by enterprises, but also for the supervision by tax bureau!

No more tax evasion

via individual accounts!

Under such strict tax policy, you may wonder that if you do not keep any account record or issue invoice, can you escape from the tax investigation?

Here is the case

A corporate legal representative, who established the company in Beijing, opened individual accounts from ICBC and Industrial Bank respectively. However, the Beijing tax bureau found that the company use these individual accounts to deal with payment and transaction with customers.

Total amount of transaction in 2013 to 2015 was up to RMB4,197,477, among which, around RMB2,219,332 were remained undeclared. Consequently, the company subjected to an extra penalty of 0.5 times of its unpaid VAT and Corporate Income Tax, nearly RMB239,401.

The case shows that there is no way to evade tax via individual account any longer, especially from January 1st in 2018!

Chinese banks will cooperate with tax bureau so as to strengthen tax supervision on individual and corporate accounts!

No more tax evasion

via offshore accounts!

You may come up an idea: no more individual account, then why not offshore account, so that I can escape from supervision by Chinese local tax bureaus?

The truth is, under CRS, that idea won’t work any more! What’s more, Chinese government will exchange tax information for the first time with other CRS member countries from September in 2018.

What is CRS?

Notice! CRS Affects Everyone Of Us!

Specifically, according to CRS, Chinese government will submit tax status of foreigners who live in China back to their local countries.

It means, not just Chinese, but foreigners, as long as they live and do business in China, their tax status will become completely transparent home and abroad!

Even if the Swiss Bank Corporation, known as the most privacy-keeping bank, has also announced that the bank will submit their foreign customers’ account information in accordance with laws.

See, mutual exchange of tax information makes it impossible for tax evasion.

Policy schedule

● January 1st, 2018

Financial institutions in mainland China started to conduct the necessary due diligence.

● Before December 31st, 2017

Necessary due diligence to investigate individual financial accounts (with total account balance more than 6 million RMB by the end of 2016) is finished.

● September, 2018

Chinese government will begin to exchange tax information of non-resident financial account with CRS countries.

● Before December 31st, 2018

Necessary due diligence to investigate individual financial accounts (with total account balance less than 6 million RMB) as well as all corporate accounts is finished.

 

Sever consequences!

The day when the policy began to come into effect makes it impossible to evade tax by transfering payments via individual or offshore accounts.

Once it is caught by the government, numbers of penalties and overdue fines will be waiting for you. Worse still, there may be a criminal punishment!

Under the new tax policy,

tax evasion?

Don’t even think about it!

Source: hacoslogistics

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HACOS,Business Services Solutions Master

China has rolled out new and easy visas for ‘high-end talent’ hoping to lure in top specialists and business people to move here. The first ‘Certificate for Foreign High-end Talent’ was issued by the State Administration of Foreign Experts Affairs yesterday.

New five- or 10-year

multiple-entry visas

The roll-out began on Tuesday with the Beijing bureau of the State Administration of Foreign Experts Affairs issuing the country’s first Certificate for Foreign High-end Talent, state-run Xinhua reported yesterday without identifying the recipient.

The certificate is necessary to apply for one of the new five- or 10-year multiple-entry visas.

The report said the visas took as little as one day to process, were free and were valid for stays of 180 days.

The visas would also be granted to the spouses and children of the “high-end” recipients.

Situations of most foreigners

working in China currently

China implements a strict immigration system and tightly controls the issuing of work visas.Most foreigners working in China must renew their visas every one or two years.

The new visas are meant to expand the pool of foreign specialists working in China, particularly in the areas such as science and technology, which Beijing sees as key to driving economic growth.

These high-end foreigners

can apply for

According to government guidelines, high-end foreigners also refer to, among others,

• Nobel Prize winners,

• Chief or deputy editors in Chinese state media,

• Foreign coaches

• Players in national and provincial sports teams,

• Postdoctoral students from world-class universities outside China

• Foreigners who earn at least six times the average annual wage in China.

The average annual income in Beijing in 2016 was 92,477 yuan (US$14,220), according to official statistics.

The visas are part of a top-down drive to make China a more attractive place to work and stay.

Central government relaxed

green card rules

In February 2016, the central government relaxed the country’s green card rules, extending eligibility for permanent residency to foreigners working in broader fields than just government departments or laboratories involved in “key national projects”.

Of all the provincial-level areas in China, Shanghai has the highest number of foreign workers, with about 215,000 of the city’s 24 million people coming from overseas.

A third of those overseas workers are employed in the business service sector, according to local authorities.

In 2016, Japan was the biggest source of foreign workers in Shanghai, followed by the United States and South Korea.

Share to let your friends know!

