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Here you will find information about our company’s events organization to accounting, tax and consulting topics on which regulators in China are about to publish, enforce or change regulations and requirements.

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Brief analysis referring updates of revised CAS-14

Author：Christian WANG
Date：2017-08-31

Ministry of Finance issued on 5th July, 2017the revised “Accounting Standards for Business Enterprises No.14 – Revenues” (New CAS-14), in order to keep the convergence with “International Financial Reporting Standards or the Accounting Standards for Business Enterprises No.15– Customer contract revenue” (IFRS 15).

Circular on Increasing the Proportion of Extra Pre-tax Deductions of Research and Development Costs for Medium- and Small-sized Tech Firms

Author：Sariel SHENG
Date：2017-08-31

According to current Chinese Enterprise Income Tax Law, additional deduction of research and development (hereinafter referred to as the"R&D") expenditures do not form intangible assets and accounted into current term profit and loss, such expenditures shall be subject to 50% more additional deduction after being deducted in full amount in light ofactual situation; where the above-mentioned R&D expenditures for mintangible assets, they are subject to amortization based on 150% of intangible asset costs. The policy has brought benefit to most of the domestic enterprise which has R&D expenditures.

Explanation of (Cai Shui [2017] No.39) and the related Announcement

Author：Fang FANG
Date：2017-07-31

Recently, the Ministry of Finance, the State Administration of Taxation, and the China Insurance Regulatory Commission have jointly distributed the Circular on Expanding the Pilot Policy of Individual Income Tax (IIT) on Commercial Health Insurance for Nationwide Implementation (the "Circular"), effective from July 1,2017.