ABS

ABS TAX SERVICES

Taxpayers in China are split into two categories, general taxpayers and small-scale taxpayers. Accounting systems, accounting laws, income tax laws and guidelines differ quite a bit in numerous nations, and it’s also no different for China. Proper preparation is therefore critical for businesses in China to achieve success. Antares business services will help businesses of all sizes using their accounting firm expertise. We can provide a customized, Tailor-Made Accounting Solution in China and Pakistan including Accounting, Bookkeeping, Budgeting & Forecasting, Financial Statement Preparation and Accounting Reports.

Accountants of ABS accounting firm have a deep comprehension in China’s complex accounting system. ABS accounting firm can help you manage all (Fapiao) Tax Invoice needs, accounting tasks, tax filling and all the correspondence with the government and relevant bureaus. We strive to keep your corporate and personal accounting practices in conformity with the rapidly evolving accounting systems, letting you concentrate on your business techniques.

Banking and Tax rules

In order for a trading company to conduct import/export trading & distribution activities, it must first obtain a customs registration certificate and an import-export license, which essentially allows it to exchange foreign currencies to RMB, and sales refund or VAT on imported or exported products. In addition to this, a trading company must complete foreign trader operator filing with MOFCOM, make quality inspection registration with the Entry-Exit Inspection and Quarantine Bureau, and obtain an E-port IC card, software, and card reader with the China Electronic Port.

A company in China needs to have a minimum of two banks accounts: A RMB basic account, and a foreign currency capital contribution account. A RMB basic account is a must for a company daily business operations in China. This account is the only account from which the company can withdraw RMB cash, and often acts as a designated account for making tax payments. The foreign currency capital contribution account is necessary to receive capital injections from overseas. A company’s financial and legal stamps are usually required in order to verify the ‘signature’ of the company when opening a bank account in China.

TAX & ACCOUNTING SERVICES

• Update company’s account books in accordance with Chinese Accounting Standards.
• Prepare monthly financial statements for tax filing and submit
• File monthly Business Tax and Tax Return and Individual Income Tax and Tax Return.
• File Corporate Income Tax Return quarterly
• Bank account management
• Audit of Financial Statements

CHINA TAX SYSTEM

When we talk about income taxes in China it’s important to clarify the difference between Corporate Income Tax and Individual Income Tax. The assessment of these two categories is based on profits generated by entities during a given period, and salaries earned by individuals. All individual income taxes in China vary from 5% to 45%, exceeding more than RMB3500 for local staff and RMB 4800 for expatriate staff. The corporate income tax rate is fixed at 25%, based on the net profit. Turnover taxes include Value-Added Tax and Consumption Tax. VAT percentages are usually 17%, 13%, 11%, 6%, 3% and 0, being defined according to the company category and tax payer status. Not much can be done when it comes to Custom Duties, regulations are pretty clear on this matter. Therefore all goods and articles imported into and exported out of the territory of the People’s Republic of China are entitled for duties.

HR SERVICES

ABS strive to act as strategic partners to our clients need and treat their business as if it was ours and provide innovative, pro¬active and cost-effective Human Resource solutions. One of the biggest risks employers face in executing China and Pakistan payroll is not fully complying with the nation’s employment guidelines. To help companies minimize their risk, we offer everything from payroll services to benefits administration, so companies can never worry about human resources in China and Pakistan anymore.

CHINA PAYROLL SERVICES

Most foreign companies prefer not to engage in the administration of their social benefits and individual income tax obligations. This function is often outsourced to a licensed HR service provider to ensure accuracy and compliance.

RECRUITING & PEO SERVICES

Our PEO services will hire your company’s staff for you and oversee all HR-related functions. This is a perfect solution for everyone looking to achieve great efficiency on managing HR costs.

CHINA HR SERVICES

Foreign companies may face the issue of finding open-minded and strong English speaking talent. We will help you find the right employee that best match your company’s objectives.

EMPLOYEE BENEFITS

Getting the most talented, holding key workers, and perceiving good performers are for the most part indispensable to business achievement. We will advise your company on how to create the perfect benefits package for your team.