 

Source: SHEX, SCMP

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HACOS,Business Services Solutions Master

Currently, China’s online system for verifying domestic and overseas diploma is launched officially. The notoriously grueling work permit application process for foreigners in China just got a little easier.

 

The Ministry of Education’s Overseas Students’ Service Center announced the roll-out of a new online system for diploma verification on 22rd Jan, marking an end to the days of expensive, transoceanic DHL fees and wasted afternoons spent in line outside consulates for aspiring foreign workers. 

Diploma Verification Before

In the past, work permit applicants had to get a physical copy of their original diploma notarized in their home country and ‘apostilled’ for use in China before getting it authorized by Chinese consular officials in the country where the document was issued. 

Some applicants were able to forgo some of these steps by queuing with their diploma at their countries’ embassies in China, before presenting the authorized document to officials at the Exit and Entry Administration.

Easier & Faster Online System

Under the new system, foreigners of any nationality can submit digital copies to the new verification website, where they will be reviewed and (hopefully) approved in as little as 20 business days. Simply register with your name and passport number, upload your documents and you’re good to go. 

For the time being, the online interface is only in Chinese, so the less literate among us might need a hand to navigate the process. 

 

Application Materials of 

Overseas Diplomas

(digital copies)

1. An ID Photo (with no requirement on background color).

2. Identified original Degree Certificate or Diploma of Higher Education (in the original official language of the university).

• If you have the English version of the certificate besides from the one in official language, you need to submit these two versions of certificate together.

• If you haven’t received the certificate yet but have graduated from the university, you need to submit a proof of degree issued by your school.  

3. Passports information during the period of studying abroad (including the first and the last page of your passport and all visa and entry records).

If your passport was overdue during the time you studied abroad, you should submit a document of your latest personal information from your new passport or valid certificate of your identification.  

4. A Declaration of Authorization with your own signature. (Download the template from cscse.edu.cn.)

 

Verification Process 

Under New System

Service Fees

It will set you back RMB360, not counting the delivery fee (RMB15-25 for mainland China and Hong Kong) for your physical authentication receipt, and is payable via any UnionPay bank card.

In addition to smoothing the road to legal status for foreign talent, authorities hope the new system will help limit the numbers forgeries and doctored diplomas that slip through.

Kindly Reminder

● The verification process will get faster if you submit more complete documents. 

● Upload colored scanned copies of the required documents, or you need to upload documents once again, which may result in longer time for assessment, or even failure in verification. 

● There will be no need to submit extra Chinese version of the certificate issued by translation company since Jan 1st in 2018.  

 

 

 

 

Share to let your friends know!

 

 

 

 

Ref:

cscse.edu.cn

that’sPRD

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HACOS,Business Services Solutions Master

始发于微信公众号：HACOS瀚客

 

Recently, People’s Bank of China has implemented a new rule on “bank account & mobile payment”. How does the new rule affect us?

① Only one type Ⅲ bank account is allowed to be bound up with mobile payment account individually.

② Only one type Ⅱ account and 5 type Ⅲ bank accounts at most are allowed for individual. 

③ The allowable account balance has been increased by 2,000RMB, and daily accumulative spending amount has been decreased by 2,000RMB.

About Bank Account

According to PBC, since December 1, 2015, only one type I bank account is allowable for one person in one bank. And for those who have already owned the type I bank accounts, they should open type Ⅱ or Ⅲ bank accounts instead.

How to distinguish the mentioned 

three types of bank accounts?

Generally, they are just like cashbox, wallet and coin case successively.

Simplified formalities for opening 

type Ⅱ&Ⅲ bank account

According to the latest notice of PBC, type II & III account should be opened via counter, online bank, mobile bank, direct bank and ATM with remote video of all banks in China within this year.

Moreover, there are alternative ways to open bank account ↓↓↓

 

Optimize type Ⅱ & Ⅲ bank account

The policy stipulates that each person is allowed to open only 5 type II or III accounts at most in the same bank.

And it is suggested that typeⅡ&Ⅲ account should be used to online payment and mobile payment, concerning daily consumption, paying bills and top up. 

Account without transaction 

record for a half year

In accordance with PBC, account without transaction record for a half year will not be accessible to payment via electronic channel until the account is re-identified by the bank. 

Phone number should be 

correspondent with 

identification information

Phone number bound up with the account should be the same as the number registered in the identification card. That means, each phone number should be authenticated by only one real name. 

POS machine is forbidden

 to be sold online

POS machine, MPOS and MIS-POS are forbidden to be sold online. Further more, the location of payment via POS will be under strict supervision. 

 

Share to let your friends know!

 

 

 

 

 

Ref: People.cn

 

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始发于微信公众号：HACOS瀚客