Beijing, China (April 21, 2009) /ChinaNewswire.com/ — Sharon Su, Manager at LehmanBrown International Accountants, recently spoke on China Value Added Tax (VAT) obligations in a webinar hosted by the China Resource Network.
For China-based companies and those with China-related business operations, calculating Value Added Tax obligations can prove complex and time-consuming.
Russell Brown, Managing Partner of LehmanBrown commented: "VAT accounted for 26% of the annual tax revenue in 2009, and is the most strictly controlled and closely monitored type of tax in China. The calculation of VAT liabilities, specifically export VAT refund is often complicated and confusing to foreign investors. In relation to VAT laws, the China State Administration of Taxation frequently issues new circulars and guidelines. These can lead to differing VAT, especially export VAT refund calculations depending on the industry and structure of the business entity."
The webinar was hosted by the Ohio-based China Resource Network (CRN), which aims to develop business links between Ohioan businesspersons and the People's Republic of China. For more information about CRN, please go to http://chinaresourcenetwork.com/events.html.
Brown comcludes, "External factors such as, locating a business in an Export Zone offering preferential VAT policies, and the governing tax authority can in many instances impact the level of VAT payable by the company. In light of this, it is essential that those responsible for business operations in China have a solid understanding of influencing factors and are able to maximise upon any available preferential policies."
LehmanBrown International Accountants
LehmanBrown is a China-focused accounting, taxation and business advisory firm, combining international expertise with practical China experience and knowledge for both local and international clients.
The company operates through offices in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin and Hong Kong, which are staffed by a combination of Chinese and expatriate professionals. Staffing is currently around two hundred professionals throughout China, all of whom are English-Mandarin bi-lingual.
LehmanBrown is registered with the PCAOB in the USA. LehmanBrown is also an Accredited Employer and Training Partner of many top global accountancy institutes including the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Hong Kong Institute of Certified Public Accountants (HKICPA) and CPA Australia. LehmanBrown was the first ACCA China-wide Approved Platinum Employer.
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