CCH Learning SEA

De-risking from China and its Tax Implications: Strategies, Challenges, and Solutions
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Description

Due to political and economic factors, many foreign companies and investors are contemplating downsizing, closing their businesses in China, or relocating them to other countries. In this timely and practical seminar, the Trainer will address and discuss teething issues and challenges from tax and business regulatory perspectives.

Programme Outline

  • Exploring Alternatives: What are the different alternatives available, such as company liquidation, selling the company, capital reduction, or relocation?
  • How will the amended Company Law effective from 1 July 2024 affect these alternatives?
  • Timeframes and Actions: What is the expected timeline and the necessary actions for each of these alternatives?
  • Assessing Major Tax Costs: What are the significant costs associated with these actions, including labor redundancy expenses and taxation costs related to asset sales or company divestment?
  • Challenges from Tax and Customs: What common tax-related challenges might businesses face when closing operations in China, and how might Chinese government authorities respond?
    Examples include discrepancies between Customs bonded goods in warehouses and Customs records, disparities between physical inventory and accounting records, unreconciled balances in the Foreign Exchange system for import and export, issues related to social insurance payments based on minimum wages instead of actual wages, financial subsidies received in the past which restricted the closure of business and difficulties in remitting amounts payable to overseas entities.
  • Preparation for Mitigation: Can proactive measures be taken in advance to mitigate these challenges and reduce the associated tax costs?
  • Getting money out: How to get the residual funds from China and the foreign exchange control?
  • Other issues: Under what circumstances can the China tax authorities chase after the shareholder after the deregistration of a limited liability company?

Each participant will be entitled to a 45-minute Zoom meeting session with the Trainer after the workshop.

What you will learn

  • Understand the tax risk factors and how to reduce and mitigate the risks
  • Explore the tax landscape when transitioning away from China and managing tax implications effectively
  • Learn the practical strategies on fund repatriation for de-risking
  • Understand the tax and cash flow compliances when shifting business away from China

Target Audience

  • Business Owners & CEOs seeking to reduce dependency on China due to geopolitical or economic reasons
  • Finance & Tax Professionals who would like to understand the tax implications and financial strategies involved in transitioning from China
  • Legal Advisors & Compliance Officers who would like to have practical insights into the tax, legal and compliance challenges associated with such transitions

Expert Speaker

Bolivia Cheung
FCCA , FCPA

Bolivia has more than 25 years of experience in China tax and business advisory. She had spent 15 years in KPMG, before retiring as a Tax Partner in 2011. Having stationed in Guangzhou and Shanghai for over 8 years, she has vast experience in helping clients deal with their tax problems and challenges.

Bolivia is a Member of Working Party on Seminars of Accountancy Training Board of Hong Kong Vocational Training Council and was a Member of the Customer Liaison Group for SMEs of the Trade and Industry Department of the Hong Kong SAR from 2017 to 2023. She has lectured on China Tax in Universities and Institutions in Mainland China, Hong Kong and Macau, and has provided training courses on China Tax to the Inland Revenue Department of Hong Kong.

  • Mar 07
    • $872.00 incl. GST
    Thu, 9:00 AM - Thu, 5:00 PM Hotel Venue to be Advised
    • $872.00 incl. GST
    • PD hours: 7

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