Tianjin Guangxin CPAs
April 11, 2024
April 11, 2024
January 4, 2024
The December 2023 issue of the Kreston Brighture newsletter delves into recent advancements in financial and tax policies. This section highlights the latest changes, offering insights into their implications for both businesses and individuals.
November 22, 2023
Kreston Global firm, Brighture, shares its expertise in its latest newsletter covering financial news and updates from China.
July 28, 2023
Kreston Global firm, Brighture, shares its expertise in its latest newsletter covering financial news and updates from China.
April 17, 2023
R&D tax incentives in China have been made a permanent policy by China’s State Council. This month (March 2023) they announced the extension of supportive tax and fee policies that are aimed at incentivising innovation and supporting industries that were affected by the COVID-19 pandemic. These policies are expected to reduce the annual tax and fee burden on eligible companies by over RMB 480 billion, which is approximately US$69.8 billion.
One of the multiple policies that have been extended in the announcement is the tax deduction for research and development (R&D) expenses. The pre-tax deduction ratio of R&D expenses for certain eligible companies will continue to increase from 75% to 100%, with no expiration date specified. This policy was previously only available to manufacturing enterprises, but the 2022 Government Work Report expanded it to include technology-based small- and medium-sized enterprises (TSMEs) to encourage innovation.
In September 2022, the Ministry of Finance (MOF), State Taxation Administration (STA), and the Ministry of Science and Technology (MOST) temporarily expanded the policy of super deduction of R&D expenses to general enterprises. During the period from October 1, 2022 to December 31, 2022, the ratio for the additional pre-tax deduction for R&D expenses for enterprises that were already eligible was raised from 75% to 100%
The State Council has now announced that this temporary expansion will become a long-term policy, demonstrating the government’s eagerness to support tech innovation. The extended policy will provide more support to eligible companies and encourage them to invest in R&D, which will boost innovation and ultimately drive economic growth.
China’s renewed tax and fee policies are expected to provide much-needed support to industries affected by the pandemic and incentivize innovation through the extension of R&D tax incentives. This is a positive step towards boosting economic growth and ensuring the country’s long-term competitiveness in the global market.
If you would like to learn more about taking advantage of the R&D tax incentives in China, get in touch or read more about tax developments in China here.
March 24, 2023
Sector: Finance
Kreston firm, Brighture, shares their expertise in their latest March 2023 newsletter covering financial news and updates from China.
March 7, 2023
Every year on 8 March, the world celebrates International Women’s Day to acknowledge women’s social, economic, cultural, and political accomplishments. It is also a time to take action towards achieving gender equality and empowering women. This year, Kreston Global aims to highlight some remarkable women within the organisation and gain their perspectives on what it takes to succeed as a woman in the network.
Annie Sun is a highly accomplished professional with nearly two decades of experience in accounting and statistics. She currently serves as the CEO of Brighture, a leading firm in China that specialises in providing expert accounting services to clients across various industries. Founded in 2003, Brighture has rapidly become a key player in the industry, thanks in no small part to Annie’s exceptional leadership and guidance. In 2015, the company joined the Kreston Global network, further cementing its reputation as a leading provider of accounting services in the region.
Why did you decide to run your firm?
Being a professional, I want to help more entrepreneurs succeed.
What qualities do you need to run a successful accounting firm?
To run a successful accounting firm, the endless selection of “professional, integrity and efficient” internal and external clients, namely colleagues and customers, helps.
How do you support equality in your firm?
There are two main points:
We recently surveyed ‘interpreneurs’ – entrepreneurs looking to expand internationally. The data showed that female CEOs were more likely than males to consider expanding overseas. Why do you think this might be?
Female CEOs may be more focused on collaboration and resource integration.
There was a significant indication that existing networks were an attraction to overseas expansion in particular countries; why do you think female interpreneurs value this more than their male counterparts?
The network can maximize the unity, service concept, and standards, which is a guarantee for both the company team and the clients.
What advice would you give female entrepreneurs starting today, or would you give your 28-year-old self?
Attentively adapt to society’s development and clients’ needs, with professional expertise to help them achieve success and stability.
To learn more about doing business in China, click here.
February 14, 2023
Sector: Finance
Kreston firm, Brighture, shares their expertise in their latest February 2023 newsletter covering financial news and updates from China.
December 17, 2021
Kreston firm, Brighture, share their expertise in their latest newsletter covering financial news and updates from China.
August 27, 2021
One of our key firms in China, Brighture, has published its August update on recent alterations to Chinese tax and finance policy.
August 6, 2021
We are thrilled to announce that Edmond Chan, of Kreston CAC in Hong Kong, has been honoured once more by The Ministry of Finance of The People’s Republic of China in his reappointment as one of Hong Kong’s accounting and consulting specialists. This is the third time he has been granted this position.
July 8, 2021