China Tax & Accounting Service China – Professional, Reliable, Fast
China Tax & Accounting Services.
Total company accounting management solutions.
Our China TOTAL SUPPORT™ Company Management Solution can help you manage all Accounting tasks.
Corporation China provides a full range of accounting and tax services in China, as well as audit services. We can assist you in accounting, tax, and auditing for your WFOE or RO.
Corporation China’s accountants have a thorough understanding of China’s complex Chinese accounting and tax system. We strive to align your company’s accounting practices with the rapidly evolving accounting system, allowing you to focus on your company’s business technology.
All companies registered in China need to follow a series of annual requirements. The annual compliance requirements commence after the end of the fiscal year and take place until the end of June.
Find out more about Corporation China's Tax Accounting services.
Areas we can assist with include the following.
Areas we can assist with include the following.
Seamless back office management, designed for your company type.
The China’s annual compliance requirements.
According to company law of China, a limited liability company shall commission a qualified, certified public accountant company to conduct an annual audit of the previous year’s company’s financial reports, which is a requirement by China company law.
The China’s annual compliance requirements are divided into three steps.
The main purpose of this annual audit is to ensure that the company’s financial statements are in line with the Chinese GAAP (Generally Accepted Accounting Principles) standards while showing the accurate financial position of the Chinese company.
This also ensures good governance as it is one of the main duties of the legal representative to send a financial statement to shareholders. The annual audit report is also needed to distribute profits.
Standard reports include a balance sheet, cash flow statements, company income statements, changes in equity, financial statements, and taxable income documents. The annual corporate income tax filing is in May, so the audit reports should be completed before the end of April.
Following the audit report is the annual corporate income tax (CIT) filing. The standard rate of CIT is 25% on profits, depending on the size of the company and the industry.CIT has to be paid on a quarterly basis, and the annual CIT reconciliation ensures that the tax has been fully paid. The deadline to submit yearly tax reconciliation is the end of May.
China’s Annual reporting process.
After the annual audit report and CIT reconciliation are done, the company needs to proceed with submitting information to the different government authorities the State Administration for Market Regulation of Industry and Commerce (SAMR), the Ministry of Commerce (MOFCOM), the State of Foreign Exchange (SAFE) and for trading companies also to the Finance Authority and Customs Authority.
The deadline to submit the annual report is the end of June. Failing to carry out the annual compliance procedures may result in penalties, blacklisting, or negatively affecting the company’s and the directors’ social credit score.
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