Listing ID #2636912
Company Information
Ask for more detail from the seller
Contact SupplierAccounting & 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
Our Tax Services
Read more about Taxation in China
Accounting & Taxation in Hong Kong
Accountancy 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 :
Our Accounting Services
Our Tax Services
Tax Rate
Standard rate | 0.25 |
---|---|
Small-scale enterprises | 10-20% |
High-technology enterprises (HNTE) | 0.15 |
Specific high-tech service enterprises in 21 cities between 1 Jul 2010 and 31 Dec 2018 | 0.15 |
Companies engaged in encouraged businesses in certain regions | 0.15 |