tax question

Posted Nov 6, 2008 8:07pm by Mencius95

Joined: Jan 5th, 2008
Posts: 36

I will manage a new project in BJ for a foreign company and will receive my Z visa soon. I am the only person so far. Does anyone know how to pay the monthly income tax? Before I always had someone take care of that, now I will just receive my gross salary and have to take care of taxes myself.

Where do I declare the salary? Do I transfer the tax myself once a month? Once a year?

Can the apartment rent, transportation to and from work be deducted? Any other deductables?

Thank you.

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coeurdelion

Joined: Aug 28th, 2007
Posts: 1,184

Re: tax question

Posted by: coeurdelion on Nov 7, 2008 10:04am

Check PWC's tax facts and figures guide for details: http://www.pwccn.com/home/eng/cn_tax_facts_figures_2007.html

In general, you'll have to self report your company income to the tax authorities on a monthly basis, but you'll have to register with them and get your own tax certificate first so that you can pay corporate income tax (you might have that already?).

For the personal income tax, there's an annual self declaration which you can do online. You might want to think about outsourcing your accounting / tax issues to a Chinese company to make things easier though.

From your taxable income, you can deduct your rent (if you have a fapiao), some food, one flight home, your kids' education and a couple of other things. Again, check the tax guide for details.

FXZL - Up-to-date visa Information for China
fxzl.blogspot.com

kea

Joined: Nov 21st, 2008
Posts: 3

Re: tax question

Posted by: kea on Mar 3, 2009 6:15pm

I think I need to organise to pay my personal income taxes as well. Can anyone recommend a good english speaking accountant to organise this (I am a little out of the range of the big name accountants...).
Thank you

liveforfood

Joined: Apr 23rd, 2006
Posts: 437

Re: tax question

Posted by: liveforfood on Mar 3, 2009 6:51pm

Kea,

It depends on where you are from. However, there is a 98% chance you're American. Correct?

kea

Joined: Nov 21st, 2008
Posts: 3

Re: tax question

Posted by: kea on Mar 5, 2009 11:51am

Actually british ...

cainc

Joined: Nov 21st, 2008
Posts: 1

Re: tax question

Posted by: cainc on Apr 14, 2009 2:49pm

What is the website to be used to pay tax online as noted by "coeurdelion" in a reply above?
Thanks.

coeurdelion

Joined: Aug 28th, 2007
Posts: 1,184

Re: tax question

Posted by: coeurdelion on Apr 14, 2009 3:02pm

I believe it's this one: http://gszxsb.tax861.gov.cn/sbsy.htm

FXZL - Up-to-date visa Information for China
fxzl.blogspot.com

Daren

Joined: Dec 27th, 2009
Posts: 6

Re: tax question

Posted by: Daren on Dec 28, 2009 6:55pm

Hello!

I got the U.S. CPA and Korea CPA license. I got the Peking University MBA, so there is no communication problem in Englsih.

And now, We KCBC(located in Zhongguancun) provide the Financial Reporting Service under IFRS and U.S. GAAP.

Is there any person or Company need our service, don't hesitate.

Feel free contact us.

Thank you

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randomness

Joined: Jul 17th, 2009
Posts: 14

Re: tax question

Posted by: randomness on Dec 29, 2009 6:24am

Be aware you must be out of the UK for a full tax year (april to following april) to benefit from tax-free income earned abroad. Avoid dodgy offshoring, you're likely to get found out, as the account will very likely be linked to your home address, or at least some address in the UK that will trace back to you.

If you even land back on UK soil, you are deemed to have connections to the UK. Where your family reside, any inheritance, and many other factors are now taken into account. So just be aware you'll be best of declaring any earnings abroad, as you don't want to get found out that you've hid something later on, particularly if you ever do consultancy or become self-employed.

Student loans co. will also want detailed earnings summary.