Articles
New IIT Regulations China
Written by NCO
New Individual Income Tax Regulations - Effective from September 1,2011
After a long and, at times, heated debate the Standing Committee of the National People;s Congress(NCP) has passed new revisions to China's individual income tax(IIT) law,increasing the amount of deductable income for Chinese nationals.
The revision of the IIT law has received great attention during the public solicitation period,where people have argued a further in the amount of deductable income than to the originally proposed RMB 3,000. The result of the 240,000 responses to the solicitation was an increase in the deductable income from RMB 2,000 to RMB 3,500 and a reduced tax rate for the lowest income earners form 5% to 3%.
China Due Diligence
Written by NCO
For foreign companies doing business in China, or with China, or with China, often times calls for some kind of co-operation and mutual dependency with local companies, be it in the form of a JV partner,distributor,manufacturer or other form of supplier. In order to minimize the accompanying risks when engaging in co-operation with a Chinese partner, a foreign investor should consider the following advices when analyzing a Chinese company with which it is, or potentially, will do business.
NCO joins BRIC seminar in Denmark
Written by NCO
Hedensted Erhverv will host an investrment seminar on opportunities and global business models in the BRIC-countries on June 15,2011. There will be presentations by various experts on these markets as well as workshops about the business environment and co-operation opportunities for Danish companies with interests in these four countries.
For more information on the seminar,please seewww.hedenstederhverv.dk/p383.asp(in Danish) or contact:
Hugo Høllede
Managing Director,
NCO China Consult
Copenhagen
Royal Sweden - Hong Kong Business Council Events
Written by NCO
NCO China has become a member of the Royal Sweden - Hong Kong Business Council which promotes trade. knowledge. and cultural exchange between Hong Kong and Sweden at events in major Swedish cities
You can meet NCO at the upcoming Business Council events in Gothenburg on a June and Malmoe an 9 June Please contact
Hugo Høllede
Managing Director,
NCO China Consult
Copenhagen
For more information on the Royal Sweden - Hong Kong Business Conuncil, please see www.hongkong.se
IFU Seminar
Written by NCO
Investeringsfonden For Udviklingslande (IFU) will host a seminar on May 31st at their office in Copenhagen. Denmark about the possibilities and challenges of establishing and operating a company m China
IFU will. in co-operation with the Danish Ambassador to China, Mr.Frils Arne Petersen and two other Danish companies give an introduction to the Chinese market, Share some of IFU's many experiences there and introduce some concrete examples of how establishment in China can be done.
It will also be possible to meet NCO at this seminar and discuss establishment and operation of businesses in China and other related topics
For more information on this seminar or enquiries regarding establishment of business in China witn IFU Support, please contact:
Hugo Høllede
Managing Director,
NCO China Consult
Copenhagen
New NCo-partner in Denmark: Interfocus
Written by NCO
NCO has entered into co-operation with interfocus of Aarhus. Denmark
interfocus helps companies to realize their growth ambitions in foreign markets The people behind interfocus have many years of experience in international industrial companies in addition, we have built a network of partners abroad, which enables us to deliver complete solutions We can manage the project, if your company wants to set up production abroad. or wishes to expand its export activities We can accelerate the process - and secure implementation of the project The advantage for your business is that it gets access to a lot of accumulated knowledge - and you will save internal resources Our geographic focus is Eastern Europe, China, India, USA and Brazil More about interfocus on ..www.interfocus.dk or by e-mail to contact@interfocus.dk.
The co-operation will benefit clients in the Nordic countries through easier access to financial management and control in their China operations
More information about NCO in Europe can be obtained by contacting Hugo Hollede, Managing Director of NCO’s subsidiary in Denmark at hugo@ncochina.com .
Invitation to Free Breakfast Seminar
Written by NCO
Free Breakfast Seminar at NCO ShangHai - April 29, 2011
Topic: Tax low for foreign people in China
Are you in tooai control of your lax payments?
NCO provides an update on the Double Taxation Agreements between China and other foreign countries.
including an update on the following issues:
- How will China treat residents and non-residents m terms of taxation and What is the lax treatment on Chinese
income and non-Chinese income?
- Double taxation for Expatriates in China
Now you have the Chance to meet NCO'S expert in this area
Nr.Patrick Ho. Hong Kong Chinese. is the General Manager of NCO's ShangHai office He has over 18 years of
working experience in auditing and tax fields and has worked with the large international accounting firm BDO
McCabe Lo & Co in Hong Kong Mr.HO obtained his Master degree of Business Administration from Australia
and he is currently a CPA (Practicing) in Hong Kong and a member of CPA. Australia
Read more
New NCO-partner in Finland: Fortune Falls
Written by NCO
As ofApri1 2011 . NCO has entered into co-operation with Fortune Falls of Helsinki. Finland The co-operation includes that Fortune Falls will represent NCO in Finland in terms of sales and marketing of NCO's services to Finnish clients The benefit to clients in Finland JS better information about services and even stronger support in the early stages of planning and implementing their investment in China and/or Hong Kong, as well as in the financial management and control of their existing subsidiaries in China
Fortune Falls is a professional service provider specialized m China The main focus of Fortune Falls is on sourcing. collaboration development and training Recently company founder, Johanna Heikkinen, has also been playfully recognised as Finland-China Co-Operation Angel More about Fortune Falls on www.fortunefalls.fi, or by e-mail to Johanna.heikkinen@fortunefalls.fi.
More information about NCO in Europe can be obtained by contacting Hugo HOllede, Managing Director of NC0'S subsidiaryin Denmark at hugo@ncochina.com
Nordic Project Fund
Written by NCO
Nordic Project Fund - Nopef
About Nopef
The aim of Nopef is to strengthen the international competitveness of Nordic companies by providing co- financing for feasibility studies that support export projects and the internationalization of Nordic companies Through cooperation with national. Nordic and international organizations. Nopef aims at creating a 'Nordic advantage.
The following information applies to Nopers mandate from 2011 to 201 3
Buiness Tax Exemption On Offshore Service Outsourcing Business In Pilot Cities
Written by NCO
Notice On The Business Tax Exemption On Offshore Service Outsourcing Business In Pilot Cities
Caishui[2010] No.64(Circular 64)
BeiJing, TianJin, DaLian, HeiLongJiang, ShangHai,JiangSu, ZheJiang. AnHui, JiangXi. FuJian, Xiamen. ShanDong, HuBei, HuNan, GuangDong, ShenZhen, ChongQing, SiChuan, ShanXi Provincial(municipalities,numicipalities with independent planning status) Department of Finance (Bureau), Local Taxation Bureau and The Competent Commerce Department:
To further promote the Offshore outsourcing business development, The State Council has ratified the following