An Introduction to Doing Business in China 2019

6 AN INTRODUCTION TO DOING BUSINESS IN CHINA 2018-19 Part 2 | Tax Audit and Accounting 00 What are the major taxes of China? 00 Income taxes 00 Turnover taxes 00 Consumption tax (CT) 37 Other taxes 40 What are some of the key compliance requirements? 44 Accounting and bookkeeping 44 Annual compliance 44 Due diligence 50 Internal control and audit 51 Transfer pricing 52 Part 3 | Human resources and payroll 54 How do I employ workers? 55 Direct hiring 55 Dispatch 57 Outsourcing 57 How do I manage foreign employees? 59 Unified work permit system and tiered talents system 59 China’s visa system 60 Residence permit 61 What obligations do I have as an employer? 62 Minimum wages across China 62 Overtime 62 Social insurance 63 Termination 65