The seminar took a comprehensive approach, and detailed the consequences of failing to comply, and provided updates on wider VAT and cross-border transaction regulations. Particularly aimed at advising representatives of Small and Medium-sized Enterprises and individual business persons, the seminar provided examples of where companies had been investigated for their non-compliance and misconduct and practical tips.
Russell Brown commented "In response to China's rapid economic and business growth, new and revised laws are frequently being promulgated by the Chinese authorities. With a little foresight and preparation, companies can greatly minimize the impacts from sudden external regulatory changes.
It is important that Small to Medium-sized Enterprises (SME) are aware of their filing requirements and of their compliance obligations. It is equally important that they are able to assess the various regulations relative to their own situation. Chinese regulations are well drafted to enable flexibility according to business situations or industries. There is often a fine line between business and ethics in China and it is therefore important that the directors of companies keep them within the boundaries of the regulations and are good corporate citizens".
According to the SME Department of Ministry of Industry and Information Technology, SMEs account for more than 99% of China's 10.3 million registered enterprises and the value of end products and services provided by SMEs makes up 60% of China's gross domestic product.
About LehmanBrown
LehmanBrown is a China-focused accounting, taxation and business advisory firm, combining international expertise with practical China experience and knowledge for both local and international clients.
The company operates through offices in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin and Hong Kong, which are staffed by a combination of Chinese and expatriate professionals. Staffing is currently around two hundred professionals throughout China, all of whom are English-Mandarin bi-lingual.
LehmanBrown is registered with the PCAOB in the USA. LehmanBrown is also an Accredited Employer and Training Partner of many top global accountancy institutes including the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Hong Kong Institute of Certified Public Accountants (HKICPA) and CPA Australia. LehmanBrown was the first ACCA China-wide Approved Platinum Employer.
