China Accounting News Weekly[No.87]

2020-10-16 来源:甘肃会计网 阅读量:162

导读:China Accounting News WeeklyNo. 87]10.16-10.22China raises interest rateThe People’s Bank of China, the country’s central bank, has raised its benchmark deposit and lending rates by 0.25 percent for the first time in nearly three years. T

 

China Accounting News WeeklyNo. 87]10.16-10.22 China raises interest rate The People’s Bank of China, the country’s central bank, has raised its benchmark deposit and lending rates by 0.25 percent for the first time in nearly three years. The one-year benchmark deposit rate would rise to 2.5 percent from 2.25 percent while the one-year benchmark lending rate would increase to 5.56 percent from 5.31 percent. Various other rates would also change accordingly.   Foreigners to pay more taxes The State Council has issued a notification to unify the system of urban maintenance and construction tax and educational surtax applied to domestic and foreign enterprises and individuals. According to the notification, from December 1, 2010, foreign-funded enterprises, foreign enterprises and individuals are subject to urban maintenance and construction tax and educational surtax.   Unification leaves a question unanswered Transitional policy has been designed to enable a smooth unification of enterprises income tax and foreign-funded enterprises income tax. It contains 30 items covering almost all taxation preferential policies foreign-funded enterprises are entitled to enjoy. However, it does not specify how to deal with add-on investment projects which enjoy taxation preferential policy independent from their original investment.   Big 4 still major players in overseas IPO As of October 20, 2010, the Big Four accounting firms – Deloitte, Ernst & Young, KPMG and PwC – have participated this year in 20, 15, 7 and 6 Chinese enterprises’ Hongkong IPO respectively. KPMG lost its leading position it had earned in 2008 to Deloitte. Two-tier firms RSM China CPAs, ShineWing CPAs and Grant Thornton have participated in 5, 3 and 2 Chinese enterprises’ Hongkong IPO respectively. The Big Four also dominate the auditing market for Chinese enterprises’ US IPO.    Property tax is near the corner The Ministry of Finance, the State Administration of Taxation and the Ministry of Housing and Urban-Rural Development have started the joint-signing process of launching property tax, which means the much-focused revised property tax system will be released in the near future. More news in http://chinaaccounting.blog.esnai.com/

China Accounting News WeeklyNo. 87]10.16-10.22

China raises interest rate

The People’s Bank of China, the country’s central bank, has raised its benchmark deposit and lending rates by 0.25 percent for the first time in nearly three years. The one-year benchmark deposit rate would rise to 2.5 percent from 2.25 percent while the one-year benchmark lending rate would increase to 5.56 percent from 5.31 percent. Various other rates would also change accordingly.

  Foreigners to pay more taxes

The State Council has issued a notification to unify the system of urban maintenance and construction tax and educational surtax applied to domestic and foreign enterprises and individuals. According to the notification, from December 1, 2010, foreign-funded enterprises, foreign enterprises and individuals are subject to urban maintenance and construction tax and educational surtax.

Unification leaves a question unanswered

Transitional policy has been designed to enable a smooth unification of enterprises income tax and foreign-funded enterprises income tax. It contains 30 items covering almost all taxation preferential policies foreign-funded enterprises are entitled to enjoy. However, it does not specify how to deal with add-on investment projects which enjoy taxation preferential policy independent from their original investment.

 Big 4 still major players in overseas IPO

As of October 20, 2010, the Big Four accounting firms – Deloitte, Ernst & Young, KPMG and PwC – have participated this year in 20, 15, 7 and 6 Chinese enterprises’ Hongkong IPO respectively. KPMG lost its leading position it had earned in 2008 to Deloitte. Two-tier firms RSM China CPAs, ShineWing CPAs and Grant Thornton have participated in 5, 3 and 2 Chinese enterprises’ Hongkong IPO respectively. The Big Four also dominate the auditing market for Chinese enterprises’ US IPO. 

Property tax is near the corner

The Ministry of Finance, the State Administration of Taxation and the Ministry of Housing and Urban-Rural Development have started the joint-signing process of launching property tax, which means the much-focused revised property tax system will be released in the near future.

More news in http://chinaaccounting.blog.esnai.com/

 

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