CTS Consulting Co. - Tax Consultancy Service

Accounting & Bookkeeping standards in China differ from one country to another, even though most countries GAAP have been modified to be in compliance or similar to International Financial Reporting Standards (IFRS).  Chinese accounting standards are the accounting rules used in mainland China. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance.
Every accounting and bookkeeping GAAP has its own standards and sometimes allows for more than one way to report. For example, there are different rules for impairment of assets, inventory costs & reversal, capitalization of development costs, depreciation expenses, interest & dividend expenses and asset valuation. Those different methods can have an impact on your business ratios, profitability and tax burden.

Our Accounting Services

• Setting Up of Appropriate Accounting Systems
• Maintenance of Accounting Books and Records
• Preparation of Monthly, Periodic and Annual Financial Reports
• Management Accounting

Our Tax Services

• Advice on Corporate Tax Planning
• Tax Returns
• Tax Compliance Services Like Preparation of Profits / Salaries Tax Return
• Design Tax Strategies to Minimize Profits Tax and Enhance Tax Efficiency
• Advice on Tax Effects of Inter-company Transactions / Offshore Claims
• Personal Tax Planning

Read more about Taxation in China

Accounting & Taxation in Hong KongAccountancy in Hong Kong is regulated by the HKICPA under the Professional Accountants Ordinance (Chapter 50, Laws of Hong Kong). The auditing industry for limited companies is regulated under the Companies Ordinance (Chapter 32, Laws of Hong Kong), and other Ordinances such as the Securities and Futures Ordinance, the Listing Rules, etc.
Accounting standards in Hong Kong are known as Hong Kong Financial Reporting Standards (HKFRS) and set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. It is the application of HKFRS that gives us a “true and fair view” of financial statements. The HKICPA has also issued a Financial Reporting Standard (SME-FRS) for certain qualifying SMEs. Since 30 April 2010, the Institute issued the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private Entities) for Hong Kong companies that do not have public accountability. The HKFRS for Private Entities will eliminate some accounting treatments permitted under full HKFRSs, remove topics and disclosure requirements that are not generally relevant to private entities, and simplify requirements for recognition and measurement.

Tax Structure in Hong Kong
Taxes collected in Hong Kong can be generally classified as :

• Direct tax – including Salaries Tax, Property Tax and Profits Tax; the guiding statue is Inland Revenue Ordinance (Cap 112)

• Indirect tax – including Stamps Duty and others.
  • Income Tax: Salary Tax and Profit Tax
  • Property Tax (levied on the income arising in letting of immovable property in Hong Kong)
  • Stamp Duty (collected upon existence of certain transactions in Hong Kong)

Our Accounting Services

• Setting Up of Appropriate Accounting Systems
• Maintenance of Accounting Books and Records
• Preparation of Monthly, Periodic and Annual Financial Reports
• Management Accounting

Our Tax Services

• Advice on Corporate Tax Planning
• Tax Returns
• Tax Compliance Services Like Preparation of Profits / Salaries Tax Return
• Design Tax Strategies to Minimize Profits Tax and Enhance Tax Efficiency
• Advice on Tax Effects of Inter-company Transactions / Offshore Claims
• Personal Tax Planning