Everyone working or running company in China finds that the country operates a unique, complicated financial, payroll and taxation system which differs from business to business and people (i.e., the China Income tax commonly known in China as the Individual Income tax (IIT) differs for local and expat employees, tax regulations differ for each type of foreign business) as the tax rate for foreigners in China is comparably higher than the local employees.
After China’s new labor contract law came into effect in 2008 employing staff in China has becoming more and more complicated with elements of the law including mandatory welfare payments, housing allowance, pay according to employee education level, regional level regulations on wages, maternity, work-related injury, medical and pension etc.
Hence companies after incorporating their business in China many companies choose to ease their burden of handling the complex payroll management and Chinese taxation regulation by using a payroll management service company.
Business Setup Worldwide provides taxation services in Mainland China that are compliant and aligned with the Chinese tax legislation and system. Our advisors having expertise in this area of legal and tax consulting will provide hands-on solutions to all your tax related problems. We offer our client’s comprehensive professional services from a single source – be it company formation or accounting, bookkeeping, and taxation services. Contact us for more information.