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BBCC Consulting LTD | Fiscal / Accounting
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Fiscal / Accounting

Accounting and tax planning in China. Declaration of property abroad.

The Chinese tax system has one of the highest degrees of decentralization in the world. The structure of the Chinese tax system is organized around two main levels: local and national. The management of taxes is carried out by the SAT in coordination with local tax agencies, which are spread throughout the territory and cover both the provincial, local and district levels.

Due to this complexity, the companies that operate in China must have expert advisors in accounting and tax planning, taking into account the impact that the taxation, the Corporation Tax, the Consumption Tax or the Value-added Tax will have on their businesses.

The Corporation Tax (or CIT, Corporate Income Tax) taxes the income obtained in China by both local and foreign companies. After China’s entry into the WTO and the need to comply with the principle of non-discrimination, in 2007 a new Law on Corporate Tax was passed, which entered into force on January 1, 2008, by which a rate is applied. homogeneous of 25% and a special type of 20% for small companies with reduced benefits.

This category is formed by those companies that operate in unrestricted or prohibited markets and that meet the following conditions:

● In the case of industrial enterprises, the subject annual revenues must not exceed 300,000 yuan, the employees must be less than 100 and the total assets must not exceed 30 million yuan.

● For the rest of the companies, the annual income subject to the tax must be less than 300,000 yuan, must have 80 employees or less and the total assets must not exceed 10 million yuan.

There is also a reduced rate of 15% for companies that are recognized within the High Technology category. For this, a series of requirements must be fulfilled that have been unified at the national level and process official recognition before the authorities.

Declaration of Taxes and Customs in Colombia, Spain and Venezuela.

The Directorate of National Taxes and Customs (DIAN) of Colombia.

The Directorate of National Taxes and Customs (DIAN) is a special administrative unit of Colombia attached to the Ministry of Finance and Public Credit whose objective is to guarantee the fiscal security of the Colombian State and the protection of the national economic public order through the administration and control of the tax, customs and exchange duties. This organization facilitates foreign trade operations in conditions of equity, transparency and legality in foreign and Colombian customs.

From BBCC Consulting we carry out the negotiations and management of our clients with the DIAN of Colombia when managing the income and supplementary taxes, the sales tax, the national stamp tax and the other taxes of the national order whose competence is not assigned to other State entities. Likewise, we take care that our clients comply with the legality in matters of import and export of goods and services, expenses associated with them, financing in foreign currency of imports and exports, and billing.

Negotiations with the National Center of Foreign Trade of Venezuela.

The former National Foreign Exchange Administration Commission of Venezuela (CADIVI), currently the National Center for Foreign Trade (CENCOEX), is a Venezuelan government body in charge of selling foreign currency to citizens under certain conditions and limitations due to the fact that there is no free access to the country to the foreign currency.

Negotiations and presentation of taxes with the Ministry of Finance of Spain.

Spain offers several possibilities to foreign companies that want to establish themselves in her territory. In this way, there are the options of operating through representative offices, branches or subsidiaries, which are the most common forms of establishment.

However, there are other modalities consisting of the signing of distribution and cooperation agreements with Spanish companies (temporary unions of companies, groups of economic interest), operations through agents or commission agents, franchises, etc.

Our experience and professionalism in the implementation of companies in Spain allows us to help our clients throughout this process, also advising on the payment of taxes. Our services in Spain include:

● Agreement of the Parent Company.

● Application for the name of the subsidiary.

● Constitution of the bank deposit.

● Signature of the public deed of incorporation and drafting of its Statutes.

● Obtain the provisional Tax Identification Number (NIF).

● Liquidation of the Patrimonial Transfer Tax and Documented Legal Acts.

● Registration in the Commercial Registry.

● Request for the definitive Tax Identification Number.

● Declaration in the Registry of Foreign Investments.

● Accounting and Deposit of Accounts.

● Taxation and Double Taxation Agreements.